Jurisdiction challenges dismissed by BVI court in US$2 billion fraud claim

14/01/26

On 22 November 2025, Justice Mithani handed down judgment dismissing the jurisdiction challenges of four groups of Defendants to c.US$2bn fraud proceedings brought by the Claimant, PJSC National Bank “Trust” (“NBT”), before the BVI Commercial Court.   

The judgment follows a 5-day hearing in October 2025 in which the four separately represented groups of Defendants advanced their challenges on broadly four grounds concerning (i) the necessary or proper party gateway, and/or tort gateway, (ii) forum, (iii) discretion, and (iv) the duty of full and frank disclosure.  The Judge found in favour of NBT on all of these issues.  A number of further issues as to whether certain of these Defendants have been properly served and as to extensions of time for service of the Claim Form have been hived-off to be addressed at a separate hearing in future.

The judgment is likely to be of greatest interest to practitioners on the sub-issue within the necessary and proper party gateway of whether there is a real issue that it is “reasonable for the Court to try”.  This has to date been considered in a number of English and BVI decisions including that of the English Court of Appeal in Erste Group Bank [2015] 1 CLC 706 (EWCA), and that of Wallbank J in the BVI in BTA v. Sabyrbaev in December 2023 (itself presently on appeal).  Although decided on its own particular facts, the judgment considers the state of the authorities to date in some detail.

The judgment can be found here.