[2025] UKUT 00185 (TCC)

On the basis of the evidence summarised above, including our findings on credibility, we make the findings of fact in this decision. We have taken an essentially chronological approach and made detailed findings because the parties relied in their submissions on numerous factual points spread throughout the relevant period.

The next following parts of our decision concern the three issues in dispute: whether the Bank breached the Listing Rules; whether the Applicants were knowingly concerned in that breach, and the penalties. In considering each of those issues, we link our chronological findings to the submissions made, and also make further findings.