2018 UK Case Law Example of Lifting the Corporate Veil

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A name often being mentioned within the offshore sphere over the past few years is Alexander Vik, a Monaco-domiciled ultra-high-net-worth Individual (or HNWI) who has just been requested by court to pay more than USD $300 million for a judgment debt acquired by Deutsche Bank in 2013 payable by SHI, Mr Vik’s company that he has a 100% shareholding in.

The UK Court of Appeal dismissed Mr Vik’s contest to the judgment, agreeing that the previous ruling whereby the appellant had removed all assets from SHI in order to avoid the debt, which had arisen through some high-risk dealings in securities. (Vik v Deutsche Bank AG, 2018 EWCA).