Byers v Saudi National Bank
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Byers v Saudi National Bank [2023] UKSC 51 is a decision of the Supreme Court of the United Kingdom in the long running litigation between the liquidators of SAAD Investments Company Limited and various parties relating to the alleged defrauding of the insolvent company by one of its principals.[1][2][3][4]
Byers v The Saudi National Bank | |
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Court | Supreme Court of the United Kingdom |
Full case name | (1) Mark Byers, (2) Hugh Dickson and (3) SAAD Investments Company Limited (in liquidation) v The Saudi National Bank |
Decided | 20 December 2023 |
Citation(s) | [2023] UKSC 51 |
Transcript(s) | BAILII |
Case history | |
Appealed from | [2022] EWCA Civ 43 [2021] EWHC 60 (Ch) |
Court membership | |
Judges sitting | Lord Hodge Lord Briggs Lord Leggatt Lord Burrows Lord Stephens |
Keywords | |
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The issues which the Supreme Court had to determine were limited because of certain procedural irregularities in the way that the defendant, the Samba Financial Group, had conducted its defence. However, the central allegation was that the bank had knowingly received certain very valuable securities in Saudi Arabian companies which were beneficially owned by SAAD Investments Company Limited in breach of trust. However, because Saudi Arabian law did not recognise the concept of a trust, and did not have a system of conflict of laws, the defendants argued that the claim must necessarily fail.
The defendants succeeded in the Supreme Court, as they had in the High Court and in the Court of Appeal below.[5]