Victor Steinmetz

• Qatar Investment & Projects Development Holding CP W.L.L. v Elanus Holdings Limited [2025] EWHC 303 (Comm), Victor acted for the successful defendant in a dispute concerning the Idol’s Eye, a 70.21-carat diamond considered to be the world’s largest cut blue diamond (led by Angharad Start, 3VB). The dispute arose from a loan agreement which granted the claimant, an entity led for these purposes by Sheikh Hamad bin Abdullah Al Thani, a member of the Qatari royal family, the right to purchase the diamond for the higher of $10m or the average of two major auction house mid-estimate valuations, should Elanus “wish” to part with it. The case raised several issues of valuation, Guernsey and Liechtenstein law, agency, pre-emption rights, and whether the “wish” or state of mind of ultimate beneficial owners can be attributed to corporate vehicles. The case was selected as one of The Lawyer’s “Top 20 cases of 2024”.

• Ashti Fine Art Limited v Art Lending Inc & anr, Victor (led by Angharad Start, 3VB) acts for Art Lending Inc., a US-based lender which issued six loans in the total amount of USD52m, which were secured against around 40 masterpieces (including Picassos, a Titian, a Guido di Pietro fra Angelico, El Grecos, Ballas, Gericaults, Fontanas) stored in multiple locations around the world. The case is particularly significant in light of the increased interest in art as a form of investment.

Victor also regularly writes about art law, including a recent article on Art Lending, as part of 3VB’s finance column.

Victor regularly appears in various hearings and trials in the High Court and also recently as sole counsel in the Court of Appeal, in commercial and banking matters.

Current and recent instructions include:

• QIPCO v Elanus, acted for the successful defendant in a dispute concerning the Idol’s Eye, a 70.21-carat diamond considered to be the world’s largest cut blue diamond (led by Angharad Start, 3VB)
• Ashti Fine Art Limited v Art Lending Inc & anr, Victor acts for Art Lending Inc., a US-based lender which issues loans against artwork as collateral (led by Angharad Start, 3VB). The dispute centres around the question of ownership of a Francis Bacon painting valued at USD6.5m
• Brendon International Limited v Water Plus Ltd, United Utilities Limited [2022] EWHC 3321 (Ch), [2024] EWCA Civ 220 successfully acted as sole counsel for the claimant in its claim for the repayment of sewerage charges on the basis of unjust enrichment, breach of contract and statutory duty. Victor was also sole counsel in the appeal, which was heard by the Court of Appeal in November 2023
• Acting for the respondent and cross-petitioner in unfair prejudice claims in the BVI
• Advising several aircraft lessors in potential insurance claims concerning aircraft operated by lessees based in Russia
• Acting on behalf of a lessor in a claim for monies due under several aircraft leases following the collapse of an Asian-based lessee (led by Philip Hinks, 3VB)
• Acted on behalf of a UK real estate investment company in its claim against a Luxembourg law joint venture company and partner arising out of the purchase and financing of a multi-million pound property development
• Advising a well-known fashion house on a possible claim against its IT service and security provider following a cyber-attack
• Whitehall Capital Ltd v Land South East Ltd [2022] EWHC 190 (Ch), successfully acted as sole counsel for an offshore lender in a dispute concerning the financing of a major property development
• Gordian Holdings Ltd v Sofroniou [2021] EWHC 235 (Comm), acted for the defendant in multiple applications (including a strike out application, an application to adduce new evidence, and an application to vary an order staying the enforcement proceedings) relating to the enforcement of a Cypriot judgment and a share transfer alleged to constitute a transaction defrauding creditors
• Advised a minority shareholder on the distribution of profits under a shareholders’ agreement relating to a Luxembourg joint venture company in respect of a multi-million pound property development
• Acted on behalf of German companies in their dispute with a Guernsey entity arising out of the acquisition of an aircraft, which also involved jurisdictional challenges and issues of foreign law
• Acted as sole counsel for an international telecommunications company in High Court proceedings arising out of an agreement for the provision of satellite capacity services

• Advising as sole counsel an East African logistics and transport company in its LCIA arbitration claim against a consortium of international banks in respect of a syndicated loan agreement
• Qatar Investment & Projects Development Holding CP W.L.L. v Elanus Holdings Limited [2025] EWHC 303 (Comm), Victor acted for the successful defendant in a dispute concerning the Idol’s Eye, a 70.21-carat diamond considered to be the world’s largest cut blue diamond (led by Angharad Start, 3VB). The dispute arose from a loan agreement which granted the claimant a pre-emption right to purchase the diamond in specific circumstances
• Advised a continental European investment management firm on the regulatory requirements that apply in respect of a prospective transfer by a Luxembourg law fund of shares in a UK entity
• Acted on behalf of a UK real estate investment company in its claim against a Luxembourg law joint venture company and partner arising out of the purchase and financing of a multi-million pound property development
• Acting on behalf of a beauty products developer and retailer in its dispute with its former financial adviser concerning success fees following an equity and debt investment (led by Jane Davies Evans, 3VB)
• Advised on the potential liability of a major private wealth financial institution in relation to investments made on behalf of a customer during the Covid-19 pandemic, including possible claims for breach of contract, negligence, and breach of the Conduct of Business Sourcebook Rules
• Gordian Holdings Ltd v Sofroniou [2021] EWHC 235 (Comm), acted as sole counsel for the defendant in multiple applications relating to the enforcement of a Cypriot judgment and a share transfer alleged to constitute a transaction defrauding creditors
• Acted successfully for the defendant in a trial concerning a major high street bank’s contractual and tortious duties towards its customer in respect of his investment portfolio following an internal restructuring at the bank
• Advised on one of the UK’s major high street bank’s duties, including under COBS and Quincecare, towards customers in relation to a sophisticated bank fraud and voice phishing (vishing) scam
• Acting in various County Court retail banking and consumer credit disputes, including PPI mis-selling claims and secret commission claims

• Acting for a commodities trading company in a $1bn dispute against a Chinese state-owned enterprise in a HKIAC arbitration, which also involves proceedings in Hong Kong, the BVI and the Republic of Congo, in respect of a mining joint venture in the Republic of Congo
• Advising as sole counsel an East African logistics and transport company in its LCIA arbitration claim against a consortium of international banks in respect of a syndicated facility agreement
• Advising as sole counsel a leading civil and engineering company on a call on a performance bond in respect of an international energy infrastructure project
• Acted successfully for the claimant in an ICC arbitration relating to a solar photovoltaic plant of over 400ha in Chile (led by Jane Davies Evans, 3VB)
• Acting as tribunal secretary in an ICSID arbitration
• Acted in a DIFC-LCIA arbitration relating to the construction of a shopping mall in the Middle East (led by Jane Davies Evans, 3VB)
• Viaduct d.o.o. Portorož, Vladimir Zevnik and Boris Goljevšček v. Bosnia and Herzegovina (ICSID Case No. ARB/16/36), acting for the claimant in this ICSID investment treaty arbitration concerning the construction of hydroelectric power plants (led by Christopher Harris QC, 3VB)
• Alexander Nelin v. Republic of Cyprus (ICSID Case No. ARB/18/41), acted for the claimant in this ICSID investment treaty arbitration relating to the loss of deposits following Cyprus’ intervention in a bank (led by Christopher Harris QC, 3VB)
• Acted as junior counsel in an ICC arbitration relating to a wind farm in Jordan (led by Jane Davies Evans, 3VB). Victor cross-examined the respondent’s quantum expert

• Acting on behalf of a cryptocurrency wallet provider in enforcement proceedings following its successful deceit claim against its former chief compliance officer
• Acting for an offshore fund in a conspiracy claim against an investment bank involving the alleged manipulation of the share exchange ratio in the context of a merger between two international steel companies
• Ashti Fine Art Limited v Art Lending Inc & anr, Victor acts for Art Lending Inc., a US-based lender which issues loans against artwork as collateral (led by Angharad Start, 3VB). The dispute centres around the question of ownership of a Francis Bacon painting valued at USD6.5m.
• Manning & Napier v Tesco plc, acted for the claimants in a claim against Tesco arising from Tesco’s profit overstatements between 2010 and 2014 (led by Peter de Verneuil Smith QC, 3VB)
• Acted for a digital marketing and advertising agency in relation to allegations of fraud against its former accountant and his trustee in bankruptcy

Victor acts for administrators, petitioners and respondents in insolvency proceedings, including bankruptcy and winding up petitions, including in seeking injunctive relief to restrain the presentation of petitions.

Current and recent instructions include:

• Acting for the respondent and cross-petitioner in unfair prejudice claims in the BVI
• Advised one of the largest privately owned contractor companies in the UK on an application for injunctive relief in a dispute involving several construction developments
• Acted for the successful claimants in a Part 8 claim seeking an order under s.125 of the Companies Act 2006 to rectify the register of members by reinstating the claimants’ shareholdings in a bio-tech company

• Acting for a cryptocurrency wallet provider in enforcement proceedings following its successful deceit claim against its former chief compliance officer
• Advising a well-known fashion house on a possible claim against its IT service and security provider following a cyber-attack
• Acted as sole counsel for an international telecommunications company in three sets of High Court proceedings in respect of agreements for the provision of satellite capacity services