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FHR European Ventures LLP v Cedar Capital Partners LLC
UK legal case / From Wikipedia, the free encyclopedia
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FHR European Ventures LLP v Cedar Capital Partners LLC [2014] UKSC 45 is a landmark decision of the United Kingdom Supreme Court which holds that a bribe or secret commission accepted by an agent is held on trust for his principal. In so ruling, the Court partially overruled Sinclair Investments (UK) Ltd v Versailles Trade Finance Ltd[1] (a decision of the Court of Appeal of England and Wales) in favour of The Attorney General for Hong Kong v Reid (New Zealand) (UKPC),[2] a ruling from the Judicial Committee of the Privy Council on appeal from New Zealand.
Quick Facts FHR LLP v Cedar Capital LLC, Court ...
FHR LLP v Cedar Capital LLC | |
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Court | Supreme Court of the United Kingdom |
Full case name | FHR European Ventures LLP & Ors v Cedar Capital Partners LLC |
Argued | 17–19 June 2014 |
Decided | 16 July 2014 |
Neutral citation | [2014] UKSC 45 |
Case history | |
Prior history | On appeal from FHR European Ventures LLP v Mankarious & Ors [2013] EWCA Civ 17 (29 January 2013), setting aside FHR European Ventures LLP & Ors v Mankarious & Ors [2011] EWHC 2308 (Ch) (5 September 2011) |
Holding | |
A bribe or secret commission accepted by an agent is held on trust for his principal. | |
Case opinions | |
Majority | Lord Neuberger, for a unanimous Court |
Laws applied | |
This case overturned a previous ruling | |
Metropolitan Bank v Heiron [1880] Lister & Co v Stubbs [1890] Powell & Thomas v Evan Jones & Co [1905] The Attorney-General's Reference (No 1 of 1985) [1986] Sinclair Investments (UK) Ltd v Versailles Trade Finance Ltd [2011] "[A]t least [insofar] as they relied on or followed Heiron and Lister, should be treated as overruled." (Paragraph 50) | |
Area of law | |
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