The defendant company appealed against a finding that it was liable to the claimant for payments due under derivative contracts. They argued that transactions were ultra vires since the company was a commercil entity created by statute.
Held: Absent indications to the contrary in an establishing statute, such a commercia body which engaged in substantial international and domestic trade had the capacity to undertake the whole range of transactions which a similar commercial organisation in that field might ordinarily undertake, including entering into hedging or speculative transactions.
Judges:
Rix, Moore-Bick, Rimer LJJ
Citations:
[2012] EWCA Civ 1049, [2012] WLR(D) 232
Links:
Jurisdiction:
England and Wales
Citing:
Appeal from – Standard Chartered Bank v Ceylon Petroleum Corporation ComC 11-Jul-2011
The parties had entered into financial arrangements intended to protect the defendant against fluctuations in the price of oil. The bank now claimed very substantial sums said to be due under the contracts. . .
See Also – Standard Chartered Bank v Ceylon Petroleum Corporation ComC 1-Aug-2011
The court considered orders to be made as to post judgment interest after the main judgment in favour of the claimant. . .
Lists of cited by and citing cases may be incomplete.
Company
Updated: 04 November 2022; Ref: scu.463276
