“[128] I find that, in determining the Government of Pakistan’s case, and the evidence in support thereof, and in pursuing this application the Liquidator has been unduly partial to the Government of Pakistan’s position. … [137] I appreciate that the claim by the Government of Pakistan is a proprietary claim, and presents a significant risk to the assets of the Companies.. … [140] I am aware that if I do not exercise the requested power, and the Government of Pakistan issue proceedings, then absent new funding, the Liquidator will have insufficient funds to oppose, or challenge such proceedings, and further that at present, whilst there may be what could be viewed as negative evidence, or challenges, there is little, if any, positive evidence to challenge such proprietary claim. I agree with Mr. Morris [for Pakistan] that in these proceedings, it is not for this Court to adjudicate upon the [dispute between the] Government of Pakistan, and Mr. Zardari, but to confine itself to the relief sought in the Petition. [141] Before sanctioning a compromise, the Court must be satisfied as to the facts on which it is based … [142] … the Court must be satisfied that the required exercise of the power will be just, and beneficial before it accedes in whole, or part to the application. I bear in mind paragraphs [100] et seq, particularly paragraphs [119], [128], and [130]. I am mindful of the subject allegations of the intended action by the Government of Pakistan, and, if the same is successful, the potential significant consequences, particularly for the creditors. I am mindful of the proceedings between the Government of Pakistan, and Mr. Zardari, and particularly those extant in Pakistan. I bear in mind the lack of any real consideration by the Liquidator of the draft Particulars of Claim with the supporting documents, and of the Compromise Agreement before entering into the same. I have carefully considered the evidence. I am not satisfied that, in the circumstances of this case, it would be just, and beneficial to exercise the required power, and to sanction the Compromise Agreement or to authorise the Liquidator to enter into and implement the terms of the same. I decline to exercise the required power.”
“…SGS knew that Mr. ZARDARI was the beneficial owner of BOMER. I insist on the fact that he was the sole beneficial owner of the company.”
“one of their clients via Banco Arabe Espanol, Madrid”
“one of their clients via Banco Arabe Espanol, Geneve”
“one of their clients via Banco Arabe Espanol, Madrid”
“Abdul Rahman Al-Assir via Citibank NA, Zuerich”
“Abdul Rahman Al-Assir via Citibank NA, Zuerich”
“No satisfactory definition of a constructive trust has yet been enunciated, and perhaps none ever will be; for the concept is still uncertain and the boundaries obscure… .. Nevertheless, as appears from p.194 of Snell, there are, among others, at least three well-established categories of constructive trust. A person receiving property which is already subject to a trust becomes a constructive trustee thereof either (1) if he receives the trust property with actual or constructive notice that it is trust property and that the transfer to him is in breach of trust (which we will call a “receipt of property constructive trust”) or (2) if, after receiving it, otherwise than as a purchaser for value without notice of the trust, he acquires notice of the trust and thereafter deals with it in a manner inconsistent with the trust (which we will call a “wrongful dealing constructive trust”), and (3) a person who does not actually himself receive the trust property, may also be treated as a constructive trustee if, …he assists with knowledge a fraudulent design on the part of the trustees.”
“I should also point out the Deemster held that in evaluating the Claimant’s claim and entering into the conditional compromise agreement the Liquidator failed to discharge his duties and obligations in an independent, objective and impartial manner, and had been unduly partial to the Claimant’s position in determining its claim and pursuing the sanction application: see for example paragraphs 127 and 128 of his judgment … In particular the Deemster held that the Liquidator had failed to properly evaluate the merits of the Claimant’s claim under significant time pressure imposed by the Claimant (through my firm as the Claimant’s advisers). Hence the Deemster refused to sanction the conditional compromise agreement.”
“… the court should not consider the supporting affidavit as though it were marking an examination paper, deciding one way or the other merely on the basis of the extent to which the affidavit could have been improved. The primary question should be whether in all the circumstances the effect of the affidavit is to mislead the court in any material respect concerning its jurisdiction and the discretion under the rule.”