Expertise

Represented a company which engages in the acquisition, transport, storage, and sale of natural gas in 15 European countries. The company in question had a claim against a Cypriot defendant company for conspiring to defraud it. We successfully obtained a freezing order against the Cypriot defendant company and an asset disclosure order. The orders were obtained on the basis of conspiracy to defraud.

Brought a derivative action and also applied for ancillary interim relief on behalf of a Cypriot company against one of its directors and against the shareholder appointing and instructing the said director for breach of directors’ duties and for breach of fiduciary duties. The Cypriot company is the holding company for one of the leading IT companies in Russia.

Successfully obtained a number of disclosure orders on behalf of a shareholder of a Cyprus company. The orders were obtained in aid of forthcoming arbitration proceedings before the London Court of International Arbitration involving claims of breaches of a shareholders’ agreement that concerns one of the largest distributors of famous clothing brands in Russia.

Applied to have an arbitration award of the Stockholm Chamber of Commerce recognized, registered and enforced in Cyprus. The award was against a Cypriot company and awarded the client amounts in excess of $40 million. In parallel we secured a freezing order over certain of the debtor company’s assets while recognition and enforcement of the award was pending. The case was settled after the freezing injunction was issued with the award debtor paying the full amount of the award to the client.

Obtained on behalf of the creditor client a mandatory injunction ordering the Secretary of a local company to effect a transfer of shares in the client’s name. This was done on the basis of a share pledge agreement guaranteeing the loan for USD 120 million that had been granted. The previous shareholder then filed a certiorari application to the Supreme Court which was successfully defended by our firm. The mandatory injunction that had been issued by the first instance court was ordered to remain in force and the shares were transferred in the client’s name.

On behalf of the German bank Commerzbank our firm filed an appeal to the Supreme Court against a first instance judgment discharging a worldwide freezing injunction that had been issued in favour of Commerzbank. The injunction had been issued in support of arbitration proceedings filed by Commerzbank in Frankfurt against, inter alia, a Cyprus company. This Cyprus company had guaranteed the payment obligations of the buyers of the Ukrainan ‘Bank Forum’. Commerzbank was the seller in the said transaction and was alleging that the purchase consideration (exceeding USD 120 million) was due to it. The Supreme Court allowed the appeal and reissued the freezing injunction that had been discharged. It also issued an extensive disclosure of assets order against the Cyprus company. In its judgment the Supreme Court made important observations on the principles relating to the rights of pledgees and more generally on how the first instance judges should exercise their discretion when examining applications for freezing injunctions.