Source: All England Reporter
Publisher Citation: [2007] All ER (D) 394 (Jun)
Neutral Citation: [2007] EWHC 1540 (Ch)
Court: Chancery Division

Peter Smith J

Representation Michael Sullivan, Hannah Brown and James Evans (instructed by DLA Piper Rudnick Gray Cary UK LLP) for the claimant.
  David Head (instructed by Reynolds Porter Chamberlain) for IM, a partner in the first defendant.
  Ian Croxford QC and Clare Stanley (instructed by Barlow Lyde Gilbert) for the second and eighth defendants.
  Andrew Veen (instructed by Direct Public Access) for ND, a partner in the first defendant.
  Robert Bourne (instructed by Bevans) for the fifth defendant.
  Justin Fenwick QC and Anneliese Day (instructed by Barlow Lyde Gilbert) for a partner in the second defendant.
  Anthony Trace QC (instructed by Allen & Overy) on behalf of Donegal International Ltd, an interested party.
  Colin Edelman QC (instructed by CMS Cameron McKenna) on behalf of QBE Insurance (Europe) Ltd, an interested party.
Judgment Dates: 29 June 2007


Money - Money had and received - Recovery - Credit for realisations - Claimant obtaining judgment against defendants seeking recovery of government moneys diverted for private purposes - Consequential matters arising from judgment - Whether claimant should give defendants credit for realisations - Whether credit required to be given in respect of receipts arising out of each particular transaction.

The Case

Money Money had and received. It was well established that generally fiduciaries did not obtain relief by way of set off of a gain on one breach against a loss arising from another and that credit should be given in respect of receipts arising out of each particular transaction and not across a succession of transactions. Applying those principles, the court refused to give the fiduciary defendants credit for realisations beyond those conceded by the claimant Attorney General of Zambia in an action brought by him to recover government moneys diverted by the various defendants from the Republic of Zambia.

Practice Areas

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