Caldero Trading Limited v Beppler & Jacobson Limited and ors

[2014] EWCA Civ 935

8th July 2014

Court of Appeal


Robin Hollington QC and Adrian Pay act for the Petitioner (Respondent to the appeal) in a long-running dispute relating to two prestigious hotels in Montenegro. The Petitioner is a minority shareholder in a UK holding company which owns land in Montenegro and, through a Montenegrin subsidiary, the two hotels.

The Appellants sought to overturn the decision of Mr Justice David Richards [2013] EWHC 2191 (Ch) in which he accepted the Petitioner’s case that all sums (in the order of €50,000,000) provided for the purchase and renovation/refurbishment of the hotels were agreed to be provided by way of capital rather than loan and not to be deducted from the Petitioner’s share. The Court of Appeal upheld Mr Justice David Richards’ decision, rejecting the Appellants’ submission that the agreement was commercially improbable and that the findings were inconsistent with certain documents. The Court of Appeal held that the judge had been entitled to make the findings which he did and that the appeal should never have been brought.

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