Alfie Harper
Team Leader
+44 (0)20 7842 3806
Click here to email
Call 2012
"Judges and tribunals will consider her to be a leading light of her generation because of the clarity she brings to a case and the total absence of show or flannel.”
Legal 500
Alfie Harper
Team Leader
+44 (0)20 7842 3806
Click here to email
Sam McCrone
Team Leader's Assistant
+44 (0)20 7842 3714
Click here to email
Leonora Sagan represents corporations, executives and high-net-worth individuals in complex commercial, criminal, and regulatory disputes and investigations.
She is recognised by the legal directories as a leading junior in Business and Regulatory Crime, Civil Fraud, Commercial Litigation, and Financial Services, and has extensive experience in dealing with fraud, bribery, corruption, and other financial misconduct in both civil and criminal contexts. Her cases often concern asset misappropriation, tracing and forfeiture; company frauds; contentious trust matters; banking and financial services; private prosecutions; and allegations of professional misconduct, especially in the legal profession or at board and executive levels. The nature of Leonora’s practice means that she routinely advises on the law at the interstices of the civil, criminal, and regulatory spheres, including in cases with a sanctions angle, such as Celestial Aviation v UniCredit, listed by The Lawyer as one of its “Top 10 Appeals of 2024”.
Leonora is currently acting for the Man Group in Public Institution for Social Security of Kuwait v Man Group (listed by The Lawyer as one of its “Top 20 Cases of 2020”) in which several financial institutions are pursued in connection with allegations of large-scale bribery. She is also representing four off-shore investment funds seeking to recover assets misappropriated by their asset managers and damages for conspiracy. Other recent cases include defending the former CFO of Globo Plc against allegations of misleading the market, and securing the acquittal of the former CEO of Redcentric in the first ever criminal prosecution for the same offence, brought by the FCA (under s.89 Financial Services Act 2012).
Leonora regularly acts for clients facing FCA investigations and proceedings, and is also on the SFO’s panel of external counsel. In court, she often appears as sole counsel and has a particular interest in interlocutory and appellate work.
Before joining Fountain Court Leonora practiced at Kobre & Kim LLP in New York and London.
GLAS SAS (London Branch) v European Topsoho Sarl [2024] EWHC 83 (Comm)
Acting as sole counsel for the trustee in bankruptcy in a high-profile fraud claim concerning the alleged unlawful disposition of shares in the luxury fashion conglomerate LVMH.
Celestial Aviation v UniCredit Bank AG [2023] EWHC 663 (Comm)
Acting (together with Akhil Shah KC) for the successful Claimants in a letter of credit dispute in which the confirming bank sought to excuse non-payment on the basis of UK, EU, and US Sanctions. The case resulted in a significant judgment on the interpretation of the Russia (Sanctions) (EU Exit) Regulations 2019. A judgment from the Court of Appeal is awaited.
FCA v (1) Papadimitrakopoulos (2) Gryparis [2023] 2 WLR 421; [2022] EWHC 2792 (Ch)
Acting (together with Andrew Hunter KC) for the second defendant in an important case addressing the use of material gathered by the FCA in a criminal investigation under the Crime (International Cooperation) Act 2003 for the purposes of civil proceedings. The case illustrates the interplay between criminal, civil, and regulatory law and procedure.
Hulley Enterprises v White & Case LLP [2023] EWHC 1436 (Comm)
Successfully resisting an application for Norwich Pharmacal relief from the legal representative of the Russian Federation in the Yukos arbitration proceedings in the Netherlands (led by Tim Dutton KC and Richard Coleman KC).
1 MDB
Advising the key individual in multi-jurisdictional proceedings arising from worldwide litigation into what the US Department of Justice alleges to be the largest fraud it has ever investigated with issues spanning the full gamut of civil and criminal action around the world and collaborating with lawyers in several different regions and legal systems.
R (On the application of Oleg Deripaska) v (1) DPP (2) Vladimir Chernukhin (3) The Crown Court at Southwark [2020] EWHC 2918 (Admin)
Advising Vladimir Chernukhin on both civil and criminal aspects of the continuing litigation with Oleg Deripaska. Leonora also represented Mr Chernukhin (together with Richard Lissack KC) in the private prosecution brought against him for allegedly perverting the course of justice and in the subsequent judicial review proceedings by which Mr Deripaska sought to challenge the DPP’s decision to discontinue the private prosecution.
Advising Vladimir Chernukhin on both civil and criminal aspects of the continuing litigation with Oleg Deripaska. Leonora also represented Mr Chernukhin (together with Richard Lissack KC) in the private prosecution brought against him for allegedly perverting the course of justice and in the subsequent judicial review proceedings by which Mr Deripaska sought to challenge the DPP’s decision to discontinue the private prosecution.
GLAS SAS (London Branch) v European Topsoho Sarl [2024] EWHC 83 (Comm) (ongoing)
Acting for the trustee in bankruptcy in a high-profile matter concerning the alleged unlawful disposition of shares in the luxury fashion conglomerate LVMH.
Celestial Aviation v UniCredit Bank AG [2023] EWHC 663 (Comm)
Acting for the successful Claimants in a letter of credit dispute in which the confirming bank sought to excuse non-payment on the basis of UK, EU, and US Sanctions. The case resulted in a significant judgment on the interpretation of the Russia (Sanctions) (EU Exit) Regulations 2019.
Public Institution for Social Security of Kuwait v Man Group (ongoing)
Concerning allegations of large-scale bribery against more than thirty individuals and financial institutions.
Stifel Nicolaus Europe Limited v Continental Capital LLC
Representing Continental Capital in a claim concerning the sale of Russian bonds giving rise to sanctions issues.
Advising a US-based investment firm on English-law causes of action arising out of a Bank’s “last look” practices in foreign exchange trading.
Acting for RBS/NatWest as part of a s.166 skilled person team in the FCA-approved review of sales of Interest Rate Hedging Products.
Hulley Enterprises v White & Case LLP [2023] EWHC 1436 (Comm)
Successfully resisting an application for Norwich Pharmacal relief against the legal representative of the Russian Federation in the Yukos arbitration proceedings in the Netherlands (led by Timothy Dutton KC and Richard Coleman KC).
GLAS SAS (London Branch) v European Topsoho Sarl [2024] EWHC 83 (Comm) (ongoing)
Acting for the trustee in bankruptcy in a high-profile matter concerning the alleged unlawful disposition of shares in the luxury fashion conglomerate LVMH.
Public Institution for Social Security of Kuwait v Man Group (ongoing)
One of the largest civil fraud cases ever to be heard in the English Commercial Court, concerning allegations of large-scale bribery against more than thirty individuals and financial institutions.
Acting (together with Jeff Chapman KC) on behalf of four offshore investment funds in recovering assets misappropriated by their investment advisers.
Advising a commodities trading company in connection with an FCA investigation into alleged ESG and corporate governance failings (ongoing).
Advising (with Bankim Thanki KC) a former head of state in relation to legal professional privilege as a defence to a disclosure application in connection with long standing corruption and embezzlement allegations.
1 MDB
Advising the key individual in multi-jurisdictional proceedings arising from worldwide litigation into what the US Department of Justice alleges to be the largest fraud it has ever investigated, with issues spanning the full gamut of civil and criminal action around the world and collaborating with lawyers in several different regions and legal systems.
T1 Visa Scheme Fraud
Representing HNWIs in a dispute over possible fraud in respect of their UK Tier 1 Visa applications.
FCA v (1) Kostis Papadimitrakopoulos (2) Dimitris Gryparis [2023] 2 WLR 421; [2022] EWHC 2792 (Ch)
Acting (together with Andrew Hunter KC) for the former CFO of Globo Plc in a civil claim for restitution to investors for misleading statements to the market brought by the FCA.
Tonstate v Wojakovski [2021] EWHC 1122 (Ch)
Representing the successful respondent solicitors against allegations of contempt of court and breaching a Worldwide Freezing Order in failing to disclose the source of third-party funds received on behalf of a client who was subject to the WFO. In Tonstate v Wojakovski [2021] EWHC 1995 (Ch) Leonora succeeded in recovering 100% costs on the indemnity basis on behalf of her client.
Advising a top tier law firm (together with Timothy Dutton KC) on its professional duties and potential liabilities on discovering that its client had advanced a knowingly false case of fraud before the Commercial Court.
Representing a Russian entrepreneur and banker subject to criminal and civil proceedings and mutual legal assistance treaty requests launched by the Deposit Insurance Agency of Russia in multiple jurisdictions (Russia, Austria, Liechtenstein, Cyprus, New York) for fraud, embezzlement, and money laundering.
Representing a Brazilian family subject to seizure of their UK-based assets in connection with “Operation Car Wash” and establishing a trust asset repatriation mechanism involving the UK, Jersey and Switzerland to satisfy fines levelled for alleged corruption under a deferred prosecution agreement.
Representing individuals subject to DOJ and SFO investigations following allegations of bribery in defending against asset forfeiture actions and civil recovery regimes under the Proceeds of Crime Act 2002. The case also involved contentious trust issues that prompted several applications before the courts of the relevant offshore jurisdiction.
Representing the audit committee of a NYSE-listed company in pursuing a former director who had embezzled $300 million. The case involved the offensive use of insolvency strategies; liaising with the US government to advocate for a government-driven asset forfeiture scheme; and drawing up a global asset recovery strategy that anticipated the use of world-wide freezing orders and money laundering investigations in multiple jurisdictions.
Representing a HNWI in disputes with a former sovereign over allegations of improper receipt of commissions in state contracts. The case also focused on criminal investigations initiated in two jurisdictions over illicit financial transactions potentially involving money laundering.
FCA v Timothy Coleman & Fraser Fisher
Representing the former CEO of Redcentric in a fourteen-week trial at Southwark Crown Court against charges of making misleading statements to the market pursuant to s.89 Financial Services Act 2012. Leonora (working with Richard Lissack KC) secured a unanimous acquittal for Mr Fisher on all counts.
Advising a board of directors on the propriety of bringing a private prosecution against former directors for falsely representing the value of the corporation prior to its acquisition.
Representing a partnership in a dispute with a former partner being investigated by the FCA. Among others, the case concerned allegations that the partnership lacked appropriate governance and procedures to effectively manage breaches of the FCA’s Principles. The case also raised interesting questions over the law of privilege in the partnership context.
Advising ultra-high net worth individuals on the propriety of bringing a private prosecution against a relative for procuring false evidence abroad in respect of a dispute concerning the family business.
Advising African and Chinese parties on the applicability of the UK Sanctions regime to overseas transactions involving sanctioned entities.
FCA v (1) Papadimitrakopoulos (2) Gryparis [2023] 2 WLR 421; [2022] EWHC 2792 (Ch)
Acting for the second defendant in an application which resulted in a significant judgment addressing the use of material gathered by the FCA in a criminal investigation under the Crime (International Cooperation) Act 2003 for the purposes of civil proceedings.
Advising the CEO of an investment firm in connection with allegations of fraud and forgery.
Advising (with Bankim Thanki KC) a former head of state in relation to legal professional privilege as a defence to a disclosure application in connection with long standing corruption and embezzlement allegations.
1 MDB
Advising the key individual in multi-jurisdictional proceedings arising from worldwide litigation into what the US Department of Justice alleges to be the largest fraud it has ever investigated, with issues spanning the full gamut of civil and criminal action around the world and collaborating with lawyers in several different regions and legal systems.
T1 Visa Scheme Fraud
Representing HNWIs in a dispute over possible fraud in respect of their UK Tier 1 Visa applications.
FCA Investigation
Advising an UHNWI and major shareholder in respect of a possible FCA investigation into the circumstances surrounding the collapse of a public listed company.
R (On the application of Oleg Deripaska) v (1) DPP (2) Vladimir Chernukhin (3) The Crown Court at Southwark [2020] EWHC 2918 (Admin)
Advising Vladimir Chernukhin on both civil and criminal aspects of the continuing litigation with Oleg Deripaska. Leonora also represented Mr Chernukhin (together with Richard Lissack KC) in the private prosecution brought against him for allegedly perverting the course of justice and in the subsequent judicial review proceedings by which Mr Deripaska sought to challenge the DPP’s decision to discontinue the private prosecution.
Representing a private equity fund in an FCA investigation into cultural failings and potential misstatements to the market (ongoing).
Representing a top tier law firm in connection with allegations of malicious prosecution and fraudulent conduct under s. 2 Fraud Act 2006.
Representing a leading accountancy firm in connection with allegations of bribery and professional misconduct arising from an internal investigation.
Advising a global commodity trading firm in connection with freezing orders issued pursuant to the Proceeds of Crime Act 2002.
Advising a multinational corporation in connection with an FCA investigation into a subsidiary and the scope of its obligations pursuant to information requests issued under sections 171 and 172 of FSMA 2000.
Advising a HNWI on the consequences of a failure to provide information and documents to the SFO pursuant to a notice under section 2(3) Criminal Justice Act 1987.
Advising the Board of Directors of a listed company in connection with possible criminal and regulatory exposure following an act of default under financial instruments.
Representing a Russian entrepreneur and banker subject to criminal and civil proceedings and mutual legal assistance treaty requests launched by the Deposit Insurance Agency of Russia in multiple jurisdictions (Russia, Austria, Liechtenstein, Cyprus, New York) for fraud, embezzlement, and money laundering.
Representing individuals subject to DOJ and SFO investigations following allegations of bribery in defending against asset forfeiture actions and civil recovery regimes under the Proceeds of Crime Act 2002. The case also involved contentious trust issues that prompted several applications before the courts of the relevant offshore jurisdiction.
Representing the audit committee of a NYSE-listed company in pursuing a former director who had embezzled $300 million. The case involved the offensive use of insolvency strategies; liaising with the US government to advocate for a government-driven asset forfeiture scheme; and drawing up a global asset recovery strategy that anticipated the use of world-wide freezing orders and money laundering investigations in multiple jurisdictions.
Representing a HNWI in disputes with a former sovereign over allegations of improper receipt of commissions in state contracts. The case also focused on criminal investigations initiated in two jurisdictions over illicit financial transactions potentially involving money laundering.
Leonora has a broad range of experience in commercial litigation and arbitration (including in trials, appeals, and interlocutory applications) at all levels.
Celestial Aviation v UniCredit Bank AG [2023] EWHC 663 (Comm)
Acting for the successful Claimants in a letter of credit dispute in which the confirming bank sought to excuse non-payment on the basis of UK, EU, and US Sanctions. The case resulted in a significant judgment on the interpretation of the Russia (Sanctions) (EU Exit) Regulations 2019.
Hulley Enterprises v White & Case LLP [2023] EWHC 1436 (Comm)
Successfully resisting an application for Norwich Pharmacal relief against the legal representative of the Russian Federation in the Yukos arbitration proceedings in the Netherlands (led by Timothy Dutton KC and Richard Coleman KC).
FCA v (1) Papadimitrakopoulos (2) Gryparis [2023] 2 WLR 421; [2022] EWHC 2792 (Ch)
Acting for the second defendant in an application which resulted in a significant judgment addressing the use of material gathered by the FCA in a criminal investigation under the Crime (International Cooperation) Act 2003 for the purposes of civil proceedings.
Acting (together with Jeffrey Chapman KC) on behalf of four offshore investment funds in recovering assets misappropriated by their investment advisers.
NMC Health v Dubai Islamic Bank
Appearing in the ADGM Court (with Richard Lissack KC) on an interlocutory application for an anti-suit injunction.
Axis Corporate Capital UK II Ltd v ABSA Group [2022] EWHC 1870
Acting (with Ben Lynch KC) in re-insurance dispute on behalf of a South African bank.
Axis Corporate Capital v ABSA Group Limited [2021] EWHC 861 (Comm)
Defending (with Ben Lynch KC) against an anti-suit injunction issued to restrain South African proceedings.
Representing a private equity firm in an action for injunctive and declaratory relief against a former employee for misappropriation and wrongful retention of confidential documents (with Adam Tolley KC).
National Iranian Oil Company v Crescent Petroleum Company [2016] EWHC 510 (Comm)
Acting for NIOC in an application to set aside an arbitral award arising out of a gas supply agreement governed by Iranian law on grounds of fraud, corruption and bribery.
Sabbagh v Khoury [2014] EWHC 3233 (Comm)
Representing a number of defendants in their challenge to the jurisdiction of the English court. The underlying claim alleged that they had conspired to deprive the claimant of over USD500m of assets.
Triple Point Technology Inc v PTT Public Co Ltd [2017] EWHC 2178 (TCC)
Acting on a claim for payments under a software development contract where key questions arose as to entitlement to liquidated damages and the construction of a damages cap.
Acting for the BBC in defending against an interim injunction arising from a contract for the construction of a film set.
Christo v Marathon Advisory Service [2015] EWHC 1971 (QB)
Acting as sole counsel in a High Court trial to resolve a dispute as to whether an estate agent was entitled to commission on the sale of a commercial property.
Leonora has represented and advised clients in both shipping and commodities matters, including in respect of general voyage and time charterparty and bill o lading disputes; vessel arrest cases; LMAA arbitrations; cargo and guarantee claims; and disputes over jurisdiction.
Bunge v Nidera [2015] UKSC 43
Acting for the respondent in an appeal to the Supreme Court in connection with a dispute under the prohibition and default clauses of a GAFTA contract. The case involved complex questions as to whether the decision of the House of Lords in The Golden Victory [2007] UKHL 12 applied to a case of anticipatory breach.
Advising on issues arising from the OW Bunkers collapse.
Glencore International AG v PT Tera Logistic Indonesia [2016] EWHC 82 (Comm)
Acting for the successful appellant under s.69 Arbitration Act 1996 against a Tribunal’s finding that counterclaims were time-barred for the purposes of s.14(4) Arbitration Act 1996.
Lakatamia Shipping v Su [2014] EWHC 3611 (Comm); Su v Lakatamia Shipping [2015] EWCA Civ 511
Acting for the defendant in a dispute over freight forwarding agreements.
Advising on the prospects of obtaining or setting aside anti-suit injunctions in the context of charterparty disputes with underlying arbitration clauses.
Acting for a private equity firm in an FCA investigation regarding possible fraud to the market as well as serious internal cultural failings which may have led to serial breaches of the Principles.
Acting in a Commodities and Futures Trading Commission far-reaching probe into the activities of an oil and metals trading house.
FCA v (1) Estelle Croft (2) Tim Coleman (3) Fraser Fisher (Redcentric LLC)
Acting for Fraser Fisher, the former CEO of Redcentric Plc, in the prosecution by the FCA for false and misleading statements to the market. Mr Fisher was unanimously acquitted by a jury at Southwark Crown Court following a fourteen-week trial.
FCA v (1) Kostis Papadimitrakopoulos (2) Dimitris Gryparis [2023] 2 WLR 421; [2022] EWHC 2792 (Ch)
Acting (together with Andrew Hunter KC) for the former CFO of Globo Plc in a civil claim for restitution to investors for misleading statements to the market brought by the FCA.
Stifel Nicolaus Europe Limited v Continental Capital LLC
Representing Continental Capital in a claim concerning the sale of Russian bonds which gives rise to sanctions issues (ongoing).
Aircastle v Unicredit
Representing Aircastle subsidiaries (together with Akhil Shah KC) in a High Court claim for payment under certain Letters of Credit (ongoing).
T1 Visa Scheme Fraud
Representing HNWIs in a dispute over possible fraud in respect of their UK Tier 1 Visa applications.
Representing Natwest Bank in an insurance dispute arising in connection with the Bernard Madoff Ponzi Scheme fraud (ongoing – with Stephen Moriarty KC).
Axis Corporate Capital v ABSA Group Limited [2021] EWHC 861 (Comm)
Acting (with Ben Lynch KC) in both the anti-suit injunction proceedings and in the underlying insurance dispute in the Commercial Court.
Leonora has extensive experience of arbitral proceedings as well as appeals to the High Court in connection with the same under sections 67, 68 and 69 of the Arbitration Act 1996. She has acted in arbitrations under LCIA, LMAA, SIAC, GAFTA, FOSFA, Sugar Association and IBA rules.
A v C [2020] EWCA Civ 409
Representing the successful appellants in which the Court of Appeal held that a non-party witness to an arbitration could be compelled to give evidence by deposition under s.44(2)(a) Arbitration Act 1996 in support of a foreign-seated arbitration.
Representing a US real estate advisory firm in an LCIA arbitration to recover damages for breach of contract by a global telecoms company.
Glencore International AG v PT Tera Logistic Indonesia [2016] EWHC 82 (Comm)
Acting for the successful appellant under s.69 Arbitration Act 1996 against a Tribunal’s finding that counterclaims were time-barred for the purposes of s.14(4) Arbitration Act 1996.
National Iranian Oil Company v Crescent Petroleum Company [2016] EWHC 510 (Comm)
Acting for NIOC in 67 and s.68 Arbitration Act 1996 challenges raising issues of illegality and public policy in respect of a contract said to have been procured by bribery.
X v Y, Z [2015] EWHC 395 (Comm)
Acting for the respondent in an application for preliminary issues in a challenge to an arbitration award under sections 67 and 68 Arbitration Act 1996.
Leonora regularly advises on privilege, confidentiality and the collateral use of information and documents at the interstices of civil, criminal and regulatory law (arising from litigation, investigations, and private prosecutions). She is currently representing a defendant in a dispute in the Chancery Division over whether documents procured through Mutual Legal Assistance can be used to found civil proceedings.
FCA v (1) Papadimitrakopoulos (2) Gryparis [2023] 2 WLR 421; [2022] EWHC 2792 (Ch)
Acting for the second defendant in an application which resulted in a significant judgment addressing the use of material gathered by the FCA in a criminal investigation under the Crime (International Cooperation) Act 2003 for the purposes of civil proceedings.
FCA v Papadimitrakopoulos [2022] EWHC 2061 (Ch)
Acting for a related party to an application for disclosure by the FCA of documents said to have been mentioned and therefore falling within CPR PD 51U para 21.1.
Advising (with Bankim Thanki KC) a former head of state in relation to legal professional privilege as a defence to a disclosure application in connection with long standing corruption and embezzlement allegations.
Advising on the strength of an application to withhold documents from disclosure on the basis of the exceptions in Lyell v Kennedy (No 3) (1884) 27 ChD 1 (CA) and The Palermo (1883) 9 PD 6 (CA).
Celestial Aviation v UniCredit Bank AG [2023] EWHC 663 (Comm)
Acting for the successful Claimants in a letter of credit dispute in which the confirming bank sought to excuse non-payment on the basis of UK, EU, and US Sanctions. The case resulted in a significant judgment on the interpretation of the Russia (Sanctions) (EU Exit) Regulations 2019. A judgment from the Court of Appeal is awaited.
Celestial Aviation v UniCredit Bank AG [2023] EWHC 1071 (Comm)
Acting for the successful Claimants in recovering costs and interest arising from the primary dispute. The Court considered the effect of s.44 Sanctions and Anti-Money Laundering Act 2018 and held that the Defendant did not have a reasonable belief that withholding payment under letters of credit was an act done in compliance with the sanctions regime.
Stifel Nicolaus Europe Limited v Continental Capital LLC
Representing Continental Capital in a claim concerning the sale of Russian bonds which gave rise to sanctions issues.
Advising a clearing service provider on matters arising from its custody of Russian-issued bonds and on specific questions on the construction of Regulations 11 and 16.
Advising reinsurers in respect of trade sanctions issues connected to the aviation sector and in particular Regulation 29A in circumstances where the aircraft remain in use in Russia.
Alfie Harper
Team Leader
+44 (0)20 7842 3806
Click here to email
Sam McCrone
Team Leader's Assistant
+44 (0)20 7842 3714
Click here to email