Ewan McQuater KC

Recent or current matters include:

NMC Healthcare Limited v Dubai Islamic Bank PJSC and Noor Bank PJSC (2020 – 2024) (alleged fraud of billions of dollars on largest private healthcare provider in the Middle East; disputed bank security interests in receivables; trial in Abu Dhabi Global Markets Court (ADGM); LCIA arbitration in London; a key ADGM decision on its own jurisdiction, its jurisdiction with regard to other Emirates and on when it will defer jurisdiction in favour of international arbitration; novel and important points of UAE law on the nature, validity and effectiveness of security interests in banking transactions).

Harrington & Charles Trading Co and others v Jatin Mehta and others (2022 – current). (alleged $1 billlion sophisticated fraud obtaining gold bullion deliveries from Indian banks secured by standby letters of credit issued by a consortium of banks led by Standard Chartered Bank; proceeds misappropriated by a series of sham FX/commodity transactions and through entities in various jurisdictions; worldwide freezing orders and related relief granted; forum disputed).

PCP Capital Partners v Barclays Bank Plc (2017 – 2020) – (alleged deceit in relation to £360 million of fees and $3 billion of loans being paid to Qatari investors in Barclays’ fundraising at the height of the financial crisis; featured in the Lawyer’s Top 20 Cases for 2019).

Rafed Al Khorafi and otrs v Bank Sarasin Ltd (2016 – 2019) – (claims exceeding $1 billion brought in the DIFC by Kuwaiti former banking clients alleging deceit or misrepresentation said to have induced deposits or investments with Bank Sarasin in the Gulf; the DIFC Court of Appeal struck out the entire claim as an abuse of process; explored the boundaries of the abuse of process doctrine; addressed unresolved issues of limitation and bank regulation).

Investec Trust Ltd v Glenalla Properties Ltd (2016 – 2018) – (9 appeals in the Privy Council from 5 decisions of the Guernsey Court of Appeal; claims against the insolvent Tchenguiz Discretionary Trust, connected to failed Icelandic bank Kaupthing and to property tycoon Robert Tchenguiz; rulings address complex issues of importance to the trust industry; private international law rules governing trustee liability, personal liability of trustees to trust creditors in commercial dealings; scope and effectiveness of clauses purporting to exclude trustee liability; free acceptance in unjust enrichment claims).

Nopporn Suppiat and otrs v Nop Narongdej and otrs (2018 – 2020) – (substantial banking fraud claim against the Thai-based Siam Bank and other defendants).

Lehman Brothers International v DZ Bank AG and Bank of New York (2015-2017) – (multiple claims triggered by Lehman’s collapse and its default on a series of high value tri-party repo positions; alleged undervaluation of counterparty repo positions following Lehman’s insolvency; allegations of mismanagement of the collateral allocation process by collateral manager; novel and untested issues relating to the duties of the collateral manager and complex valuation and causation questions).

Kaupthing hf v Goldman Sachs/Morgan Stanley International (2017) – (expert witness of English banking and insolvency law; proceedings in the District Court of Reykjavik; Icelandic Court addressing issues under the European Winding-up Directive in relation credit institutions; challenges to a series of high value self-referencing swaps transactions entered into by Kaupthing in the lead up to the financial crisis).

CF Partners v Barclays Bank Plc (2011 – 2014) – (allegations of breach of confidence and breach of contract in relation to an M&A deal in the carbon credit sector; the case featured in The Lawyer’s top cases for 2013; allegation that Barclays stole a client’s confidential deal for itself in order to purchase a Swedish carbon trading company).

Fortress Value Recovery Fund & Others v Blue Skye Special Opportunities Fund & Others (2010 – 2014) – (claim by major US hedge fund against multiple defendants that its English-based investment structure was reorganized in violation of its rights and prejudicing its debt and equity interests; alleged novel and complex fraud; interim freezing orders; multiple interlocutory disputes; third party entitlement to take advantage of an arbitration agreement under the Contracts (Right of Third Parties) Act 1999; doctrine of collateral waiver.

Glitnir HF v Toronto Dominion Bank (2012 – 2014) – (Icelandic bank which failed in the financial crisis subject to Icelandic winding-up proceedings; dispute over the interpretation and application of close-out provisions in the ISDA Master Agreement and over the close-out valuation of swap positions; how the market turmoil in late 2008 affected valuations; how to value a currency in crisis; how the principles of “clean” and “dirty” valuations are to be applied; how the non-defaulting party’s obligation to act in good faith is to be interpreted).

Trebuchet Finance Ltd v Merrill Lynch International Bank Ltd (2011 – 2013) – (dispute relating to a 2006 securitisation of sub-prime UK residential mortgages; issues relating to the regulation and underwriting of sub-prime mortgages, the impact of the 2008 financial crisis on investments in sub-prime-related securities and the valuation of continuing investments in sub-prime securities).

Advising Lloyds Banking Group in relation to claims of swaps and derivatives mis-selling made by high profile client of the group (2014).

Salford Capital Partners Inc v Krys and Greenwood (2014) – (advising and acting for the liquidating trustees of the BVI based Value Discovery Fund, holding assets alleged to derive from Boris Berezovsky; issues relate to partners’ respective rights and interests in the fund and challenges to the procedure and substance of valuations and distributions of fund assets).

Citicorp International Limited v Shiv-Vani Oil and Gas (2014) – (trustee of multi-million dollar bond issue by Indian industrial Shiv-Vani enforcing judgment in the face of applications to stay on jurisdiction and case management grounds jurisdiction; illegality defences alleged under Indian law and lack of approval from the Reserve Bank of India; anti-suit injunction restraining Indian winding up proceedings refused).

Terra Firma v Citibank (2010 – 2014) – (expert witness on English banking and financial law in New York in relation to Terra Firma’s (Guy Hands’) US$7 billion damages claim for alleged fraud and negligence in the acquisition of the EMI music group in 2007).

Ahmad Hamad Algosaibi and Brothers Company v Al Sanea and others FSD 54 (2009 – 2014) – (Algosaibi family of Saudi Arabia (AHAB)’s US$10 billion fraud claim against multiple parties including Maan Al Sanea, the Saad group of companies formerly under his control in the Cayman Islands and multiple banks alleging that credit was obtained using the Algosaibi name; multiple hearings at first instance and on appeal in the Grand Court of the Cayman Islands and the Cayman Islands Court of Appeal, including a successful judgment in excess of US$2billion against Maan Al Sanea and successfully resisting attempts by multiple parties to strike out claims in the Cayman action).

NML Capital Ltd v The Republic of Argentina (2011 – 2016) – (creditors of the Republic of Argentina seeking enforcement under multiple syndicated loan facilities and under US and English judgments; unprecedented order enforcing creditors’ interpretation of the widely used pari passu clause in sovereign bond agreements by way of injunction – upheld by the Second Circuit Court of Appeals in New York and subsequently upheld in 2014 by the US Supreme Court).

Elliott VIN BV v Vietnam Shipbuilding Industry Group (2011 – 2012) – (major US hedge fund enforcing sovereign debt claim against Vietnamese state entity; important issues of interpretation of LMA (Loan Market Association) standard documentation as to the effectiveness of assignments of loan participations, direct rights of action and recovery sharing).

Strategic Value Master Fund v Ideal Standard International [2011] EWHC 171 – (key decision on the interpretation of standard syndicated loan facility documentation in relation to events of default, equity cures, notices of acceleration and waiver provisions).

KfW Bank v Euroclear Bank (2010 – 2011) – (allegations that bank negligently failed to accept collateral posted by Lehman shortly before its collapse; novel issue of whether a bank providing collateral management services can be liable for Lehman-related losses where there was a delay in accepting collateral).

Excalibur Funding Plc v Lehman Brothers International (Europe) Limited (2010 – 2011) – (acted for the issuer of financial instruments against Lehman (in administration) over one of Lehman’s largest outstanding positions (€722m), seeking to set a precedent that Lehman transfer its noteholding following its insolvency).

BNP Paribas v Wockhardt EU Operations [2009] EWHC 3116 (Comm) – (successfully represented BNP Paribas in an important decision on the meaning and effect of standard ISDA swaps terms, to the effect that termination and close out provisions are not void as constituting a penalty, on the application of the close out provisions under the 2002 ISDA and on early court disposal of swaps mis-selling allegations).

Recent or current matters include:

NMC Healthcare Limited v Dubai Islamic Bank PJSC and Noor Bank PJSC (2020 – 2024) (alleged fraud of billions of dollars on largest private healthcare provider in the Middle East; disputed bank security interests in receivables; trial in Abu Dhabi Global Markets Court (ADGM); LCIA arbitration in London; a key ADGM decision on its own jurisdiction, its jurisdiction with regard to other Emirates and on when it will defer jurisdiction in favour of international arbitration; novel and important points of UAE law on the nature, validity and effectiveness of security interests in banking transactions).

Harrington & Charles Trading Co and others v Jatin Mehta and others (2022 – current). (alleged $1 billlion sophisticated fraud obtaining gold bullion deliveries from Indian banks secured by standby letters of credit issued by a consortium of banks led by Standard Chartered Bank; proceeds misappropriated by a series of sham FX/commodity transactions and through entities in various jurisdictions; worldwide freezing orders and related relief granted; forum disputed).

Phones 4u Limited v Vodafone Group (2016 – current) – (listed as one of The Lawyer’s Top 20 Cases for 2022; Ewan led the team of competition and commercial counsel in Vodafone’s defence of this claim brought by the administrators of the now insolvent Phones 4u, claiming that Vodafone in combination with other mobile network operators caused the highly publicised collapse into insolvency of Phones 4u in late 2014; central allegation that Vodafone conspired with other mobile network operators to coordinate their withdrawal from Phones 4u and put it out of business; claim said to be well over £1 billion; 10-week trial on issues of liability heard by Roth J in May-August 2022; Roth J dismissed all the claims against Vodafone: [2023] EWHC 2826 (Ch).

In the matter of New Silk Route Advisers, LP (2021 – current) (limited partners in dispute over winding up of Cayman partnership; partnership was set up by two hedge fund stars (Rajat Gupta and Parag Saxena) with billions of dollars under management; attempts to wind up partnership; parallel litigation in New York over the management of the funds). Blue Ocean Structure Investment Company Limited and Global Cord Blood Corporation (2022 – 2023) (joint provisional liquidators appointed by the Grand Court of the Cayman Islands seeking to preserve and prevent dissipation of the assets of the business group headed by Global Cord Blood Corporation; China’s leading provider of umbilical cord blood collection and stem cell processing and storage; multiple allegations of fraudulent misconduct in relation to the group including asset and share misappropriation or manipulation in China (PRC) and Hong Kong and allegations that the Cayman court was misled; litigation in the Cayman Islands, Hong Kong and the PRC; business assets were valued at well over $1billion).

Investec Trust Ltd v Glenalla Properties Ltd (2016 – 2018) – (9 appeals in the Privy Council from 5 decisions of the Guernsey Court of Appeal; claims against the insolvent Tchenguiz Discretionary Trust, connected to failed Icelandic bank Kaupthing and to property tycoon Robert Tchenguiz; rulings address complex issues of importance to the trust industry; private international law rules governing trustee liability, personal liability of trustees to trust creditors in commercial dealings; scope and effectiveness of clauses purporting to exclude trustee liability; free acceptance in unjust enrichment claims).

Nopporn Suppiat and otrs v Nop Narongdej and otrs (2018 – 2020) – (substantial banking fraud claim against the Thai-based Siam Bank and other defendants).

PJSC Tatneft v Gennady Bogolyubov and otrs (2018 – 2021) – (Ukrainian-Israeli oligarch Gennady Bogolyubov successfully defended allegations that he participated in a complex dishonest scheme to misappropriate very substantial sums in relation to oil deliveries from Russia to Ukraine by the use of intermediate companies and allegedly sham share sale agreements; 12 week trial between October and December 2020; claims dismissed).

Recovery Partners GP Ltd v Irakli Rukhadze and otrs (2018 – 2019) – (comprehensive win on issues of liability in contested dispute over the proceeds earned in recovering the assets forming the estate of deceased Georgian billionaire Arkady (Badri) Patarkatsishvili after his unexpected death; in her judgment on liability handed down on 1 November 2018, following a 4 week trial in June and July 2018, Cockerill J found that the defendants had resigned in bad faith in order unlawfully to divert this lucrative business opportunity to themselves and had subsequently given dishonest evidence to the court about it).

CF Partners v Barclays Bank Plc (2011 – 2014) – (allegations of breach of confidence and breach of contract in relation to an M&A deal in the carbon credit sector; the case featured in The Lawyer’s top cases for 2013; allegation that Barclays stole a client’s confidential deal for itself in order to purchase a Swedish carbon trading company).

David John Standish and Richard Heis (as joint liquidators of Quarry Hill Investments Limited) v Robert Basil Hersov (2013 – 2015) – (insolvency claims brought against the international businessman Robert Hersov by the joint liquidators of a company of which he used to be a director; liquidators alleged that Mr Hersov breached his duties to the company, or engaged in wrongful trading, by causing the company to issue letter agreements to two European banks).

Asegaai Consultants Ltd v Mistry EWHC [2012] 1899 (Ch) – (landmark decision against fraudulent insolvency practitioner; 12-year disqualification order after trial against corrupt insolvency practitioner).

Strategic Value Master Fund v Ideal Standard International [2011] EWHC 171 – (key decision on the interpretation of standard syndicated loan facility documentation in relation to events of default, equity cures, notices of acceleration and waiver provisions).

Excalibur Funding Plc v Lehman Brothers International (Europe) Limited (2010 – 2011) – (acted for the issuer of financial instruments against Lehman (in administration) over one of Lehman’s largest outstanding positions (€722m), seeking to set a precedent that Lehman transfer its noteholding following its insolvency).

Bloomsbury International Ltd v Holyoake and otrs [2010] EWHC 1150 (Ch) – (administrators of British Seafoods alleging £210m banking fraud ; freezing orders, search orders and passport seizure orders;  requirements of administrators to support cross undertakings; guidance on conflicts of interests relating to accountants accepting insolvency appointments which may involve them suing former clients.

Ahmad Hamad Algosaibi and Brothers Company v Al Sanea and others FSD 54 (2009 – 2014) – (Algosaibi family of Saudi Arabia (AHAB)’s US$10 billion fraud claim against multiple parties including Maan Al Sanea, the Saad group of companies formerly under his control in the Cayman Islands and multiple banks alleging that credit was obtained using the Algosaibi name; multiple hearings at first instance and on appeal in the Grand Court of the Cayman Islands and the Cayman Islands Court of Appeal, including a successful judgment in excess of US$2billion against Maan Al Sanea and successfully resisting attempts by multiple parties to strike out claims in the Cayman action).

Recent or current matters include:

NMC Healthcare Limited v Dubai Islamic Bank PJSC and Noor Bank PJSC (2020 – 2024) (alleged fraud of billions of dollars on largest private healthcare provider in the Middle East; disputed bank security interests in receivables; trial in Abu Dhabi Global Markets Court (ADGM); LCIA arbitration in London; a key ADGM decision on its own jurisdiction, its jurisdiction with regard to other Emirates and on when it will defer jurisdiction in favour of international arbitration; novel and important points of UAE law on the nature, validity and effectiveness of security interests in banking transactions).

Harrington & Charles Trading Co and others v Jatin Mehta and others (2022 – current). (alleged $1 billlion sophisticated fraud obtaining gold bullion deliveries from Indian banks secured by standby letters of credit issued by a consortium of banks led by Standard Chartered Bank; proceeds misappropriated by a series of sham FX/commodity transactions and through entities in various jurisdictions; worldwide freezing orders and related relief granted; forum disputed).

Phones 4u Limited v Vodafone Group (2016 – current) – (listed as one of The Lawyer’s Top 20 Cases for 2022; Ewan led the team of competition and commercial counsel in Vodafone’s defence of this claim brought by the administrators of the now insolvent Phones 4u, claiming that Vodafone in combination with other mobile network operators caused the highly publicised collapse into insolvency of Phones 4u in late 2014; central allegation that Vodafone conspired with other mobile network operators to coordinate their withdrawal from Phones 4u and put it out of business; claim said to be well over £1 billion; 10-week trial on issues of liability heard by Roth J in May-August 2022; Roth J dismissed all the claims against Vodafone: [2023] EWHC 2826 (Ch).

Blue Ocean Structure Investment Company Limited and Global Cord Blood Corporation (2022 – 2023) (joint provisional liquidators appointed by the Grand Court of the Cayman Islands seeking to preserve and prevent dissipation of the assets of the business group headed by Global Cord Blood Corporation; China’s leading provider of umbilical cord blood collection and stem cell processing and storage; multiple allegations of fraudulent misconduct in relation to the group including asset and share misappropriation or manipulation in China (PRC) and Hong Kong and allegations that the Cayman court was misled; litigation in the Cayman Islands, Hong Kong and the PRC; business assets were valued at well over $1billion).

PJSC Tatneft v Gennady Bogolyubov and otrs (2018 – 2021) – (Ukrainian-Israeli oligarch Gennady Bogolyubov successfully defended allegations that he participated in a complex dishonest scheme to misappropriate very substantial sums in relation to oil deliveries from Russia to Ukraine by the use of intermediate companies and allegedly sham share sale agreements; 12 week trial between October and December 2020; claims dismissed).

PCP Capital Partners v Barclays Bank Plc (2017 – 2020) – (alleged deceit in relation to £360 million of fees and $3 billion of loans being paid to Qatari investors in Barclays’ fundraising at the height of the financial crisis; featured in the Lawyer’s Top 20 Cases for 2019).

International Petroleum Investment Company; Aabar Investments v 1 Malaysia Development Berhad; Ministry of Finance Inc, Malaysia (2018 – 2019) (the alleged 1MDB fraud; Abu Dhabi state-owned investment vehicles in dispute with the Malaysian Government and its sovereign wealth fund (1MDB); new Malaysian Government alleged fraud on a huge scale in amounts exceeding USD 3.5 billion by its former Prime Minister Razak Najib and others, including former executives of the Abu Dhabi parties; parallel LCIA arbitral proceedings between the parties stayed by the Court of Appeal in November 2019, overturning a previous decision by Knowles J to stay the court proceedings in favour of arbitration).

Nopporn Suppiat and otrs v Nop Narongdej and otrs (2018 – 2020) – (substantial banking fraud claim against the Thai-based Siam Bank and other defendants).

Recovery Partners GP Ltd v Irakli Rukhadze and otrs (2018 – 2019) – (comprehensive win on issues of liability in contested dispute over the proceeds earned in recovering the assets forming the estate of deceased Georgian billionaire Arkady (Badri) Patarkatsishvili after his unexpected death; in her judgment on liability handed down on 1 November 2018, following a 4 week trial in June and July 2018, Cockerill J found that the defendants had resigned in bad faith in order unlawfully to divert this lucrative business opportunity to themselves and had subsequently given dishonest evidence to the court about it).

Raga Establishment Limited v SCM Financial Overseas Limited (2016 – 2019) – (LCIA arbitrations relating to purchase of Ukraine’s largest telcoms operator Ukrtelcom in 2013 for around $1 billion; a number of substantial LCIA arbitration hearings in London in 2017 and 2019 with an application to the Commercial Court seeking to remit one or more arbitral awards heard in May 2018; parallel proceedings in Cyprus).

Holyoake v Nick and Christian Candy and the CPC Group (2015 – 2016) – (defending the Candy brothers in a wide-ranging claim brought by former business associate Mark Holyoake; allegations of threats and duress;  unresolved issues relating to the application of the “unfair relationship” jurisdiction under CCA section 140; multiple interlocutory hearings on notification and freezing orders, fortification of cross-undertakings, security for costs, and the adequacy of “after the event” insurance as security).

Chodiev v Stein (2015 – 2016) – (Russian oligarchs behind the ENRC mining group in dispute with former financial adviser; successfuly resisted attempts to restrict the use of documents previously disclosed in England; Leggatt J at [2016] EWHC 1210 clarified the extent of the jurisdiction to restrict document use under CPR 31.22 and the paramount importance of the open justice principle; issues as to the burden and standard of proof of fraud required to set aside a previous judgment, the extent to which the dishonesty must infect the prior ruling and the unresolved issue of whether a victim of fraud must show reasonable diligence in uncovering the prior deception: see [2015] EWCA Civ 1256.

Fortress Value Recovery Fund & Others v Blue Skye Special Opportunities Fund & Others (2010 – 2014) –(claim by major US hedge fund against multiple defendants that its English-based investment structure was reorganized in violation of its rights and prejudicing its debt and equity interests; alleged novel and complex fraud; interim freezing orders; multiple interlocutory disputes; third party entitlement to take advantage of an arbitration agreement under the Contracts (Right of Third Parties) Act 1999; doctrine of collateral waiver.

Terra Firma v Citibank (2010 – 2014) – (expert witness on English banking and financial law in New York in relation to Terra Firma’s (Guy Hands’) US$7 billion damages claim for alleged fraud and negligence in the acquisition of the EMI music group in 2007).

Asegaai Consultants Ltd v Mistry EWHC [2012] 1899 (Ch) – (landmark decision against fraudulent insolvency practitioner; 12-year disqualification order after trial against corrupt insolvency practitioner).

Ahmad Hamad Algosaibi and Brothers Company v Al Sanea and others FSD 54 (2009 – 2014) – (Algosaibi family of Saudi Arabia (AHAB)’s US$10 billion fraud claim against multiple parties including Maan Al Sanea, the Saad group of companies formerly under his control in the Cayman Islands and multiple banks alleging that credit was obtained using the Algosaibi name; multiple hearings at first instance and on appeal in the Grand Court of the Cayman Islands and the Cayman Islands Court of Appeal, including a successful judgment in excess of US$2billion against Maan Al Sanea and successfully resisting attempts by multiple parties to strike out claims in the Cayman action).

NML Capital Ltd v The Republic of Argentina (2011 – 2016) – (creditors of the Republic of Argentina seeking enforcement under multiple syndicated loan facilities and under US and English judgments; unprecedented order enforcing creditors’ interpretation of the widely used pari passu clause in sovereign bond agreements by way of injunction – upheld by the Second Circuit Court of Appeals in New York and subsequently upheld in 2014 by the US Supreme Court).

HJ Heinz Co Ltd v EFL Inc [2010] EWHC 1203 (Comm) – acted for Heinz food company in Commercial Court proceedings in successfully resisting enforcement of Hungarian Arbitration award on grounds of public policy. Fresh evidence of fraud available and issue not previously determined in Hungary.

Recent or current matters include:

NMC Healthcare Limited v Dubai Islamic Bank PJSC and Noor Bank PJSC (2020 – 2024) (alleged fraud of billions of dollars on largest private healthcare provider in the Middle East; disputed bank security interests in receivables; trial in Abu Dhabi Global Markets Court (ADGM); LCIA arbitration in London; a key ADGM decision on its own jurisdiction, its jurisdiction with regard to other Emirates and on when it will defer jurisdiction in favour of international arbitration; novel and important points of UAE law on the nature, validity and effectiveness of security interests in banking transactions).

Harrington & Charles Trading Co and others v Jatin Mehta and others (2022 – current). (alleged $1 billlion sophisticated fraud obtaining gold bullion deliveries from Indian banks secured by standby letters of credit issued by a consortium of banks led by Standard Chartered Bank; proceeds misappropriated by a series of sham FX/commodity transactions and through entities in various jurisdictions; worldwide freezing orders and related relief granted; forum disputed).

Phones 4u Limited v Vodafone Group (2016 – current) – (listed as one of The Lawyer’s Top 20 Cases for 2022; Ewan led the team of competition and commercial counsel in Vodafone’s defence of this claim brought by the administrators of the now insolvent Phones 4u, claiming that Vodafone in combination with other mobile network operators caused the highly publicised collapse into insolvency of Phones 4u in late 2014; central allegation that Vodafone conspired with other mobile network operators to coordinate their withdrawal from Phones 4u and put it out of business; claim said to be well over £1 billion; 10-week trial on issues of liability heard by Roth J in May-August 2022; Roth J dismissed all the claims against Vodafone: [2023] EWHC 2826 (Ch).

Blue Ocean Structure Investment Company Limited and Global Cord Blood Corporation (2022 – 2023) (joint provisional liquidators appointed by the Grand Court of the Cayman Islands seeking to preserve and prevent dissipation of the assets of the business group headed by Global Cord Blood Corporation; China’s leading provider of umbilical cord blood collection and stem cell processing and storage; multiple allegations of fraudulent misconduct in relation to the group including asset and share misappropriation or manipulation in China (PRC) and Hong Kong and allegations that the Cayman court was misled; litigation in the Cayman Islands, Hong Kong and the PRC; business assets were valued at well over $1billion).

PJSC Tatneft v Gennady Bogolyubov and otrs (2018 – 2021) – (Ukrainian-Israeli oligarch Gennady Bogolyubov successfully defended allegations that he participated in a complex dishonest scheme to misappropriate very substantial sums in relation to oil deliveries from Russia to Ukraine by the use of intermediate companies and allegedly sham share sale agreements; 12 week trial between October and December 2020; claims dismissed).

PCP Capital Partners v Barclays Bank Plc (2017 – 2020) – (alleged deceit in relation to £360 million of fees and $3 billion of loans being paid to Qatari investors in Barclays’ fundraising at the height of the financial crisis; featured in the Lawyer’s Top 20 Cases for 2019).

Rafed Al Khorafi and otrs v Bank Sarasin Ltd (2016 – 2019) – (claims exceeding $1 billion brought in the DIFC by Kuwaiti former banking clients alleging deceit or misrepresentation said to have induced deposits or investments with the bank in the Gulf; the DIFC Court of Appeal struck out the entire claim as an abuse of process; explored the boundaries of the abuse of process doctrine; addressed unresolved issues of limitation and bank regulation).

Recovery Partners GP Ltd v Irakli Rukhadze and otrs (2018 – 2019) – (comprehensive win on issues of liability in contested dispute over the proceeds earned in recovering the assets forming the estate of deceased Georgian billionaire Arkady (Badri) Patarkatsishvili after his unexpected death; in her judgment on liability handed down on 1 November 2018, following a 4 week trial in June and July 2018, Cockerill J found that the defendants had resigned in bad faith in order unlawfully to divert this lucrative business opportunity to themselves and had subsequently given dishonest evidence to the court about it).

Raga Establishment Limited v SCM Financial Overseas Limited (2016 – 2019) – (LCIA arbitrations relating to purchase of Ukraine’s largest telcoms operator Ukrtelcom in 2013 for around $1 billion; a number of substantial LCIA arbitration hearings in London in 2017 and 2019 with an application to the Commercial Court seeking to remit one or more arbitral awards heard in May 2018; parallel proceedings in Cyprus).

Lehman Brothers International v DZ Bank AG and Bank of New York (2015-2017) – (multiple claims triggered by Lehman’s collapse and its default on a series of high value tri-party repo positions; alleged undervaluation of counterparty repo positions following Lehman’s insolvency; allegations of mismanagement of the collateral allocation process by collateral manager; novel and untested issues relating to the duties of the collateral manager and complex valuation and causation questions).

CF Partners v Barclays Bank Plc (2011 – 2014) – (allegations of breach of confidence and breach of contract in relation to an M&A deal in the carbon credit sector; the case featured in The Lawyer’s top cases for 2013; allegation that Barclays stole a client’s confidential deal for itself in order to purchase a Swedish carbon trading company).

Fortress Value Recovery Fund & Others v Blue Skye Special Opportunities Fund & Others (2010 – 2014) – (claim by major US hedge fund against multiple defendants that its English-based investment structure was reorganized in violation of its rights and prejudicing its debt and equity interests; alleged novel and complex fraud; interim freezing orders; multiple interlocutory disputes; third party entitlement to take advantage of an arbitration agreement under the Contracts (Right of Third Parties) Act 1999; doctrine of collateral waiver).

Glitnir HF v Toronto Dominion Bank (2012 – 2014) – (Icelandic bank which failed in the financial crisis subject to Icelandic winding-up proceedings; dispute over the interpretation and application of close-out provisions in the ISDA Master Agreement and over the close-out valuation of swap positions; how the market turmoil in late 2008 affected valuations; how to value a currency in crisis; how the principles of “clean” and “dirty” valuations are to be applied; how the non-defaulting party’s obligation to act in good faith is to be interpreted).

Trebuchet Finance Ltd v Merrill Lynch International Bank Ltd (2011 – 2013) – (dispute relating to a 2006 securitisation of sub-prime UK residential mortgages; issues relating to the regulation and underwriting of sub-prime mortgages, the impact of the 2008 financial crisis on investments in sub-prime-related securities and the valuation of continuing investments in sub-prime securities).

Salford Capital Partners Inc v Krys and Greenwood (2014) – (advising and acting for the liquidating trustees of the BVI based Value Discovery Fund, holding assets alleged to derive from Boris Berezovsky; issues relate to partners’ respective rights and interests in the fund and challenges to the procedure and substance of valuations and distributions of fund assets).

Citicorp International Limited v Shiv-Vani Oil and Gas (2014) – (trustee of multi-million dollar bond issue by Indian industrial Shiv-Vani enforcing judgment in the face of applications to stay on jurisdiction and case management grounds jurisdiction; illegality defences alleged under Indian law and lack of approval from the Reserve Bank of India; anti-suit injunction restraining Indian winding up proceedings refused).

Terra Firma v Citibank (2010 – 2014) – (expert witness on English banking and financial law in New York in relation to Terra Firma’s (Guy Hands’) US$7 billion damages claim for alleged fraud and negligence in the acquisition of the EMI music group in 2007).

Ahmad Hamad Algosaibi and Brothers Company v Al Sanea and others FSD 54 (2009 – 2014) – (Algosaibi family of Saudi Arabia (AHAB)’s US$10 billion fraud claim against multiple parties including Maan Al Sanea, the Saad group of companies formerly under his control in the Cayman Islands and multiple banks alleging that credit was obtained using the Algosaibi name; multiple hearings at first instance and on appeal in the Grand Court of the Cayman Islands and the Cayman Islands Court of Appeal, including a successful judgment in excess of US$2billion against Maan Al Sanea and successfully resisting attempts by multiple parties to strike out claims in the Cayman action).

NML Capital Ltd v The Republic of Argentina (2011 – 2016) – (creditors of the Republic of Argentina seeking enforcement under multiple syndicated loan facilities and under US and English judgments; unprecedented order enforcing creditors’ interpretation of the widely used pari passu clause in sovereign bond agreements by way of injunction – upheld by the Second Circuit Court of Appeals in New York and subsequently upheld in 2014 by the US Supreme Court).

Elliott VIN BV v Vietnam Shipbuilding Industry Group (2011 – 2012) – (acted for major US hedge fund enforcing sovereign debt claim against Vietnamese state entity, raised important issues of interpretation of LMA (Loan Market Association) standard documentation as to the effectiveness of assignments of loan participations, direct rights of action and recovery sharing).

Strategic Value Master Fund v Ideal Standard International [2011] EWHC 171 – (key decision on the interpretation of standard syndicated loan facility documentation in relation to events of default, equity cures, notices of acceleration and waiver provisions).

Recent or current matters include:

NMC Healthcare Limited v Dubai Islamic Bank PJSC and Noor Bank PJSC (2020 – 2024) (alleged fraud of billions of dollars on largest private healthcare provider in the Middle East; disputed bank security interests in receivables; trial in Abu Dhabi Global Markets Court (ADGM); LCIA arbitration in London; a key ADGM decision on its own jurisdiction, its jurisdiction with regard to other Emirates and on when it will defer jurisdiction in favour of international arbitration; novel and important points of UAE law on the nature, validity and effectiveness of security interests in banking transactions).

Harrington & Charles Trading Co and others v Jatin Mehta and others (2022 – current). (alleged $1 billlion sophisticated fraud obtaining gold bullion deliveries from Indian banks secured by standby letters of credit issued by a consortium of banks led by Standard Chartered Bank; proceeds misappropriated by a series of sham FX/commodity transactions and through entities in various jurisdictions; worldwide freezing orders and related relief granted; forum disputed).

Phones 4u Limited v Vodafone Group (2016 – current) – (listed as one of The Lawyer’s Top 20 Cases for 2022; Ewan led the team of competition and commercial counsel in Vodafone’s defence of this claim brought by the administrators of the now insolvent Phones 4u, claiming that Vodafone in combination with other mobile network operators caused the highly publicised collapse into insolvency of Phones 4u in late 2014; central allegation that Vodafone conspired with other mobile network operators to coordinate their withdrawal from Phones 4u and put it out of business; claim said to be well over £1 billion; 10-week trial on issues of liability heard by Roth J in May-August 2022; Roth J dismissed all the claims against Vodafone: [2023] EWHC 2826 (Ch).

Blue Ocean Structure Investment Company Limited and Global Cord Blood Corporation (2022 – 2023) (joint provisional liquidators appointed by the Grand Court of the Cayman Islands seeking to preserve and prevent dissipation of the assets of the business group headed by Global Cord Blood Corporation; China’s leading provider of umbilical cord blood collection and stem cell processing and storage; multiple allegations of fraudulent misconduct in relation to the group including asset and share misappropriation or manipulation in China (PRC) and Hong Kong and allegations that the Cayman court was misled; litigation in the Cayman Islands, Hong Kong and the PRC; business assets were valued at well over $1billion).

In the matter of New Silk Route Advisers, LP (2021 – current) (limited partners in dispute over winding up of Cayman partnership; partnership was set up by two hedge fund stars (Rajat Gupta and Parag Saxena) with billions of dollars under management; attempts to wind up partnership; parallel litigation in New York over the management of the funds). Blue Ocean Structure Investment Company Limited and Global Cord Blood Corporation (2022 – 2023) (joint provisional liquidators appointed by the Grand Court of the Cayman Islands seeking to preserve and prevent dissipation of the assets of the business group headed by Global Cord Blood Corporation; China’s leading provider of umbilical cord blood collection and stem cell processing and storage; multiple allegations of fraudulent misconduct in relation to the group including asset and share misappropriation or manipulation in China (PRC) and Hong Kong and allegations that the Cayman court was misled; litigation in the Cayman Islands, Hong Kong and the PRC; business assets were valued at well over $1billion).

Investec Trust Ltd v Glenalla Properties Ltd (2016 – 2018) – (9 appeals in the Privy Council from 5 decisions of the Guernsey Court of Appeal; claims against the insolvent Tchenguiz Discretionary Trust, connected to failed Icelandic bank Kaupthing and to property tycoon Robert Tchenguiz; rulings address complex issues of importance to the trust industry; private international law rules governing trustee liability, personal liability of trustees to trust creditors in commercial dealings; scope and effectiveness of clauses purporting to limit trustee liability; free acceptance in unjust enrichment claims).

VTB Bank AG v PJSC Bank Uralsib (2016 – 2017) – (defending Russian bank (Uralsib) against claims made by various bank lenders in this substantial LCIA arbitration which took place in London in April 2017; issues including effect of “bail-in” provisions).

Kaupthing hf v Goldman Sachs/Morgan Stanley International (2017) – (expert witness of English banking and insolvency law; proceedings in the District Court of Reykjavik; Icelandic Court was addressing issues under the European Winding-up Directive in relation credit institutions; challenges to a series of high value self-referencing swaps transactions entered into by Kaupthing in the lead up to the financial crisis).

Sonera Holding BV v Cukurova Holding AS (2015 – 2018) – (acting for Turkish State bank TS Ziraat in this long running dispute over the ownership and control of the largest Turkish mobile services provider Turkcell; multiple hearings in the BVI High Court and Eastern Caribbean Court of Appeal and three arbitrations; central disputes revolve around alleged breaches by the Turkish interests (Cukurova) of agreements to sell to Scandinavian interests, attempts to enforce judgments and arbitration awards emanating from that dispute, an appropriation of the shares by Russian interests (Alfa) and their later redemption after hotly contested litigation).

David John Standish and Richard Heis (as joint liquidators of Quarry Hill Investments Limited) v Robert Basil Hersov (2013 – 2015) – (insolvency claims brought against the international businessman Robert Hersov by the joint liquidators of a company of which he used to be a director; liquidators alleged that Mr Hersov breached his duties to the company, or engaged in wrongful trading, by causing the company to issue letter agreements to two European banks).

Glitnir HF v Toronto Dominion Bank (2012 – 2014) – (Icelandic bank which failed in the financial crisis subject to Icelandic winding-up proceedings; dispute over the interpretation and application of close-out provisions in the ISDA Master Agreement and over the close-out valuation of swap positions; how the market turmoil in late 2008 affected valuations; how to value a currency in crisis; how the principles of “clean” and “dirty” valuations are to be applied; how the non-defaulting party’s obligation to act in good faith is to be interpreted).

Fortress Value Recovery Fund & Others v Blue Skye Special Opportunities Fund & Others (2010 – 2014) – (claim by major US hedge fund against multiple defendants that its English-based investment structure was reorganized in violation of its rights and prejudicing its debt and equity interests; alleged novel and complex fraud; interim freezing orders; multiple interlocutory disputes; third party entitlement to take advantage of an arbitration agreement under the Contracts (Right of Third Parties) Act 1999; doctrine of collateral waiver).

Primeo/Herald Funds and Pioneer Alternative Investment Management (2013 – 2014) – (advising the Unicredit Group (including Pioneer) in relation to attempts made to wind up the Herald Fund in the Cayman Islands and in relation to proceedings in the US brought by the Madoff trustee in bankruptcy; part of wider litigation in the Cayman Islands and the USA resulting from the collapse into insolvency of Bernard Madoff’s New York investment advisory business and his subsequent imprisonment; centres on the issue control over Cayman Islands funds which invested heavily in and received monies from the Madoff group and which are the target of recovery actions by the US trustee in bankruptcy).

In recent years Ewan has advised and acted on various high-end corporate and debt restructurings and administrations including the complex billion-pound restructuring of the NHP Group (care homes), Carl Zeiss group, Four Seasons Hotels, Southern Cross Healthcare, Endemol group (entertainment) and Cattles Plc (UK’s largest sub-prime lender).

Citicorp International Limited v Shiv-Vani Oil and Gas (2014) – (trustee of multi-million dollar bond issue by Indian industrial Shiv-Vani enforcing judgment in the face of applications to stay on jurisdiction and case management grounds jurisdiction; illegality defences alleged under Indian law and lack of approval from the Reserve Bank of India; anti-suit injunction restraining Indian winding up proceedings refused).

Asegaai Consultants Ltd v Mistry EWHC [2012] 1899 (Ch) – (landmark decision against fraudulent insolvency practitioner; 12-year disqualification order after trial against corrupt insolvency practitioner).

Recent or current matters include:

NMC Healthcare Limited v Dubai Islamic Bank PJSC and Noor Bank PJSC (2020 – 2024) (alleged fraud of billions of dollars on largest private healthcare provider in the Middle East; disputed bank security interests in receivables; trial in Abu Dhabi Global Markets Court (ADGM); LCIA arbitration in London; a key ADGM decision on its own jurisdiction, its jurisdiction with regard to other Emirates and on when it will defer jurisdiction in favour of international arbitration; novel and important points of UAE law on the nature, validity and effectiveness of security interests in banking transactions).

International Petroleum Investment Company; Aabar Investments v 1 Malaysia Development Berhad; Ministry of Finance Inc, Malaysia (2018 – 2019) (the alleged 1MDB fraud; Abu Dhabi state-owned investment vehicles in dispute with the Malaysian Government and its sovereign wealth fund (1MDB); new Malaysian Government alleged fraud on a huge scale in amounts exceeding USD 3.5 billion by its former Prime Minister Razak Najib and others, including former executives of the Abu Dhabi parties; parallel LCIA arbitral proceedings between the parties stayed by the Court of Appeal in November 2019, overturning a previous decision by Knowles J to stay the court proceedings in favour of arbitration).

Raga Establishment Limited v SCM Financial Overseas Limited (2016 – 2019) – (LCIA arbitrations relating to purchase of Ukraine’s largest telcoms operator Ukrtelcom in 2013 for around $1 billion; a number of substantial LCIA arbitration hearings in London in 2017 and 2019 with an application to the Commercial Court seeking to remit one or more arbitral awards heard in May 2018; parallel proceedings in Cyprus).

Sonera Holding BV v Cukurova Holding AS (2015 – 2018) – (acting for Turkish State bank TS Ziraat in this long running dispute over the ownership and control of the largest Turkish mobile services provider Turkcell; multiple hearings in the BVI High Court and Eastern Caribbean Court of Appeal and three arbitrations; central disputes revolve around alleged breaches by the Turkish interests (Cukurova) of agreements to sell to Scandinavian interests, attempts to enforce judgments and arbitration awards emanating from that dispute, an appropriation of the shares by Russian interests (Alfa) and their later redemption after hotly contested litigation).

VTB Bank AG v PJSC Bank Uralsib (2016 – 2017) – (defending Russian bank (Uralsib) against claims made by various bank lenders in this substantial LCIA arbitration which took place in London in April 2017; issues including effect of “bail-in” provisions).

Fortress Value Recovery Fund & Others v Blue Skye Special Opportunities Fund & Others (2010 – 2014) – (claim by major US hedge fund against multiple defendants that its English-based investment structure was reorganized in violation of its rights and prejudicing its debt and equity interests; alleged novel and complex fraud; interim freezing orders; multiple interlocutory disputes; third party entitlement to take advantage of an arbitration agreement under the Contracts (Right of Third Parties) Act 1999; doctrine of collateral waiver.

HJ Heinz Co Ltd v EFL Inc [2010] EWHC 1203 (Comm) – (acted for Heinz food company in Commercial Court proceedings in successfully resisting enforcement of Hungarian Arbitration award on grounds of public policy; fresh evidence of fraud available and issue not previously determined in Hungary).

Chambers & Partners 2024 and Legal 500 2024 include the following praise for Ewan.