SionRichards

Partner

(T) 44.20.7039.5139

Sion Richards advises clients on complex multijurisdictional investigations and civil litigation with an emphasis on major fraud, asset tracing, and corruption investigations, as well as contentious insolvency disputes. The Legal 500 (2016-2017) describes him as a leading individual in civil fraud with an "encyclopaedic knowledge of the law" and "a class act" and Chambers (2017) as having "excellent tactical judgement" and "tenacious and determined, yet pragmatic."

Sion's recent experience includes advising: the Bin Mahfouz Family on its US$50m asset tracing investigation, securing a worldwide freezing injunction and other orders as part of successful civil proceedings against Muhaned El-Rashid; Arcadia Petroleum on their US$300m claim against former directors for unlawful means conspiracy and other dishonesty based claims; the Liquidators of the Angel Group on their successful claims against a former director and shareholder for dishonest breach of fiduciary duty; a large infrastructure fund on an internal investigation related to allegations of fraud and corruption within a portfolio company; on the SFO & DOJ investigation that led to the UK's first ever resolution by way of a deferred prosecution agreement; the liquidators of BHS Limited; the liquidators of Weavering Capital on its fraud investigation and the successful actions arising out of the collapse of its $500 million fund; the board of Langbar International in its fraud investigation and successful recovery actions arising out of the largest fraud to have hit the AIM market; and Standard Bank in dishonesty-based claims against Sheikh Mohamed Bin Issa Al Jaber and EFAD.

Sion is a recipient of the Legal Business Awards 2016 — Dispute Resolution Team of the Year and The American Lawyer Transatlantic Legal Awards 2016 — Transatlantic Innovators. He lectures extensively on fraud, bribery and corruption, and contentious insolvency and restructuring issues.

Experience

  • Angel Group liquidators succeed in claims worth over £10m against former director and sole shareholderJones Day acted for the joint liquidators of the Angel Group in respect of claims worth over £10 million for breach of trust and fiduciary duties against Julia Davey (the former director and sole shareholder of the Angel Group).
  • Private equity investor resolves dispute relating to substantial investments in a regulated pensions business in AfricaJones Day acted for a private equity investor in a dispute under a subscription and noteholder agreement (and associated documents) relating to substantial investments in a regulated pensions business in Africa.
  • Arcadia Petroleum pursues fraud proceedings against former directorsJones Day represents Arcadia Petroleum Limited, a regulated crude oil trading company based in London (and other companies of its corporate group), in connection with ongoing High Court fraud proceedings brought by the Arcadia Group against a number of its former directors and associated companies.
  • Sheikh Abdulrahman Khalid bin Mahfouz secures committal order in culmination of €35 million asset tracing litigationJones Day successfully represented Sheikh Abdulrahman Khalid bin Mahfouz and his family in proceedings against Mr. Muhaned Farid Mahmoud El-Rashid.
  • Infrastructure fund seeks advice on internal investigation relating to portfolio companyJones Day advised a substantial infrastructure fund on an internal investigation relating to a portfolio company.
  • Jones Day advises on UK's first Deferred Prosecution Agreement and closure of U.S. DOJ investigationOn Monday, November 30, 2015, the Right Honourable Sir Brian Leveson (the President of the Queen's Bench Division) approved the resolution of the first UK Bribery Act section 7 proceedings by way of a Deferred Prosecution Agreement, a procedure never before used in the UK.
  • ICBC Standard Bank agrees to terms for global settlement of US$50 million claim against Kuwaiti real estate company, EFAD Real Estate Company WLL, and relevant individuals, Rezam Mohamed Al Roumi and Khalid Bader Al RoumiJones Day acted for ICBC Standard Bank Plc in relation to recovery of a US$50,000,000 debt owing by EFAD under an Islamic financing agreement.
  • FMS Wertmanagement settles with Apcoa Parking GroupJones Day represented FMS Wertmanagement AöR in the restructuring of Apcoa Parking Group’s financial indebtedness of more than € 700 million.
  • Liquidators of Cayman Islands fund secure $22.5 million of assetsJones Day is advising the liquidators of Hadar Fund Ltd. in proceedings initiated following the discovery that substantial payments were made for the benefit of two of the beneficial owners of its investment manager in connection with one of the investments made by the Fund.
  • Langbar defends Court of Appeal liens success in Supreme CourtJones Day has successfully represented Langbar International Limited ("Langbar") in the Court of Appeal and the Supreme Court in defending an attempt by the law firm Withers LLP ("Withers") to prevent enforcement against funds held in its client account.
  • Major international corporation seeks advice on potential liability under UK Bribery ActJones Day advised a major international corporation on their potential liability under the UK Bribery Act in respect of a proposed corporate event involving foreign dignitaries.
  • ENRC acquires 49.5 percent of shares in Camrose Resources Limited and outstanding minority shareholdings in certain Camrose subsidiaries for $550 millionJones Day advised Eurasian Natural Resources Corporation PLC in the acquisition of the remaining 49.5 percent of the share capital of Camrose Resources Limited as well as the outstanding minority shareholdings in certain Camrose subsidiaries for $550 million.
  • Weavering Capital secures $450 million judgment in largest hedge fund fraud in British historyIn May 2012, the English High Court handed down a $450 million judgment against Magnus Peterson and three other directors and senior employees of Weavering Capital (UK) Limited, the London based manager of the Weavering Macro Fixed Income Fund Limited (the "Macro Fund"), a Cayman Islands hedge fund that collapsed in March 2009, in an action where Jones Day acted for Duff & Phelps, the liquidators of Weavering Capital (UK) Limited.
  • Standard Bank secures sale of claims against Georgian companyJones Day initially advised Standard Bank Plc in regard to a non-performing loan to a borrower in Georgia secured by other group companies.
  • ENRC acquires First Quantum Minerals' DRC assets for $1.25 billionJones Day advised Eurasian Natural Resources Corporation PLC ("ENRC") in its $1.25 billion acquisition of the residual assets and settlement of all claims in relation to the Democratic Republic of Congo operations of First Quantum Minerals Ltd.
  • Options Utility Services to sell assets of companyJones Day is advising the joint administrators of Options Utility Services Limited.
  • Standard Bank obtains €137 million summary judgment against Sheikh Mohamed Bin Issa Al JaberJones Day successfully represented Standard Bank Plc in proceedings against Sheikh Mohamed Bin Issa Al Jaber.
  • ESO Capital successfully resolves €50+ million multi-jurisdictional project refinancing disputeJones Day successfully represented ESO Capital Luxembourg Holdings II S.A.R.L ("ESO") in its claim for €50+ million in relation to a dispute arising out of its refinancing of a property construction and development project in the French West Indies, culminating in a successful settlement in the summer of 2011.
  • Khalilifamilienstiftung (Khalili Family Trust) seeks advice in multijurisdictional dispute with art collectorJones Day advised the Khalilifamilienstiftung (Khalili Family Trust), a prestigious Liechtenstein-based trust, which is heavily involved in the art world, in relation to a multijurisdictional dispute.
  • Standard Bank successfully resolves claims against Kazakh bank concerning letter of creditJones Day successfully advised Standard Bank plc in relation to its claims against a troubled Kazakh bank, JSC BTA Bank, for non-payment of a US$20 million discounted letter of credit.
  • Speaking Engagements

    • July 2, 2019
      Presentation on privilege issues in the UK, France and the US
    • October 5, 2017
      Whistleblowers: Ticking time bomb or compliance pressure valve?
    • March 23, 2017
      Commercial Litigators' Forum on Asset Tracing and Enforcement of Judgment
    • January 25, 2017
      My Brother's Keeper: Bribery, Corruption and the Growing Threat of Criminal Liability, presentation to the British Exporters Association
    • September 21, 2016
      The French Anti-corruption Bill / Loi Sapin II – Crossed Views: France – United States
    • September 21, 2016
      Sapin ll and International Anti-Corruption Developments
    • 21 septembre 2016
      Loi Sapin II : Anti-corruption - Regards croisés France - Etats-Unis
    • February 9, 2016
      First Deferred Prosecution in the UK, US Department of Justice agrees to close investigation
    • June 9, 2015
      KKR General Counsel & Regulatory Affairs Conference
    • March 19-20, 2015
      Fraud, Asset Tracing & Recovery
    • October 16, 2013
      Navigating Global Risk
    • July 10, 2012
      The Lasting Effects of the Weavering Storm
    • June 30, 2011
      Managing Your Risk - Bribery, Corruption and Business Ethics
    • June 30, 2011
      Bribery & Corruption Workshop
    • March 14-17, 2011
      Fraud & Corruption Africa Summit
    • January 19, 2011
      Integrity Management Workshop
    • January 2011
      Maintaining Integrity in a Changing World, Jones Day and Control Risks on the Bribery Act 2010 Seminar
    • September 2010
      Assessing the mechanisms of "pump and dump" share fraud, C5 Fraud and Asset Tracing Conference
    • July 2010
      Team Moves: Litigation Risks and Strategies, Client Seminar
    • July 13, 2010
      Insolvency Litigation - Maximising Recoveries
    • July 2010
      Cross Border Fraud Case Study: Langbar International Limited
    • June 2009
      Practical Recovery Solutions in Asset Based Lending, RBS Invoice Finance Limited Seminars
    • June 2009
      Company Voluntary Arrangements and Schemes of Arrangement, Jones Day Seminar
    • January 2009
      Panel Discussion on Fraud
    • March 2008
      UK and American Perspectives on CDO Litigation
    • December 2007
      European Asset Based Lending Opportunities and Pitfalls, Jones Day Seminar
    • November 2007
      Fraud: Prevention and Cure, London (FDA Educational Foundation Course)
    • July 2005
      Representation and Warranties in Receivables Financing Facilities, Seminar for The Royal Bank of Scotland Commercial Services Limited
    • March 2005
      IIR Telecoms & Technology Conference Speaker - Fraud in the telecoms sector, The Waldorf Hilton
    • November 3, 2004
      U.K. Insolvency
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