||All England Reporter
|| All ER (D) 195 (Mar)
|| EWHC 482 (Comm)
||Queen's Bench Division, Commercial Court
||Raymond Cox QC, Michael Prior and James McClelland (instructed by Simmon & Simmons) for the bank.
||Nigel Jones QC, Clive Wolman and Emily Betts (instructed by Richard Slade & Co) for the defendants.
||13 March 2013
Bank - Bank loan - Facility letter - Defendants linked to wealthy family - Defendants buying property in London with assistance from claimant bank - Value of property falling - Defendants failing to make repayment to bank - Bank commencing proceedings - Whether, inter alia, bank acting in violation of facility agreement between parties - Whether bank making misrepresentations prior to creation of facility agreement - Whether supplemental agreement between parties to take effect.
Bank Bank loan. The Chancery Division considered a claim arising out of the purchase of property in London by the defendants, who were all linked to a powerful family in Pakistan. The defendants had failed to repay the claimant bank for loans taken out by them. The court held that, inter alia, that there had been no misrepresentation by the bank and that agreements between the parties had been carried out properly by the bank.
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