Faisal Osman

Year of Call: 2002

Faisal’s practice covers the spectrum of financial wrongdoing litigation. He is praised for his ‘sound commercial judgment’ and ‘ability across disciplines’.

His work takes in complex financial crime, asset recovery, financial services regulation, breaches of regulatory standards, sanctions, chancery (company and commercial), professional discipline, administrative law and litigation.

The cross-over nature of Faisal’s work allows him to advise on all aspects of bribery and corruption including compliance, criminal liability, civil actions by commercial victims to disgorge profits, damages, or other relief (UK and overseas) and post-conviction liability (monitoring, confiscation/civil recovery, Directors’ liability and implications under the EU Public Procurement Directive).

Faisal is also a contributing editor to Mitchell, Taylor and Talbot on the Proceeds of Crime.

Notable Cases

High Court & Appellate

  • A Ltd. v  Commissioners for Her Majesty’s Revenue and Customs
    First tier tax tribunal appeal from the decision of the Commissioners to deny recovery of input tax credit circa £18m. (BCL Burton Copeland).
  • BSB v (A State Body), (Commercial Organisations) and (Individuals)
    Civil actions in the Chancery and Administrative Court for losses following a restraint order obtained mala fides and resulting in total losses over £100m against multiple defendants.
  • DG v 17 GSL (and Others)
    Section 994 Unfair Prejudice claim/Derivative Proceedings on behalf of a company director seeking redress for his co-directors’ breach of their CA 2006 statutory duties.
  • R(On Application of the Chief Constable of Greater Manchester Police) v City of Salford Magistrates’ Court ex parte Sarwar and Sons Knitwear Limited; Sarwar and Sons Knitwear Ltd. v The Chief Constable of Greater Manchester Police (2008)
    Led by Andrew Mitchell QC. Judicial review relating to civil cash seizures and the meaning of property ‘obtained by unlawful conduct’

  • IE (Europe) v NE (Chancery Division)
    Civil fraud and unlawful conversion of £850,000. The Defendant removed the Claimant Company’s funds, transferred it to the US and dissipated it into a number of US and Canadian bank accounts, before attempting to claim the sum as part of her matrimonial assets before the American Courts. The claim involved:

    • Worldwide freezing and disclosure orders obtained within 24 hours.
    • Judgment in default, successfully obtained at the first opportunity with full costs.
    • An application to set aside judgment in default, successfully contested.
    • Third party debt orders.
    • Advice tendered to the Claimant Company’s US Lawyers on the lawfulness of a worldwide order compelling parties outside of this jurisdiction.
  • R v LSA [2008] EWCA Crim 1034
    A leading case on jurisdiction and procedure relating to Prosecution appeals.
  • NR v The Republic of Italy and others
    A multi-defendant civil action arising from the unlawful detention and extradition requests of the Governments of Italy and Algeria respectively, together with the Foreign Office’s failure to give assistance when required.

Regulatory Advice

  • Advice on individual transaction and company-wide money laundering compliance.

  • Advising UK international firms on HMT/UN sanctions against listed companies, bodies and individuals.
  • Advising an Investment Firm as to their position in a ’split caps’ investigation, where the Regulator alleged collusion between magic-circle firms.
  • Advising a number of investment firms as to their duties under the Money Laundering Regulations.
  • Drafting a “Compliance Manual” for Intermediaries subject to the Mortgage Regulations implemented by the FSA.
  • Advising on applications to the Regulator for Authorisation and becoming an Approved Person.

Regulatory Prosecutions

  • London Borough of Haringey v CD Ltd.
    Advised the local authority as to whether, for the first time, they ought to restrain and seek confiscation proceedings against commercial property developers who unlawfully converted dwellings for profit, without planning authority.
  • London Borough of Camden v MB/SH Ltd.
    Advised the local authority as to whether they ought to restrain and seek confiscation against a manufacturer producing and selling goods in breach of the holders’ intellectual property rights.

  • R v GS and Others (2010 – Ongoing)
    Instructed at restraint stage to apply to discharge the FSA’s ex-parte order made in an insider dealing case involving multimillion pound benefit figures.

  • BIS v JGS
    Criminal trial of an un-discharged bankrupt for material omissions made to the trustee in bankruptcy; subject to a £100m world-wide civil freezing order.
  • R v JP
    A multi-million pound fraud allegation against an IFA, who was indicted with offences contrary to the FSMA 2000.

  • R v N (A Large Commercial Retail Group)
    Retained as Counsel to a large national retailer, tendering advice and defending in a significant number of Health and Safety prosecutions, brought by numerous local authorities, for a diverse range of regulatory breaches.
  • The Taxation Disciplinary Board Tribunal
    Presenting advocate to the tribunal, litigating against members of the CIOT who contravene the professional body’s rules.
  • FSA v (MiFID Wholesale Investment Firm)
    Assisting and advising on a complex application for Authorisation, Enforcement and acting outside any scope of permission, including a ‘ground up’ design of the firm’s compliance systems and controls. The firm received full authorisation.

Complex Crime

  • Re: An EU Technology Corporation Advice on criminal liability, consequential civil actions and compliance with the Bribery Acts arising out of overseas corruption by a UK national, (assigned to an EU parent company) employed to negotiate contracts with a West Indian Distributor.
  • Operation Vaulter
    MTIC conspiracy to defraud involving ‘contra-trading’ and offshore operations in the United Arab Emirates.
  • Operation Ventford
    For the main Defendant, instructed by DLA Piper. Said to be “the culmination of the first major investigation conducted by our Money Laundering Team, set up in November 2008 to tackle organised money laundering within the county.” Allegations of money laundering, fraud and identity thefts involving 7 accused and international property.

  • R v JE
    Led by Mark Rainsford QC. Highly complex confiscation proceedings involving a network of off-shore special purchase vehicles, shadow directors, phoenix companies and  a firm of corrupt solicitors.
  • R v HSB
    Led by Brendan Kelly QC. Substantially complicated confiscation proceedings following trials of a multi-jurisdictional MTIC fraud involving hidden assets in the UAE, third party matrimonial interests and HMRC’s decision to recast their case from that which they secured convictions upon at trial.
  • SOCA v The Estate of SRD (Deceased)
    Advice to the trustees of SRD’s estate upon an application by SOCA for civil recovery of criminal benefit claimed to have been obtained through unlawful conduct absent any convictions or charge; the claim was complicated by a conflict with the deceased’s common law partner who sought to assert her own interests over the same assets.
  • Operation Eaglewood
    Led by Simon Taylor. An international £100million money laundering and drug importation conspiracy involving a corrupt bureaux de change and substantial confiscation proceedings.