“The reality is that Mr Panos Eliades was being evasive because he had by the time the New York action had been lost no significant assets with which to satisfy a judgment. He well knew that he was likely to be subject to a prolonged and detailed investigation into his affairs and dealings with family and friends as a result. The lies in my view were designed to frustrate any investigation into the financial affairs of Mr Panos Eliades and those associated or related to him. This shows in my view that Mr Panos Eliades is a man who is willing to lie if it suits his purpose.”
“Cumulatively, the effect leads me to draw together four areas of evidence, all of which lead to a conclusion that Mr Lewis’s case is to be preferred. First, there is the evidence of Mr Lewis and Mr English. Second, there is the inadequacy of Mr Panos Eliades’ evidence; third, there is the absence of other live witnesses who could have supported him. Fourth, there is the total absence of documentation to support his case to any significant degree. Both Mr Holland and Miss McAllister submitted that Mr Lewis had to demonstrate two matters. First, he had to demonstrate that the presumption of the beneficial ownership vesting in the registered proprietor i.e. Mr Kaissides was rebutted and second, and independently of that, he had to prove that the beneficial owner was Mr Panos Eliades. To my mind if there was any other potential candidate then of course Mr Lewis would have to establish Mr Panos Eliades on the balance of probabilities was the best candidate in contrast to the other candidate. However, I do not accept that Mr Lewis has to deal with hypothetical candidates. No other potential candidate is being identified and once again absent any other candidate put up by the defendants (and no one would ever be put up by them in reality), I am entitled to conclude on the material before me as set out in this judgment: i) that Mr Kaissides is not the beneficial owner of the Property, but that ii) Mr Panos Eliades is. I do so determine.”