TC09659 - [2025] UKFTT 01211 (TC)

SF had given a relatively short witness statement which had been prepared with the guidance of his former advisers. The witness statement was deficient in a number of respects, particularly as to SKM’s trading model and accordingly we allowed Miss Sheldon the opportunity for lengthy examination in chief so as to get a full picture of the events. This was then followed by long cross examination. Our findings of fact in relation SF’s evidence are set out in our findings of fact below.

We found SF to be a generally credible and reliable witness and accepted his evidence as to matters of fact as set out in our findings of fact. He gave evidence over an extended court day which was obviously tiring. He remained fairly calm under Miss Brown’s cross examination. At times in cross examination we considered he was putting a favourable spin on his recollection to suit his case (for example the extent of KG’s involvement in the day to day management of SKM). There were also some inconsistencies between different parts of SF's evidence and between his evidence and the documents/the evidence of KG (e.g. the geographic extent of BTL’s scrap licence), but these differences were insignificant in context and seemed to us likely to be caused by the passage of time since the relevant events. In places SF was giving opinion evidence that placed a favourable interpretation on the facts (e.g. was adequate and timely due diligence done on BTL) and we applied appropriate caution in considering those aspects of his evidence.