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TRUSTS: VLADIMIR IOSIFOVICH SLUTSKER v (1) HARON INVESTMENTS LTD (2) SUMMIT TRUSTEES (CAYMAN) LTD

The beneficial ownership of a property purchased by a Russian national in the name of a company and held on trust for a number of beneficiaries had to be determined in accordance with English rather than Russian law since the mechanism of trusts, and beneficial ownership of property other than by the party whose name it was registered under, was unknown in Russian law. Under English law, the claimant did not have a 50 per cent interest in the property as he claimed, since there was no common intention to that effect.

21 September 2012

TRUSTS
[2012] EWHC 2539 (Ch)

Ch D - Underhill J

17 September 2012

The claimant (S) sought a declaration that the defendants (H and X) held 50 per cent of the beneficial interest in a property on trust for him.

S and his former wife (W) were Russian. They had married in Moscow in 1990 and had two children. In 2000, W had entered into a contract in her own name to buy a property in London. H was incorporated by W’s solicitors and the property was registered in H’s name. W executed a deed establishing a discretionary trust in her son’s name, and a Cayman Islands company (C) was the trustee. The beneficiaries were S and W, their children and their parents. The trust was intended as the vehicle to hold the interest in the property, and H’s shares were transferred to C. H and C executed a deed by which H declared that i...

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