"impressive silks and juniors are praised for their strength in depth"
Serle Court “offers a variety of skill sets that others can’t provide, and houses some of the biggest names at the Bar”
Area of Law: Jonathan Adkin KC
In Changyou.com Ltd v Fourworld Global Opportunities Fund Ltd & Ors, the Judicial Committee of the Privy Council had to consider whether minority shareholders in a “short-form” merger under Part XVI of the Cayman Islands Companies Act (i.e. a merger of a parent company with its subsidiary where the parent company holds at least 90% of the voting power) had a right to be paid a judicially determined fair value for their shares instead of the merger consideration offered under the terms of the merger (known as “appraisal rights”).
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The High Court has delivered a landmark judgment in favour of the Republic of Mozambique, awarding damages and an indemnity for future losses totalling over $2 billion against the Privinvest Group in relation to events which have become known as the “tuna bonds” or “hidden debts” scandal. The proceedings concerned 3 sovereign guarantees purportedly granted by Mozambique to secure funding for maritime protection and tuna fishing supply contracts. The Republic of Mozambique contended that these guarantees had been procured by the bribery, amongst others, of the Minister of Finance, Mr Chang. Following a 13 week trial in the Commercial Court, the Hon. Mr Justice Knowles CBE held that payments made by or on behalf of the Privinvest Group and Mr Safa to or for the benefit of Mr Chang were bribes.
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Jonathan Adkin KC and Adil Mohamedbhai continue to act for the dissenters in Re Jardine Strategic Holdings Limited, a multi-billion-dollar shareholder appraisal action in Bermuda concerning the Jardine group of companies, a Fortune Global 500 group of companies and one of the largest conglomerates in the world.
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The Privy Council has today handed down judgment allowing the appeals of Dr Winston Wong, Riley Wong and Tony Wang in the conjoined appeals of Grand View Private Trust Co Ltd and another (Respondents) v Wong and others [2022] UKPC 47. In one of the most important trusts law judgments in recent years the Board unanimously held that the exercise of a power adding and excluding beneficiaries was void on the basis that it was inconsistent with the purpose for which the power was conferred. The judgment has important implications for the exercise of fiduciary powers more generally. Of the eleven barristers from English chambers who appeared in the Privy Council, eight were from Serle Court: Dakis Hagen KC, Emma Hargreaves and Stephanie Thompson (instructed by Baker & McKenzie (London) and ASW Law Limited (Bermuda)) acted for the appellants in the first appeal; Richard Wilson KC, James Weale and Charlotte Beynon (instructed by Stewarts, MJM Limited (Bermuda) and Baker McKenzie (Taipei)) acted for the appellant in the second appeal; Jonathan Adkin KC and Adil Mohamedbhai acted for the respondent in both appeals (instructed by Skadden Arps Slate Meagher & Flom (London) and Conyers Dill & Pearman (Bermuda)).
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On 26 January, the Court of Appeal handed down its judgment in The Public Institution for Social Security v Al Rajaan & others [2022] EWCA Civ 29. The Court dismissed the Claimant’s appeal, which was heard over three days in December 2021, and confirmed that the English court has no jurisdiction to hear bribery and money-laundering claims against a number of Swiss-domiciled individuals and entities.
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Dakis Hagen QC (assisted by Emma Hargreaves) acts for the Plaintiffs and Jonathan Adkin QC (assisted by Adil Mohamedbhai) acts for the Defendant trustee in Wong & Anor v Grand View Private Trust Company Ltd, a claim to recover substantial trust property transferred to a trustee of a purpose trust. The Plaintiffs succeeded in obtaining summary judgment at first instance on the ground that powers of addition and exclusion cannot be exercised in a manner which alters or destroys the substratum of the trust ([2019] SC (Bda) 37 Com (5 June 2019)), but this was overturned by the Bermuda Court of Appeal in April 2020 (Civil Appeal No. 5A of 2019, 20 April 2020). Richard Wilson QC (assisted by James Weale) acts for Tony Wang, an intervenor in the appeal. The Plaintiffs and Tony Wang have each been granted leave to appeal to the Judicial Committee of the Privy Council.
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Jonathan Adkin QC, Sophie Holcombe, and Jamie Randall act on behalf of the former Prime Minister of Georgia and his family as beneficiaries of a Singapore Trust in Ivanishvili, Bidzina and others v Credit Suisse Trust Ltd [2020] SGCA 62. Claims have been commenced against Credit Suisse entities for losses arising from the mismanagement of an investment portfolio said to be worth over US$1bn. In July 2020 the Singapore Court of Appeal dismissed Credit Suisse Trust’s jurisdiction challenge, bringing an end to a long-running jurisdiction battle.
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Jonathan Adkin QC and Charlotte Beynon act for the fourth defendant and Philip Marshall QC and Simon Hattan for the fifth defendant in Public Institution for Social Security of Kuwait v Al-Rajaan and Ors, one of the largest fraud claims ever heard in the Commercial Court. PIFSS alleges that the defendants are liable for over US$800m as a result of a large-scale fraud perpetrated by its former director general, Mr Al-Rajaan, in conjunction with the other defendants. The Serle Court contingent recently successfully challenged the jurisdiction of the English Court to hear the claims against their clients, with the Court directing that the claims should be heard in Switzerland, a decision which the Claimant has been given permission to appeal.
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The Singapore Court of Appeal has dismissed Credit Suisse Trust’s jurisdiction challenge in breach of trust proceedings brought by the beneficiaries of a Singapore Trust, bringing an end to a long-running jurisdiction battle. The Court allowed the Claimants’ appeal on the grounds that Singapore was the most appropriate forum to determine the breach of trust claims against the trustee, and laid down important guidance as to the effect of forum for administration clauses in trust deeds. The Court of Appeal held that the forum for administration clause in the trust deed functioned as a jurisdiction clause, but that it did not govern all proceedings: it designated the jurisdiction that had supervisory jurisdiction over the trust, rather than dictating the venue for the resolution of contentious disputes. Jonathan Adkin QC and Sophie Holcombe act for the Claimants, instructed by Signature Litigation LLP, together with Drew & Napier (Singapore). The full Judgment can be found here.
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