SAUDI ARABIAN MONETARY AGENCY v. DRESDNER BANK A.G.

[2005] 1 Lloyd's Rep. 12

COURT OF APPEAL

Before Lord Justice Mummery, Lord Justice Chadwick and Lord Justice Longmore

Banking - Customer requesting defendant bank to transfer funds to another bank - Defendant blocking part of funds - Defendant arguing that it was owed money by organizations associated with customer - Whether defendant entitled to block funds on strength of arguable case that customer was nominee for another debtor - Effect of customer admitting that it was not beneficial owner - Application of Bhogal v. Punjab National Bank.