High Court dismisses fraud claims said to be worth more than £200 million
Transworld Payment Solutions UK Limited (in liquidation) v First Curaçao International Bank NV[2025] EWHC 2480 (Ch)
02 Oct 2025
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Following a substantial trial, the High Court (Leech J) has dismissed in their entirety claims by a liquidator of various companies involved in MTIC fraud alleging dishonest assistance and other intentional wrongdoing against the Curaçao bank that provided bank account services to those companies (D1) and its then owner (D2). Leech J rejected the allegations of dishonesty; found that the claims were in any case barred by settlement agreements; and in large part time-barred.
In the course of his 807 paragraph judgment, Leech J determined various factual issues, including regarding the liquidator’s conduct and knowledge; various legal issues, including as regards s.213 of the Insolvency Act 1986, limitation, and the General Rolling Stock principle; and various issues under Curaçao law.
Andrew Scott KC and Barnaby Lowe acted for the First Defendant, instructed by Daniel Travers at Jones Day.
The judgment may be found here.
