IMRAN RAUF v (1) DHAMA DOUGLAS (A Firm)(2) S P DHAMA (3) H SINGH (4) ASTON ROTHBURY and COMPANY Ltd (5) NICHOLAS ST CLAIR (AKA WERNER SERIEUX) (6) CITY Corporation COMMERCE Ltd
| Jurisdiction | England & Wales |
| Judge | JUDGE SEYMOUR |
| Judgment Date | 07 December 2006 |
| Neutral Citation | [2006] EWHC 3085 (QB) |
| Court | Queen's Bench Division |
| Docket Number | Case No: HQ04X00904 |
| Date | 07 December 2006 |
[2006] EWHC 3085 (QB)
IN THE HIGH COURT OF JUSTICE
QUEEN'S BENCH DIVISION
Royal Courts of Justice
Strand, London, WC2A 2LL
His Honour Judge Seymour
Case No: HQ04X00904
MR PETER IRVIN (instructed by Messrs Needleman Treon) appeared on behalf of the Claimant.
MR RICHARD GILLIS QC (instructed by Messrs Judge Sukes Frixon) appeared on behalf of the 4 th Defendant.
Approved Judgment
Folios
Words
Following the giving of judgment in this case in favour of the claimant, Mr Rauf, against the 4th defendant Aston Rothbury & Company Limited in the sum of £109,000, the question arises of interest. Mr Peter Irvin, on behalf of Mr Rauf, has submitted that it is appropriate for Mr Rauf to recover interest from July 2003 to the date of judgment at judgment rate, eight per cent. Mr Richard Gillis QC on behalf of the 4th defendant has suggested that the appropriate rate is one per cent or perhaps a shade over one per cent above base. Base rate over the period moved essentially steadily upwards from three and a half per cent to five per cent and so what Mr Gillis is suggesting is a rate between about four and three quarters per cent and six and a quarter per cent as of now.
The circumstances giving rise to the claim (as I have explained in my judgment) are that the 4th defendant dishonestly assisted the 5th and 6th defendants in the misapplication of money paid by Mr Rauf to the 5th and 6th defendants on trust. Mr Gillis submits, rightly, that the 4th defendant was not itself trustee, but on my findings assisted those who were the trustees in the misapplication of money. That is a material matter to take into account, bearing in mind that in certain circumstances the court in the exercise of its equitable jurisdiction will increase the rate taken for interest in order to ensure that the defaulting in trustee has not benefited by his default.
In all of the circumstances of this case what I propose to do is to take as the rate of interest a base rate plus two per cent. I am content to leave it to counsel and those instructing them to calculate on a scientific basis how much that actually...
To continue reading
Request your trial