Case No. FD19F00071

74.In July 2011 U established the Foundation in Curacao. 75.This had been preceded by a Principal Party Agreement (PPA) made between H (described as the Principal) and U which declared that: “The Principal is the ultimate beneficial owner of the entities listed…” The agreement was effective from November 2010 and provided that U had entered into a management agreement with each listed company. The companies made subject to the PPA are set out, being 16 in number, mostly incorporated in the BVI and Cyprus. 76.The management agreement which was also made in July 2011 described H as the Principal and as the beneficial and/or legal owner of the Foundation. It provided for U to provide management and directorship services to the company in respect of the entities placed within the Foundation. The management agreement contained the provision that the Principal (H) undertook to notify U before parting in any way with his direct or indirect beneficial interest in the Foundation and that any new Principal had to declare in writing his agreement to the provisions. No amendment of the agreement was permitted unless in writing and signed by the parties to it. H accepts that he has never provided U with any document saying that he was parting with his interest and nor has ND entered into agreement with U. 77.In a further document entered into simultaneously, H authorised ND to give instructions to U “on my behalf until such time as I have communicated otherwise in writing”. It is clear and accepted that following the setting up of the Foundation H remained the ultimate beneficial owner of assets placed within it. 78.H told me that apart from 3 companies in Russia in which he had an interest, all his companies were put by him into the Foundation. 79.It was H’s understanding, agreed by ND, that in 2015 H transferred the beneficial interest in the entities within the trust to ND but this is not supported by the only document from that time that H can produce. On 31 July H wrote as “mandator” what he describes as a letter of wishes in which he: “Instructs and authorises U as holder of the founder rights and sole board member of the Foundation in case of