ICIC (Overseas) Ltd v Adham & Others
| Published date | 01 March 1997 |
| Pages | 270-272 |
| Date | 01 March 1997 |
| DOI | https://doi.org/10.1108/eb024936 |
| Author | J Harman,Joanna Gray |
| Subject Matter | Accounting & finance |
Journal of Financial Regulation and Compliance Volume 5 Number 3
Client confidentiality overridden
in
fraud
case
ICIC (Overseas) Ltd
v
Adham
&
Others
High Court: Chancery Division: Harman
J
Date
of
Judgment: 22nd January, 1997
FACTS
The background
to
this action involved
allegations
of
fraud
by the
Plaintiff,
(some
of which
had
been proved) against
the
Defendants which
had
already given rise
to
protracted litigation.
On
17th
November,
1996 Mr
Justice
Robert Walker
had
made orders appoint-
ing receivers over certain property includ-
ing
the
assets
of the 10th
Defendant,
Mr
Laith Pharaon, (whose assets were already
the subject
of
earlier Mareva injunctions
regardless
of
whether
or not
they were
held
in his
name), property
of the 5th
Defendant,
Mr
Ghaith Pharaon
(the 10th
Defendant's father) which were also subject
to
a
pre-existing Mareva injunction,
and
the receivership order also affected
the
assets
of
the
6th
Defendant, Pharaoh Hold-
ings Ltd.
The receivership order extended
the
appointment"
of the
receiver
to
assets
belonging
to a
Liechtenstein trust (whose
trustees included
the 10th
Defendant
among their number
and
referred
to in the
case
as 'the
Gadsden Trust'),
a
British
Virgin Islands (BVI) incorporated company
and
a
West London flat.
Three days after that receivership order
had been made,
on
20th November, 1996,
the
BVI
incorporated company
and the
Gadsden Trust, which were both interve-
ners
in the
action
but not
defendants
to it,
lodged
an
application before Robert
Walker
J to
which
he
responded with
a
long
(and
unfortunately unreported) judg-
Journal
of
Financial Regulation
and Compliance, Vol. 5, No.
3,
1997, pp. 270-272
© Henry Stewart Publications,
1358-1988
Page 270
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