Vybrant Business Ltd v. 1. Astroplus Limited, 2. Zeardine Services Limited, 3. Bizserve Secretarial Services Limited, 4. Jerosena Limited, 5. Registrar of Companies and Official Receiver, 6. Cooresby Ltd, 7. Dreagan Assets Ltd, District Court of Larnaca Civil Case No. 389/2017 - Interim Judgment I - Greek - 25 May 2018
Country
Year
2018
Summary
The present requests for interim orders before the Courts of Cyprus are associated with the SCC Arbitration Case Cooresby Ltd and Draegan Assets Ltd v. Astroplus Ltd and Vybrant Business Ltd initiated on June 28, 2017. The dispute relates to the oil refinery Afipka NPZ and more specifically two share purchase agreements dated November 2, 2010 and June 14, 2016 and the acquisition of shares in NefteGazIndustriya LLC by Kursi Trading Ltd via Agentstvo Strakhovih Uslug "Sodeistvie" LLC and Yug-Invest LLC.
Applicants requested ex parte an international mareva injunction up to the amount of USD 100 million along with an order to reveal the ultimate beneficial owner of Kursi Trading Ltd before the District Court of Nicosia. These were granted and initial objections were rejected (ex-tempore judgment of June 14, 2017). The request for an interim order amending the set amount of money and allowing for operational expenses was granted (interim judgment of July 18, 2017). A court leave to file a complementary affidavit was denied on the ground of lack of good cause (interim judgment of September 22, 2017). When the international Mareva order and the document production order were returned, the Court was not convinced that it would be difficult or impossible for justice to be served at a later stage, as the single asset, that being shares, had already been pledged. It also found that applicants had not come with clean hands. Thus, it annulled the orders (judgment of October 18, 2017 (I)). With reference to the request for document production in the form of a Norwich Pharmacal relief, the Court rejected it as the necessity of the documents requested was not clarified in the sense of applicants not having explained the manner that these were to be used (judgment of October 18, 2017 (II)).
Later, respondents in the aforementioned case requested an interim freezing order against applicants in same case before the District Court of Larnaca. The Court rejected this request (interim judgment of December 5, 2017). Same respondents further requested security for costs. The Court accepted this and ordered payment of EUR 50,000 in total within thirty days (interim judgment of May 25, 2018 I and II).
Cooresby Ltd and Draegan Assets Ltd v. Astroplus Ltd and Vybrant Business Ltd (SCC arbitration Case)
Two sets of judgments associated with the SCC Arbitration Case Cooresby Ltd and Draegan Assets Ltd v. Astroplus Ltd and Vybrant Business Ltd initiated on June 28, 2017.
Cooresby Ltd, Draegan Assets Ltd. v. 1. Astroplus Ltd, 2. Vybrant Business Ltd., 3. Lakescope Ltd., Kursi Trading Limited, 5. Nataly Gkoureyian, 6. Stella Iakovou Chrysostomou, 7. Eleni Ierodiakonou, 8. Stelios Loizou, 9. Themis Themistocleous, District Court of Nicosia Civil Case No. 377/2017 (five judgments)
- ex-tempore judgment of June 14, 2017
- interim judgment of July 18, 2017
- interim judgment of September 22, 2017
- judgment of October 18,2017 (I) - international Mareva injunction
- judgment of October 18, 2017 (II) - Norwich Pharmacal relief
Vybrant Business Ltd v. 1. Astroplus Limited, 2. Zeardine Services Limited, 3. Bizserve Secretarial Services Limited, 4. Jerosena Limited, 5. Registrar of Companies and Official Receiver, 6. Cooresby Ltd, 7. Dreagan Assets Ltd, District Court of Larnaca Civil Case No. 389/2017 (three judgments)