Rumen Cholakov successful in obtaining summary judgment in deceit claim against FX trader for Naira 7.9bn.

On 2 April 2024, Mr Stuart Isaacs KC (sitting as a Deputy Judge of the High Court, Chancery Division) handed down judgment in Giwa v JNFX & Ors [2024] EWHC 735 (Ch), in which he found that foreign exchange and payment services provider JNFX was liable in deceit for the actions of its agent Mr Ashay Mervyn, who disappeared after failing to deliver c. US$16 million and is wanted by authorities in Nigeria.

The Court ordered that JNFX pay back the sums that were advanced by Mr Giwa (c. Naira 7.9 bn) to Mr Mervyn and struck out JNFX’s defences to liability for Mr Mervyn’s actions and reliance on its terms of business.  Further claims for breach of contract on the US dollar sums will proceed to trial.

Rumen Cholakov was led by Matthew Bradley KC from 4 New Square, on the instruction of Jonathan Tickner, Vlad Meerovich, and Stefan Ansah at Peters & Peters Solicitors LLP.

Joseph Wigley, instructed by CYK Law, acted for JNFX.

Mr Mervyn and Frontier Nigeria Limited did not appear and were not represented.