Fountain Court’s Nick Daly has published an article in the Journal of International Banking and Financial Law analysing some of the issues in relation to ostensible authority (including when a bank is put on inquiry as to an agent’s lack of authority) that arose in the “tuna bonds” litigation between the Republic of Mozambique and various banks and others (Republic of Mozambique v Credit Suisse International & Ors [2024] EWHC 1957 (Comm)), which can be found here. Nick examines the key points that arose on ostensible authority in that case (but which ultimately did not need to be decided), explains how they might be determined in future cases, and considers what practical lessons can be learned by banks about how to address financial crime risk when dealing in high risk jurisdictions.
Nick acted for VTB Capital plc (in administration) in Mozambique.
