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Case No Lender Would Contemplate Lending Covid-19 Protocol: This judgment was handed down by the judge remotely by circulation to the parties’ representatives by email and release to Bailii. The date and time for hand-down is deemed to be 12 noon on Friday 26 February 2021 Neutral Citation Number: [2021] EWHC 307 (Comm) IN THE HIGH COURT OF JUSTICE Claim No. CL–2016–000049 BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES COMMERCIAL COURT (QBD) BEFORE THE HONOURABLE MR JUSTICE WAKSMAN 26 February 2021 BETWEEN (1) PCP CAPITAL PARTNERS LLP (2) PCP INTERNATIONAL FINANCE LIMITED Claimants -and- BARCLAYS BANK PLC Defendant ___________________ JUDGMENT ___________________ Hearing dates: 8-12, 15-17, 19 and 22-24 June, 2, 6-10, 13-16, 20-24, 27-28 and 31 July, 3-7 August and 12-16 and 19 October 2020 Joe Smouha QC, James Collins QC, Robert Weekes and Owen Lloyd by (instructed by Quinn Emanuel Urquhart and Sullivan UK LLP, Solicitors) for the Claimants Jeffery Onions QC, David Quest QC, Charlotte Eborall, Alexander Polley and Oliver Butler (instructed by Simmons & Simmons LLP, Solicitors) for the Defendant 1 TABLE OF CONTENTS PART ONE - GENERAL BETWEEN ................................................................................................................................................................................1 Claimants ..............................................................................................................................................................................1 Defendant ..............................................................................................................................................................................1 GENERAL INTRODUCTION ............................................................................................................... 6 THE PARTIES ..............................................................................................................................................................................6 THE CAPITAL RAISE OF OCTOBER-NOVEMBER 2008 ..................................................................................................................6 PCP’S CLAIM AGAINST BARCLAYS .............................................................................................................................................8 THE CRIMINAL AND FCA PROCEEDINGS .................................................................................. 11 THE INSTRUMENTS ........................................................................................................................... 12 CHRONOLOGICAL OVERVIEW ..................................................................................................... 13 INTRODUCTION TO OVERVIEW ................................................................................................................................................. 13 BEFORE OCTOBER 2008 ........................................................................................................................................................... 13 OCTOBER 2008 ......................................................................................................................................................................... 15 NOVEMBER 2008 ...................................................................................................................................................................... 27 2009 ......................................................................................................................................................................................... 32 THE ISSUES .......................................................................................................................................... 32 THE EVIDENCE ................................................................................................................................... 33 LIVE WITNESSES ...................................................................................................................................................................... 33 HEARSAY NOTICES ................................................................................................................................................................... 34 EXPERT EVIDENCE ................................................................................................................................................................... 34 PARTICULAR EVIDENTIAL FEATURES OF THIS CASE .................................................................................................................. 35 SUBMISSIONS ...................................................................................................................................... 37 SOME PRELIMINARY FACTUAL MATTERS ............................................................................... 38 INTRODUCTION ......................................................................................................................................................................... 38 THE GENERAL POSITION OF BARCLAYS .................................................................................................................................... 38 THE ROLE AND ABILITIES OF MS STAVELEY ............................................................................................................................. 40 THE GENERAL CREDIBILITY OF MS STAVELEY ......................................................................................................................... 41 MR JASSIM’S BUSINESS CONNECTIONS WITH MS STAVELEY .................................................................................................... 42 THE CREDIBILITY OF BARCLAYS’ WITNESSES INCLUDING MR FORBES ..................................................................................... 43 ADVERSE INFERENCES FROM WITNESSES NOT CALLED ............................................................................................................. 45 THE YELTEX INVOICE AND THE EVENTS OF 8 AND 9 OCTOBER ................................................................................................. 45 The Yeltex Invoice ............................................................................................................................................................... 45 Events of 8 and 9 October 2008 .......................................................................................................................................... 50 SOME DEALINGS WITH MR RESTIS ........................................................................................................................................... 51 PART TWO - LIABILITY INTRODUCTION TO LIABILITY ISSUES ...................................................................................... 53 THE MAKING OF THE SDR .............................................................................................................. 53 23 OCTOBER ............................................................................................................................................................................. 54 24 OCTOBER ............................................................................................................................................................................. 57 31 OCTOBER ............................................................................................................................................................................. 58 THE MEANING OF THE SDR ........................................................................................................... 59 THE MAKING OF THE JR ................................................................................................................. 62 THE MAKING OF THE INVESTOR REPRESENTATION ........................................................... 69 PCP AS REPRESENTEE (1): INTENTION THAT REPRESENTATIONS SHOULD BE RELIED UPON BY PCP ................................................................................................................................................... 70 INTRODUCTION ......................................................................................................................................................................... 70 2 ANALYSIS ................................................................................................................................................................................. 71 PCP AS REPRESENTEE (2): RELIANCE BY PCP ........................................................................ 73 FALSITY OF THE SDR (1): BY REASON OF ASA 2 ...................................................................... 75 INTRODUCTION ......................................................................................................................................................................... 75 SHAM – THE LAW ..................................................................................................................................................................... 75 THE PARTIES’ CASES ON SHAM ................................................................................................................................................. 77 ASA 1 – KEY FACTS................................................................................................................................................................. 78 ASA 1 – ANALYSIS .................................................................................................................................................................
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