UK SC Rules On Secret Commission Case

Published on Wed, Sep 24,2014 | 21:14, Updated at Wed, Sep 24 at 21:14Source : Moneycontrol.com

Recently, the Supreme Court of United Kingdom (“UK Supreme Court”) in FHR European Ventures LLP and others v. Cedar Capital Partners LLC1, has opined on an interesting question of law, whether a bribe or secret commission received by an agent is held by that agent on trust for his principal, or whether the principal merely has a claim for equitable compensation in a sum equal to the value of the bribe or commission. Notably, if the bribe or commission is held on trust, the principal has a proprietary claim to it, or if the principal merely has a claim for equitable compensation, the claim is not proprietary. For more please read the attached report by Nishith Desai Associates.

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Attachments : NishithDesai_Hotline.pdf