Deutsche Bank had claimed that there was an outstanding £50m loan that the Khan family, members of an influential political dynasty, had to repay.
However, the presiding judge, the Hon Mr Justice Hamblen, has now reserved judgment in the case following the three-week trial.
The bank sought a ruling forcing repayment of almost the full amount plus substantial interest it claims is owed to it by the family of Pakistan’s former privatisation minster Senator Waqar Ahmed Khan and his father Senator Gulzar Ahmed Khan, and the family’s companies, under a 2007 loan secured on properties including Dryades, a substantial dwelling in London’s so-called “billionaire’s row”, Bishops Avenue.
However, the Khan family brought a number of counter claims. These included an allegation that misrepresentations made by the bank before the loan facility agreement being entered into in August 2007 cost it the opportunity to borrow even more money to fund a redevelopment of Dryades and another Bishops Avenue property that would have made them tens of millions in profit.
Mr Justice Hamblen will rule on issues of liability in the case, with damages to be assessed at a later second trial.
Next Steps
It is not yet known when the judge will deliver his ruling, but it is likely to be later this legal term, and may possibly be handed down outside of London while he is out on circuit from next week.
