VTB Capital PLC v. Nutritek International Corp. and Others

[2013] UKSC 5

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VTB Capital PLC v. Nutritek International Corp. and Others

United Kingdom Supreme Court (2013)
[2013] UKSC 5

Facts

VTB Capital PLC (VTB) (plaintiff) was a bank incorporated and registered in England and primarily owned by a Russian bank. Nutritek International Corp. (Nutritek) (defendant) and Marshall Capital Holdings Ltd. (Marshall) were corporations organized in the British Virgin Islands and allegedly controlled by a Russian citizen, Konstantin Malofeev (defendant). VTB arranged a facility agreement under which VTB transferred $225 million to Russagroprom LLC to acquire various dairies from Nutritek in Russia. Russagroprom soon defaulted. VTB sued, claiming VTB entered into the facility agreement based on misrepresentations made by Nutritek. VTB also sought to hold Marshall and Malofeev jointly liable with Nutritek. VTB then sought to amend its pleadings to assert the piercing of Nutritek’s corporate veil and concomitant liability of Malofeev for Nutritek’s acts as if Malofeev had been a co-contracting party. No evidence was adduced before the trial court that any party expected Malofeev would be a co-contracting party. The trial court held that English law allowed for piercing the corporate veil but that the circumstances did not justify piercing in the case presented. VTB appealed, but the appellate court affirmed. VTB then appealed to the United Kingdom Supreme Court.

Rule of Law

Issue

Holding and Reasoning (Neuberger, J.)

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