Zordis Finance Ltd (BVI), BRHC Ltd (BVI), Kudace Finance Inc (BVI) v Vandella Systems Corporation (BVI), Unitile Ltd (Cy), Tresestrellas Ltd (Cy), District Court of Limassol Case No. 65/2014 - Interim judgment - Greek - 3 April 2014
Country
Year
2014
Summary
Summary
The allegedly fraudulent alienation of corporate assets of the Group Unitile that is active in Russia. Under the arbitration clauses of the apposite contracts two arbitration proceedings were initiated on February 22, 2014.
The first was Zordis Finance Ltd (BVI) v. Vandella Systems Corporation Ltd (BVI) before an ICC tribunal.
The second was Zordis Finance Ltd (BVI), BRHC Ltd (BVI), Kudace Finance Inc (BVI) v Vandella Systems Corporation (BVI) before a SCC tribunal.
In support of these arbitration proceedings two litigation proceedings were initiated in Cyprus before the District Court of Limassol; Zordis Finance Ltd (BVI) v Vandella Systems Corporation (BVI), Unitile Ltd (Cy), Tresestrellas Ltd (Cy), District Court of Limassol Case No. 64/2014 and Zordis Finance Ltd (BVI), BRHC Ltd (BVI), Kudace Finance Inc (BVI) v Vandella Systems Corporation (BVI), Unitile Ltd (Cy), Tresestrellas Ltd (Cy), District Court of Limassol Case No. 65/2014, respectively. The Court permitted for an additional affidavit (interim judgments of March 21, 2014) and issued a prohibition order as well as a freezing order, despite the fact that not all respondents were parties to said arbitration proceedings. It also appointed an interim receiver and / or manager with the power to take measures, access books, perform voting rights aiming to protect and preserve, and investigate the affairs of the respondents and their direct and indirect subsidiaries (interim judgments of April 3, 2014).
Zordis Finance Ltd (BVI) v Vandella Systems Corporation (BVI), Unitile Ltd (Cy), Tresestrellas Ltd (Cy), District Court of Limassol Case No. 64/2014 (related to ICC arbitration case)
Zordis Finance Ltd (BVI), BRHC Ltd (BVI), Kudace Finance Inc (BVI) v Vandella Systems Corporation (BVI), Unitile Ltd (Cy), Tresestrellas Ltd (Cy), District Court of Limassol Case No. 65/2014 (related to SCC arbitration case)
