A new High Court judgement has paved the way for alternative asset management group FM Capital Partners (FMCP) to recover all the assets and property misappropriated by its former CEO.
This follows an earlier judgment from July 2018, in which the Court ruled against Frederic Marino, FMCP’s former CEO, and former Julius Baer banker, Yoshiki Ohmura, in respect of multiple acts of fraud and corruption.
The High Court judgment found that FMCP will be able to recover all the assets and property wrongly taken by Marino up to an approximate value of USD20-25 million, in addition to the return of relevant shares. Against Ohmura, FMCP’s damages claim is confirmed at approximately USD15 million.
Roger Turner, CEO of FMCP, says: “We welcome today’s judgment as a moment to draw a line under what has been a lengthy battle to bring these individuals to justice.”
Crispin Rapinet, Head of Hogan Lovells’ global Investigations, White Collar and Fraud practice, says: “This supplemental judgment highlights once again the English courts’ robust approach in cases of proven dishonesty and fraud by ordering disgorgement of all assets acquired with monies improperly taken from the company.”