Rory Phillips KC and Emmanuel Sheppard successful in defending first judicial review under the National Security and Investment Act 2021

Rory Phillips KC and Emmanuel Sheppard have successfully defended the first judicial review of the government’s powers under the National Security and Investment Act 2021. Investment firm LetterOne, founded and ultimately owned by Russian oligarchs, was ordered to divest its shareholding in telecoms start-up, Upp, on national security grounds. Farbey J dismissed the challenge that this decision was disproportionate and contrary to LetterOne’s right to property under A1P1. Farbey J also rejected the argument that the absence of compensation breached A1P1. Challenges based on procedural unfairness and irrelevant considerations were also dismissed.

The judgment is notable for its consideration of the statutory regime under the NSIA 2021, as well as of the operation of A1P1 in the commercial context.

The full counsel team for the Government Defendant was: Rory Phillips KC of 3VB, Georgina Wolfe of 5 Essex Chambers, Emmanuel Sheppard of 3VB and Karl Laird of 6KBW College Hill.

Read the judgment in full here.