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Indirect transfers of value “at the expense of” a claimant: comparative perspective

12 January 2025 / Author(s): Thomas WK Wong
Issue: January 2025 / Categories: Feature

An essential ingredient of an unjust enrichment claim is that the enrichment be “at the expense of” the claimant. In a typical case where the claimant transferred value to the defendant directly, the requirement is obviously met. Where however more than one transaction and/or entity is involved, the analysis will have to be more carefully considered. Terna Energy Trading DOO v Revolut Ltd [2024] Bus LR 1401 (Comm) provides much-needed clarification here, offering analyses in terms of an agency relationship and a series of co-ordinated transactions. Singapore and Hong Kong both adopt a very similar – if even slightly broader – approach.

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