The judge, Mr Justice Teare, ruled that SGC and individuals associated with it including its directors took "secret profit" through writing surety bonds in the name of the above companies that exceeded the agreed financial limits, failing to account for the premium due "namely, the difference between the sum paid to it as a premium and the premium in respect of which SGC accounted to QBE/Markel".
This secret profit had been paid to "unjustly enrich" those who had undertaken the fraud.
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