Adam Flacks

Adam Flacks is an experienced commercial litigator, having conducted and managed complex, high value, international disputes, in particular in proceedings arising from acts of corporate fraud. Adam has particular expertise in asset tracing and recovery in multi-jurisdictional contexts.

Adam’s practice almost always has an international element. He has spent significant time involved in litigation in the Middle East and the Cayman Islands, often involving parallel proceedings in multiple other jurisdictions.

He has been described in the Legal 500 as “excellent” and “clearly a future leader of the profession”.

Adam also represents athletes and sport governing bodies in regulatory and disciplinary proceedings.

Adam is a previous President of the Business Crime and Civil Fraud Commission of AIJA (International Association of Young Lawyers).

Experience

Salinas

LK act for Ricardo Salinas and Corporacion RBS SA de CV (“Claimants”) in their claim in the Commercial Court. This claim arose out of a stock loan agreement entered into with Astor Asset Management 3 Limited (“Astor 3”) pursuant to which a loan of US$104 million was advanced to the Claimants secured over shares in Grupo Elektra SAB de CV belonging to Mr Salinas. Those shares were deposited with two custodians, Weiser Global Capital Markets and Tavira Monaco SAM, and worth around $400 million at the time the claim was commenced. In June 2024, the Claimants became aware that Astor 3 had directed the custodians to transfer a significant proportion of the shares to Cornelius Vanderbilt Capital Management Ltd and Astor Capital Fund Ltd, which the Claimants maintain was in breach of the agreements in place.

The Claimants obtained freezing orders and proprietary injunctions against the six Defendants in August 2024. The Claimants consider that they have been victims of a stock-lending fraud conducted by Mr Sklarov and his companies. They allege that Mr Sklarov gained control of Mr Salinas’s shares and wrongfully disposed of them contrary to the terms of the stock loan agreement.

Al Gosaibi Family & Group (AHAB)

LK acted for AHAB, a large group of companies run by the Al Gosaibi family, in their claims against Mr Al Sanea and his Saad Group concerning his role in an alleged fraud resulting in losses of at least US$9 billion. AHAB contended that Mr Al Sanea used his position (as the head of a division of the company) to borrow hundreds of billions of dollars in the company’s name – using forged banking documents – and then misappropriated some of the proceeds. AHAB contended that at least US$6 billion was stolen by Mr Al Sanea. LK worked with a global team of lawyers and forensic accountants to coordinate the investigation into the fraud and the tracing of misappropriated assets, including in Saudi Arabia, the United Arab Emirates, Switzerland and the Caymans Islands.

UHNWI – Breach of fiduciary & contractual duties

Acting for an UHNWI in relation to actions against an investment advisor and private bank for breach of fiduciary and contractual duties under various investment advisory and loan agreements. The client invested approximately £500m in various funds on the investment advisor’s advice and now wishes to unwind the investments because of the advisor’s conduct. The case includes allegations about the misapplication of client monies, inappropriate investment strategies and fund arrangements, breach of fiduciary duties, conflicts of interest and general breaches of the FCA Conduct of Business Rules and Principles.

High Net Worth Individual

LK acted as part of an international legal team advising a high net worth individual in relation to significant claims against his former financial advisors. The dispute involves winding up procedures in the Cayman Islands and the BVI, LCIA arbitrations, proceedings in Switzerland and conspiracy claims in the High Court.

Terre Neuve SARL & Ors v Yewdale Ltd & Ors

Acting for a former head of department within HSBC Private Bank (Suisse) SA in a money laundering / misappropriation claim in the English Commercial Court. The case raised issues of Swiss law relating to duties of compliance within Swiss banks and liability for failing to put in place adequate anti-money laundering provisions.

GBT Japan Limited

LK acted for a Japanese company against Ross Group Plc, a London Stock Exchange listed company, in relation to a transfer of US$2m. The claim involved allegations of breach of trust, unjust enrichment and breach of contract.

Group claim - Professional indemnity insurance

LK acted for twenty investors in respect of claims against the professional indemnity insurer for former law firm Colemans CTTS LLP pursuant to the Third Parties (Rights against Insurers) Act 2010. The dispute concerned investments which were facilitated by Colemans in circumstances where it had no relevant expertise, knowledge of experience of these particular transaction types.

Anti-doping and integrity

Adam has acted for athletes and governing bodies in proceedings under World Athletics, and UK Anti-Doping rules. Adam has represented international and national level athletes as well as athlete support personnel.

This includes acting for international athletes charged with anti-doping rule violations, particularly pursuant to of Articles 2.1. (Presence of a Prohibited Substance) and 2.2. (Use or attempted use by an Athlete of a Prohibited Substance). Examples include:

• Acted for Carina Horn (an international level South African sprinter) in her appeal to the Court of Arbitration for Sport following the decision by World Athletics to
  implement a decision by a non-signatory to the WADA Code (the Basque authorities). Adam had previously acted for Ms Horn in her successful appeal arising out of contamination of supplements.
• Represented Dr Richard Freeman (former Team Sky and British Cycling doctor) in proceedings brought by UKAD before the National Anti-Doping Panel.
• Represented Artem Denmukhametov, successfully disputing the consequences of a charge of ‘prohibited association’ with a coach banned for life. At the time, this was believed to be the first reported ‘Prohibited Association’ decision issued by the Disciplinary Tribunal under the IAAF rules.
• Acted for a national governing body in relation to an investigation into an alleged refusal by a high-profile athlete to produce a doping sample for collection.