{"id":14193,"date":"2023-07-09T15:06:34","date_gmt":"2023-07-09T15:06:34","guid":{"rendered":"https:\/\/careerinlaw.net\/uk\/?p=14193"},"modified":"2023-11-23T09:45:30","modified_gmt":"2023-11-23T14:45:30","slug":"case-summary-jsc-mezhdunarodniy-promyshlenniy-bank-v-pugachev-2017-ewhc-2426-ch","status":"publish","type":"post","link":"https:\/\/careerinlaw.net\/uk\/case-summary-jsc-mezhdunarodniy-promyshlenniy-bank-v-pugachev-2017-ewhc-2426-ch","title":{"rendered":"Case Summary: JSC Mezhdunarodniy Promyshlenniy Bank v Pugachev [2017] EWHC 2426 (Ch)"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-legal-principles-and-key-points\"><strong>Legal Principles and Key Points:<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>In the case of JSC Mezhdunarodniy Promyshlenniy Bank v Pugachev [2017] EWHC 2426 (Ch), the test for sham trusts was reaffirmed. This test is of subjective, common intention between the trustees and settlor.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Facts of JSC Mezhdunarodniy Promyshlenniy Bank v Pugachev [2017] EWHC 2426 (Ch)<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>P (D) founded MezhProm Bank which developed into one of Russia\u2019s largest private banks<\/li>\n\n\n\n<li>Following the 2008 global financial crisis, the bank was declared insolvent<\/li>\n\n\n\n<li>Deficiency in assets totalled an approximate \u00a32bn, after his friendship with Putin began failing, D moved to England<\/li>\n\n\n\n<li>D set up 5 discretionary trusts in New Zealand, each naming him as the discretionary beneficiary<\/li>\n\n\n\n<li>He was also named the protector of each, meaning he could refuse the trustees exercising their powers, and could remove them<\/li>\n\n\n\n<li>D claimed he did not have beneficial ownership of these trusts for which the C creditors sought to enforce their judgement over<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Issues in JSC Mezhdunarodniy Promyshlenniy Bank v Pugachev [2017] EWHC 2426 (Ch)<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Were the 5 trusts valid?<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Held by the High Court<\/strong><\/h2>\n\n\n\n<p>C\u2019s claim was successful \u2013 the trusts were shams as it was always P\u2019s intention to retain control of the assets and hide them from third parties through a trust.<\/p><div id=\"caree-462884885\" class=\"caree-within-the-content caree-entity-placement\" style=\"margin-left: auto;margin-right: auto;text-align: center;\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/careerinlaw.net\/uk\/wp-content\/uploads\/sites\/3\/2023\/10\/MRF-169650-in-article-336x280-1.png\" alt=\"\"  srcset=\"https:\/\/careerinlaw.net\/uk\/wp-content\/uploads\/sites\/3\/2023\/10\/MRF-169650-in-article-336x280-1.png 448w, https:\/\/careerinlaw.net\/uk\/wp-content\/uploads\/sites\/3\/2023\/10\/MRF-169650-in-article-336x280-1-300x250.png 300w\" sizes=\"(max-width: 448px) 100vw, 448px\" width=\"448\" height=\"373\"  style=\"display: inline-block;\" \/><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Justice Birss<\/strong><\/h2>\n\n\n\n<p>Citing Arden LJ in <em>Hitch v Stone [2001]<\/em>, the test for a document to be a sham [147]:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u201cThe test of intention is subjective. The parties must have intended to create different rights and obligations from those appearing from (say) the relevant document, and in addition they must have intended to give a false impression of those rights and obligations to third parties.\u201d [66, Arden LJ in <em>Hitch v Stone [2001]<\/em>]<\/li>\n<\/ul>\n\n\n\n<p>Furthermore, citing A v A [150]:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>External evidence is relevant, meaning an artificial arrangement is not enough. Nor does departing form an agreement meant they never intended for it to be effective<\/li>\n\n\n\n<li>Unilateral intentions of the settlor are not enough, there must be a common intention<\/li>\n\n\n\n<li>Reckless indifference constitutes a common intention, \u2018going along with\u2019 [Midland Bank], shammer not knowing nor caring what they are signing<\/li>\n\n\n\n<li>Trust not initially a sham cannot then become one<\/li>\n\n\n\n<li>Finding a sham is a serious matter,&nbsp; especially for professional trustees<\/li>\n<\/ul>\n\n\n\n<p>In the present case:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>D acting as a protector is not fiduciary in nature but are \u201cpurely personal powers which may be exercised selfishly\u201d [454]<\/li>\n\n\n\n<li>As the Protector to his own assets, D is left in control of the assets, he is the beneficial owner and this amounts to a bare trust for him [455]<\/li>\n\n\n\n<li>His \u201cintention in setting up all five trusts was to retain control of the assets but use them as a pretence to mislead third parties by hiding his control. No other natural person involved in setting up the trusts \u2026 had an intention independent\u201d his [456]<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Legal Principles and Key Points: Facts of JSC Mezhdunarodniy Promyshlenniy Bank v Pugachev [2017] EWHC 2426 (Ch) Issues in JSC Mezhdunarodniy Promyshlenniy Bank v Pugachev [2017] EWHC 2426 (Ch) Held by the High Court C\u2019s claim was successful \u2013 the trusts were shams as it was always P\u2019s intention to retain control of the assets [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":13103,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-14193","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-case-summaries","8":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.4 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Case Summary: JSC Mezhdunarodniy Promyshlenniy Bank v Pugachev [2017] EWHC 2426 (Ch) | Careerinlaw.net | UK<\/title>\n<meta name=\"description\" content=\"In the case of JSC Mezhdunarodniy Promyshlenniy Bank v Pugachev [2017] EWHC 2426 (Ch), the test for sham trusts was reaffirmed. 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