Minera Las Bambas SA and others v Glencore Queensland Limited and others [2018] EWHC 1658 (Comm)

June 29 2018

On 29 June 2018, Mrs Justice Moulder handed down judgment on an SPA indemnity claim arising from the sale of a Peruvian mining company by Glencore to MMG. The case concerned the effect of tax assessments issued by the Peruvian tax authority to the mining company after the date of the SPA. The assessments asserted that the company had paid too little VAT, and had over-claimed for VAT credits. The SPA...

The Court of Appeal clarifies the scope of the rule against reflective loss

June 26 2018

On 26 June 2018, the Court of Appeal handed down in Carlos Sevilleja Garcia v Marex Financial Limited [2018] EWCA Civ 1468 an important decision on the rule against reflective loss. The rule against reflective loss originated in Prudential Assurance v Newman Industries (No 2) [1982] 1 Ch 204 to prevent claims by shareholders seeking to pursue causes of action which are not theirs but the company’s....

China Export & Credit Insurance Corporation -v- Emerald Energy Resources Limited

June 22 2018

On 22 June 2018, following a two day hearing, Sir Richard Field in the Commercial Court handed down judgment rejecting an application to stay a claim commenced in England under a non-exclusive jurisdiction clause. The Claimant (“Sinosure”) is a Chinese insurance company. The Defendant (“Emerald”) is a Nigerian oil company. On 30 June 2008, Emerald issued a 3-year promissory note...

Terra Firma has successfully obtained rectification of the terms of a private equity financing transaction completed in 2012, concerning the Four Seasons care homes business.

June 22 2018

Terra Firma has successfully obtained rectification of the terms of a private equity financing transaction completed in 2012, concerning the Four Seasons care homes business. The transaction required the Parent company to provide security over a particular shareholder loan which was part of the overall funding package. Having belatedly spotted, in 2016, that the relevant security documentation had either...