GI Globinvestment Ltd & Ors v XY ERS UK Limited & Ors
| Judge | Mr Justice Jacobs |
| Judgment Date | 28 March 2025 |
| Neutral Citation | [2025] EWHC 740 (Comm) |
| Year | 2025 |
| Court | King's Bench Division |
| Counsel | Daniel Saoul Kc,Ben Smiley,Gayatri Sarathy,Benjamin Archer,Adam Cloherty Kc,James Fennemore,Devon Airey,Robert Weekes K.c.,Warren Fitt,Richard Blakeley Kc,Camilla Cockerill,Philip Ahlquist |
| Date | 28 March 2025 |
Mr Justice Jacobs
Approved Judgment
G.I. Globinvestment Ltd & Ors v XY ERS UK Limited & Ors
Neutral Citation Number: [2025] EWHC 740 (Comm)
Case No: CL-2020-000869
IN THE HIGH COURT OF JUSTICE
KING'S BENCH DIVISION
BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES
COMMERCIAL COURT
Royal Courts of Justice, Rolls Building
Fetter Lane, London, EC4A 1NL
Date: 28 March 2025
Before :
MR JUSTICE JACOBS
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Between :
(1) G.I. GLOBINVESTMENT LIMITED
(2) MATTEO CORDERO DI MONTEZEMOLO
(3) LUCA CORDERO DI MONTEZEMOLO
Claimants
- and -
(1) XY ERS UK LIMITED
(2) SKEW BASE INVESTMENTS SCA RAIF
(3) SKEW BASE S.A.R.L.
(4) VP FUND SOLUTIONS (LUXEMBOURG) SA
(5) VP FUND SOLUTIONS (LIECHTENSTEIN)
AG
(6) TWINKLE CAPITAL SA
(7) DANIELE MIGANI
(8) FEDERICO FALESCHINI
(9) LEADER LOGIC HOLDING AG
(10) LEADER LOGIC AG
Defendants
- - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - - - -
Daniel Saoul KC, Ben Smiley, Gayatri Sarathy & Benjamin Archer (instructed by
Milberg London LLP) for the Claimants
Adam Cloherty KC, James Fennemore & Devon Airey (instructed by Bird & Bird
LLP) for the 1st, 6th, 7th, 9th & 10th Defendants.
Robert Weekes K.C. & Warren Fitt (instructed byForsters LLP) for the 2nd & 3rd
Defendants.
Mr Justice Jacobs
Approved Judgment
G.I. Globinvestment Ltd & Ors v XY ERS UK Limited & Ors
Richard Blakeley KC & Camilla Cockerill (instructed by Gresham LegalLimited)
for the 4th & 5th Defendants.
Philip Ahlquist (instructed by Enyo Law LLP) for the 8th Defendant.
Hearing dates: 7-10, 14-17, 21-25, 28-31 October, 1, 4-8 November, 2-6 December 2024
Draft judgment circulated 17 March 2025
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Approved Judgment
This judgment was handeddownremotelyat 10:30am on 28th March 2025by
circulation to the parties or their representatives by e-mailand by release to the
National Archives.
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Page 2
Mr Justice Jacobs
Approved Judgment
G.I. Globinvestment Ltd & Ors v XY ERS UK Limited & Ors
MR JUSTICE JACOBS:
TABLE OF CONTENTS (by paragraph number)
A:Introduction 1
A1:The claims in outline1
A2:The Claimants 8
A3:The Defendants 17
A4:Outline narrative 32
A5:Scheme of this judgment 73
B:Approach to the evidence and the witnesses85
B1:Approach to the evidence 85
C:The financial products in issue: MINs and HFPOs 149
C1:Introduction 149
C2:The MIN products 153
C3:The HFPO Products 173
D:The dealings and meetings between the Claimants and XY 186
D1:Initial meetings in 2016 186
D2:The 20 September 2016 meeting 252
D3:Late September 2016 – November 2016 303
D4:December 2016 and the 2 December 2016 video call 321
D5:January 2017 349
D6:February – March 2017 393
D7:April – June 2017 461
D8:July – December 2017 512
D9:January – February 2018 519
D10: 9 March 2018 meeting and the new liquidity 545
D11: March/April 2018 and the fees correspondence 571
D12: May 2018 - the draft letter and PowerPoint for the di Montezemolo family 623
D13: June – December 2018 639
D14: 2019694
D15: January to March 2020 and the Covid-19 pandemic 715
D16: April to June 2020 740
E:The Skew Base Offering Memoranda 758
E1:Introduction 758
E2:The main body of the Offering Memoranda 763
E3:The HFPO Compartment Appendix 784
E4:The MIN (EUR) compartment 785
F:The origins and operation of the Skew Base Fund 788
F1:Luxembourg investment funds 788
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GI Globinvestment Ltd & Ors v XY ERS UK Limited & Ors
...52 and 53 and Schedules 4 and 5 to the RAPOC. Page 337 Mr Justice Jacobs Approved Judgment G.I. Globinvestment Ltd & Ors v XY ERS[2025] EWHC 740 (Comm) Case No: CL-2020-000869 IN THE HIGH COURT OF JUSTICE KING'S BENCH DIVISION BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES COMMERCIAL......