Oliver White instructed in Nigerian family trust case

07.02.2012

Oliver White has recently been instructed by HCLS to intercede in proceedings before the Family Division of the High Court, on behalf of the interests of the beneficiaries of a multi-Billion pound family Trust, which has divided one of Nigeria's  most prominent families. Oliver was initially instructed to restrain, by injunctive relief,  the Defendant, Michael Prest,  the sole Trustee and acting  head of the family business 'Petrodel Resources Ltd',  from the intended transfer of a London property valued in excess of £8million. The transfer formed part of the terms of settlement with the Defendant's  wife in separate private ancillary relief proceedings  before the Family Division of the High Court in London. Acting on behalf of the beneficiaries in the current proceedings, Oliver is instructed to challenge this proposed transfer, claiming the asset forms part of a pre-existing Trust recorded in an agreement certifying the Beneficiaries' interests. 

The case has attracted considerable media attention, in recognition of the Defendant's profile. Frequently referred to in the media as the 'Reclusive billionaire',  the Defendant is the Chairman of a Multi-Billion Dollar Company, which is a global leader within the Commodities Sector.   He  initially rose to prominence as the trusted 'confidant' and 'Right-Hand Man' of Marc Rich,  the Godfather of the oil  commodities markets  in the 1990's, whose infamy and formidable presence on the world stage resulted in the controversial  pardon issued by President Clinton in his last day of office following a string of convictions in corporate tax evasion  and pending allegations in violation of trading sanctions with Iran. 

Oliver is currently instructed to intercede within proceedings before the Family Court Division, in accordance with the rights of the beneficiaries as an 'Interested Party', opposed to the terms of a settlement approving the disposition of an asset that is held under the terms of a pre-existing and binding agreement, which itself was the culmination of a negotiated settlement arising out of disputed proceedings before the Nigerian Courts in determination of the respective parties' interests.  The settlement was recorded under a Nigerian Court Order of equivalent rank,  and has  subsequently been registered within the  UK applying the applicable procedure, in contemplation of pending proceedings.  The case raises a novel point of law with significant commercial implications, in determining what weight, if any, the UK Courts will attach to an Order arising out of Proceedings within a Foreign Jurisdiction which is not currently a counterpart with the UK under the terms of a corresponding 'Treaty in Reciprocity',  intended to enable the commencement of Foreign enforcement proceedings within a  counterpart Jurisdiction subscribing to the Treaty.