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

Fecha: 02-Oct-2025

Mr Klar also participated in Solo Model and Maple Point Model activity

223.

Mr Klar also participated in Solo Model and Maple Point Model activity:

(i)

Through his Cayman Island companies, Amalthea and Cork Oak, Mr Klar was a Solo Model stock lender in 2013 (Amalthea only) and a forward counterparty in 2014 (both companies).

(ii)

Through his companies Sherwood and Potala, also incorporated in the Cayman Islands, Mr Klar was a stock lender and forward counterparty for Maple Point Model trades.

(iii)

Amalthea, Cork Oak, Sherwood and Potala each earned and received 0.5% of the gross dividend amount involved in each Solo Model or Maple Point Model trade (respectively) in which it participated. Since tax refund claims generated by either Model were always for the full WHT amount applicable to the dividend at the WHT rate of 27%, a fee of 0.5% of the gross dividend equalled, in amount c.1.85% of the possible tax refund claim amount (0.5 / 0.27 = 1.85185185…).

224.

The day to day activity of Amalthea, Cork Oak, Sherwood and Potala was conducted by Mr Sethuraman rather than by Mr Klar in 2014 and 2015, although Mr Klar continued to be authorised to trade for them had he chosen to do so. Whether when he was approving their trades, or after he had employed Mr Sethuraman, Mr Klar was not told and did not know for sure that the trading in which his Cayman companies were participating utilised a share-less settlement model, let alone the precise detail; but he assumed that something of that kind was being operated, having been at Solo when the Solo Model was being developed and having been one of the originators there of the thought that such a settlement model might be a possibility, and another Cayman company of his having conducted Belgian Solo Model trading as equity buyer in 2012.