ON APPEAL FROM THE HIGH COURT OF JUSTICE
Her Honour Judge Walden-Smith
HC-2016-001597
Strand, London, WC2A 2LL |
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B e f o r e :
and
THE HON. MR JUSTICE BIRSS
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IMAD AL-NESNAS |
Respondent |
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(1) MAHMOOD AL-NAJAR (2) FAPHDEV LIMITED (Formerly PRESTIGE HOMES (DEVELOPMENTS) LIMITED) (3) PRESTIGE HOMES IMPROVEMENTS LIMITED |
Appellants |
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The appellants did not appear and were not represented
Hearing dates: 13th June 2018
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Crown Copyright ©
Mr Justice Birss :
Permission to appeal and the appeal
Mr Al-Nesnas's case
i) the Bishops Avenue project was described and represented as the purchase of 27 Bishops Avenue, its development into a luxury mansion and its onward sale; and
ii) the Porcelanosa project was described and represented as the purchase, development and fitting out of a store in Milton Keynes, to be operated as a retail outlet for the sale of Porcelanosa ceramics, tiles and other products.
i) That PHD has an authorised share capital of £6 million divided into 1,000 shares of £6,000 each;
ii) That Mr Al-Nesnas is the registered owner of 250 shares of these shares;
iii) That the business of PHD was related to and restricted to the Bishops Avenue project (as defined above).
The Defence
The evidence
Analysis
The first category of representations – Mr Korshed and Mr Hussain
"That Mr Al-Nesnas was encouraged to invest in two projects in the sum of £1,395,333.56 and £234,053.93 respectively on the basis that two others, who he knew well and trusted, were also investing in the projects for a shareholding of 25% each whereas, in fact, neither have invested in either project."
The second category – the projects
The third ground of appeal
The Respondent's Notice
Conclusion
Lord Justice Floyd: