CL-2018-000297, CL-2018-000404, CL-2018-000590, - [2025] EWHC 2364 (Comm)

I accept SKAT’s case that Mr Shah was at all times the directing will and mind of the Solo Model custodians. His knowledge was their knowledge; and I am quite sure he saw it that way too, i.e. if honest about it, he would have to say they knew what he knew.

Although I have not identified any way in which this might have affected the outcome, given my conclusions (see below) on the attribution of responsibility for any representations that were made, I would therefore have said that if the honest custodian representation was made, and if Mr Shah realised that it was made, then it was a misrepresentation, and Mr Shah knew that, because the Solo Model custodians, through Mr Shah and therefore to his knowledge, would then have been acting fraudulently, not honestly, if and to the extent that the core representations were made and Mr Shah understood as much.