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England and Wales High Court (Chancery Division) Decisions |
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You are here: BAILII >> Databases >> England and Wales High Court (Chancery Division) Decisions >> Libyan Investment Authority & Ors v King & Ors [2022] EWHC 2633 (Ch) (21 September 2022) URL: http://www.bailii.org/ew/cases/EWHC/Ch/2022/2633.html Cite as: [2022] EWHC 2633 (Ch) |
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BUSINESS AND PROPERTY COURTS
OF ENGLAND AND WALES
BUSINESS LIST (ChD)
Fetter Lane London, EC4A 1NL |
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B e f o r e :
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(1) LIBYAN INVESTMENT AUTHORITY (2) LIA ADVISORY SERVICES (UK) LIMITED (3) MAPLECROSS HOLDINGS INVESTMENT COMPANY LIMITED |
Claimants |
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- and - |
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(1) ROGER KING (2) INTERNATIONAL GROUP LIMITED (3) BEESON PROPERTY INVESTMENTS LIMITED (4) STOKE PARK ESTATES (formerly known as Beeson Investments) (5) CHARLES MERRY (6) CONRAD STRATEGIC PARTNERS LIMITED |
Defendants |
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MR P. GREEN KC, MR H. WARWICK KC and MISS R. TANDY (instructed by Croft Solicitors) appeared on behalf of Defendants.
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Crown Copyright ©
Mr Justice Miles:
"A few days ago we got go ahead on this and it became obvious very quickly that we were nowhere near what the LIA had been told by the site owner the site was worth. The site owner well knows the value. They had a site value a couple of years ago by Strutts at £17 - £20 million and passed this to the LIA want (sic) they did not pass to LIA was a second val around Christmas that it much, much lower. We have swiftly told LIA that we will not be anywhere near the figure. We are at about £4 million. I suspect the other val is a bit higher, but not much, we may get to £5 to £6 million, but not more."
"At around this time, late 2009/early 2010, I also asked Knight Frank to make an assessment of the proposed JV at an initial consideration of £21 million and to prepare a similar letter to S & P's 11 December 2009 letter. That was a belt and braces approached favoured by Roger [the first defendant]. In the event, neither request proceeded. Knight Frank wanted to make a planning review of the intended retail land to assess the JV, which we did not consider was worth doing. My understanding at the time was that Knight Frank did not want to write a letter similar to S & P's 11 December 2009 letter without first undertaking a full appraisal of the project. Roger decided that as S & P had already provided their letter we did not need to instruct Knight Frank and incur any fees with them."
Mr Merry did not refer in that passage to Knight Frank providing a valuation or, indeed, giving any opinion as to the value of the property or the joint venture.
"If a witness statement or a witness summary for use at trial is not served in respect of an intended witness within the time specified by the court, then the witness may not be called to give oral evidence unless the court gives permission."