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Ciban Management Corporation (Appellant) v Citco (BVI) Ltd and another (Respondents) (British Virgin Islands)
Case summary
Case ID
JCPC/2019/0093
Jurisdiction
British Virgin Islands
Parties
Appellant(s)
Ciban Management Corporation
Respondent(s)
Citco (BVI) Ltd Tortola Corporation Company Ltd
Issue
Whether Citco BVI and TCCL breached any duties owed to Ciban in issuing a power of attorney for the sale of property.
Facts
Ciban is the survivor company of a merger between Ciban and Spectacular Holdings Inc ("Spectacular"). Citco BVI was Ciban’s registered agent and TCCL was Ciban’s sole director. Alberto Byington was Spectacular’s ultimate beneficial owner who had been assisted in the formation of the company by Henrique de Moura Costa. Mr Costa remained involved in Spectacular and would take instructions from Mr Byington. Mr Byington’s financial situation deteriorated and he ended up owing Mr Costa salary arrears and payments on a loan. Mr Costa, without telling Mr Byington, sent Citco BVI a power of attorney for the sale of Spectacular’s property. TCCL passed a director’s resolution issuing the power, the power of attorney was used and the property sold.Six years later, Spectacular brought proceedings against Citco BVI for breach of its duty of reasonable skill and care and against TCCL for breaches of its duty of care and its statutory duties. Citco BVI and TCCL denied these allegations, claiming that their relationship with Mr Byington was governed by an implied contract to act on his instructions and that Mr Costa had ostensible agency authority of Mr Byington to give instructions.At first instance, Bannister J dismissed Spectacular’s claims on the basis they were unsustainable. Spectacular (now Ciban) unsuccessfully appealed to the Court of Appeal. Ciban now appeals to the JCPC.
Date of issue
6 September 2019
Judgment details
Judgment date
30 July 2020
Neutral citation
[2020] UKSC 21
Judgment links
Appeal
Justices
Hearing dates
Full hearing
Start date
10 June 2020
End date
11 June 2020
Watch hearings
10 June 2020 - Morning session
10 June 2020 - Afternoon session
11 June 2020 - Morning session
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Last updated 9 May 2024