Trouble in Hyde Park: Stevens v Hotel Portfolio II UK Ltd (In Liquidation) [2025] UKSC 28)
This case involved a deception at the heart of a high-value property transaction in Central London. Mr Ruhan (R) acquired the holding company of three hotels in and around Hyde Park, Hotel Portfolio II UK Ltd (HPII), and became a director of that company. HPII was significantly indebted to creditors at the time of acquisition, who wished to realise their investment. HPII authorised R to accept bids for or in excess of their £125m market value. He accepted a bid of £125m from a Portuguese company, Cambulo. HPII believed that the Respondent, Mr Stevens (S), was the ostensible beneficial owner of Cambulo. However, both Cambulo and S were acting as R’s nominees in relation to the acquisition. Cambulo developed the hotels into residential property and sold them to a third party for a significant profit. R received over £100m from these profits and dissipated the money for his own purposes. When HPII discovered R’s role in the acquisition, it successfully sued R and S: (a) R for breach of ...
