Content Join OGEMID
 
  • Linkedin
  • Twitter
  • Rss

Transnational Dispute Management

Skip navigation

Transnational Dispute Management

The network for international arbitration, mediation and ADR, international investment law and Transnational Dispute Management

Join OGEMID

Transnational Dispute Management

The network for international arbitration, mediation and ADR, international investment law and Transnational Dispute Management

  • Sign in
  • Subscribe
  • Home
  • Sign in
  • About About
    1. Home
    2. About
    3. About TDM
    4. About TDM
    5. Founding Editor T.W. Wälde
    6. T.W. Wälde
    7. Editorial team
    8. Editorial team
    9. Contributing Authors
    10. Contributing Authors
    11. Subscriptions
    12. Subscriptions
  • Journal Journal
    1. Home
    2. Journal
    3. Browse Issues
    4. Browse
    5. Articles by Category
    6. By Category
    7. Articles by Author
    8. By Author
    9. Advance publication
    10. Advance publication
    11. Specials
    12. Specials
    13. Search
    14. Search
    15. Book reviews
    16. Reviews
  • Legal & Regulatory docs. L & r docs
    1. Home
    2. Legal & Regulatory docs.
    3. L&R by Country
    4. L&R by Country
    5. L&R by Category
    6. L&R by Category
    7. L&R recent additions
    8. L&R recent additions
    9. Search
    10. Search
  • Audiovisual library AV library
    1. Home
    2. Audiovisual library
    3. Audiovisual Library
    4. Audiovisual Library
    5. TDM/OGEMID Interviews
    6. TDM/OGEMID Interviews
    7. Conference presentations
    8. Conference presentations
  • OGEMID OGEMID
    1. Home
    2. OGEMID
    3. About OGEMID
    4. About OGEMID
    5. Suggest a topic
    6. Suggest a topic
    7. Guest programme
    8. Guest programme
    9. Seminar programme
    10. Seminar programme
    11. Browse archive
    12. Browse archive
    13. Search
    14. Search
    15. Join
    16. Join
  • News & Events Events
    1. Home
    2. News & Events
    3. News
    4. News
    5. Events
    6. Events
  • Subscribe
Home > Legal & Regulatory docs.

AB PCO Investment Ltd v. 1. CAT GMBH Consulting Agency Trade & Company (Cyprus) (CY), 2. Fairtune Limited (CY), 3. CAT Trading Ges.m.b.H (AT), 4. Joma Industrial Source Corp (BVI), 5. CAT Holding (Cyprus) Limited (CY), 6. Coraline Limited (CY), 7. Skible Holdings Limited (CY), 8. Maurice Gregoire Dijols (UK), Limassol District Court Civil Case No. 579/2015 - Judgment - Greek - 22 September 2017

  • Sign in to download document
Country
  • Austria
  • Cyprus
  • Germany
  • Virgin Islands (British)
Year

2017

Summary

Hoeft v. Coraline Ltd, SCC Case No. V 2015/012 - Final Award of June 13, 2017

July 2020 - The final award in Dr. Walter Hoeft v. Coraline Ltd, SCC Case No. V 2015/012 was recognized, registered and enforced in Austria and a freezing order was issued (Unknown v. Unknown, First Instance Court of Innere Stadt Vienna Civil Case Nos GZ 63 E 2760/17f-2 judgment of July 26, 2017 and GZ 63 E 2760/17f-5 judgment of August 2, 2017, not publicly available; Unknown v. Unknown, Civil District Court of Vienna Civil Case No. GZ 47 R 37/18s-30 judgment of June 13, 2018, not publicly available). However, the Supreme Court overturned the judgments on the ground of a procedural error of importance. The Court accepted the argument that the question of lack of arbitration agreement needed to be answered according to the applicable law, that being the law of Cyprus. This was not done by the First Instance Court. Thus, a re-trial was ordered (Unknown v. Unknown, Supreme Court of Austria Civil Case No. 3Ob153/18y judgment of December 19, 2018).

Applicant in Hoeft v. Coraline Ltd, District Court of Limassol Civil Case No. 11/2017, filed an application for the recognition, registration and enforcement of said arbitral award. On the same day, applicant also requested a freezing order of the assets of the respondent along with a discovery order. In support of said requests, applicant argued that he did not have a clear picture of the respondent’s assets due to failure to file annual accounts since 2014. These orders were granted freezing assets up to EUR 10,851,325. The request to prohibit officers and representatives of respondent from signing any document, performing any work and changing the management structure was dismissed, as it had not been substantiated (interim judgment of December 8, 2017). The request for recognition, registration and enforcement was rejected (interim judgment of December 15, 2017). It is unclear whether a final judgment has been issued.

Prior to the aforementioned arbitration case, which was initiated on February 3, 2015, a civil law suit was filed before the District Court of Nicosia on October 27, 2014 (Caroline Limited v. Hoft, AB PCO Investment Ltd and Anna Brinkmann, Civil Case No. 6193/2014). In these proceedings, it was argued that the loan agreement which was the object of the SCC arbitration, was the result of fraud, deceit and conspiracy. Publicly available is an interim judgment of September 30, 2015 on the application for a prohibition order and a document production order regarding the shares of AB PCO Investment Limited sold to Aziz Invest. Ltd. They were denied. Also publicly available is an interim judgment of April 27, 2016 regarding overseas service of pleadings. It is unclear whether a final judgment has been issued.

One year later the following proceedings were initiated: AB PCO Investment Ltd v. 1. CAT GMBH Consulting Agency Trade & Company (Cyprus) (CY), 2. Fairtune Limited (CY), 3. CAT Trading Ges.m.b.H (AT), 4. Joma Industrial Source Corp (BVI), 5. CAT Holding (Cyprus) Limited (CY), 6. Coraline Limited (CY), 7. Skible Holdings Limited (CY), 8. Maurice Gregoire Dijols (UK), Limassol District Court Civil Case No. 579/2015. A leave to file a complementary affidavit was granted (interim judgment of September 9, 2015). The object of these proceedings was damages for conspiracy to sign the Non Tender Agreement between Joma Industrial Source Corp (BVI) and C.A.T. Holding (Cyprus) Ltd prohibiting the latter from accepting a public offer for selling its shares in the Austrian company C.A.T. oil AG. The ex parte freezing orders of respondents’ assets were granted (interim judgment of March 3, 2017). Respondents later requested to strike out the law suit due to lack of locus standi, as claimant had merely an indirect interest in C.A.T. Holding (Cyprus) Ltd through intermediary companies. As claimant in this case based its claims on the tort of fraud the Court rejected the application (judgment of September 22, 2015). It is unclear whether a final judgment has been issued.

Note: Höft = Hoeft, Hoft

Four sets of judgments (three Cypriot - one Austrian) are associated with this arbitration case.

Austria

  • Unknown v. Unknown, Supreme Court of Austria Civil Case No. 3Ob153/18y, judgment of December 19, 2018
  • Unknown v. Unknown, First Instance Court of Innere Stadt Vienna Civil Case No. GZ 63 E 2760/17f-2 judgment of July 26, 2017 (not available)
  • Unknown v. Unknown, First Instance Court of Innere Stadt Vienna Civil Case No. GZ 63 E 2760/17f-5 judgment of August 2, 2017 (not available)
  • Unknown v. Unknown, Civil District Court of Vienna Civil Case No. GZ 47 R 37/18s-30 judgment of June 13, 2018 (not available)

Cyprus

1. CAT Trading Ges.m.b.H, 2. Coraline Limited, 3. Joma Industrial Source Corp v. 1. CAT GMBH Consulting Agency Trade & Company (Cyprus), 2. AB PCO Investment Limited, 3. Anna Brinkmann, 4. Dr Walter Hoeft, 5. Elpida Papastylianou, 6. Fairtune Limited, District Court of Nicosia Civil Case No. 6193/2014 (two judgments)

  • interim judgment of April 27, 2016
  • interim judgment of September 30, 2015

AB PCO Investment Ltd v. 1. CAT GMBH Consulting Agency Trade & Company (Cyprus) (CY), 2. Fairtune Limited (CY), 3. CAT Trading Ges.m.b.H (AT), 4. Joma Industrial Source Corp (BVI), 5. CAT Holding (Cyprus) Limited (CY), 6. Coraline Limited (CY), 7. Skible Holdings Limited (CY), 8. Maurice Gregoire Dijols (UK), Limassol District Court Civil Case No. 579/2015 (three judgments)

  • judgment of September 9, 2015
  • judgment of March 3, 2017
  • judgment of September 22, 2017

Dr. Walter Hoeft v. Coraline Ltd, Limassol District Court Civil Case No. 11/2017 (two judgments)

  • interim judgment of December 15, 2017
  • interim judgment of December 8, 2017

To download this document you need to be a subscriber

Sign in

Forgot password?

Sign in

Subscribe

Fill in the registration form and answer a few simple questions to receive a quote.

Subscribe now

Documents missing? Documents to share? Let us know!

If you know of documents which are currently missing from our Legal & Regulatory database do let us know. You can send them directly to us for inclusion in the database, anonymously or otherwise.
Learn more here

Call for contributions

TDM Call for Papers: Sanctions and International Arbitration: Impact on Substantive and Procedural Issues

Ali Burney, Rinat Gareev, Kiran Nasir Gore, Dini Sejko, Prof. Joel Slawotsky, May Tai

  • Ali Burney
  • Rinat Gareev
  • Kiran Gore
  • Dr Dini Sejko
  • Prof. Joel Slawotsky
  • May Tai

TDM Call for Papers: National Courts as a Forum for the Resolution of Disputes under Article 26 Energy Charter Treaty

John P. Gaffney, Dr. iur Richard Happ,
Lucia Raimanova, Anna-Maria Tamminen, Dr. Catharine Titi

  • John P. Gaffney
  • Dr. iur Ricard Happ
  • Lucia Raimanova
  • Anna-Maria Tamminen
  • Dr. Catharine Titi

TDM Call for Papers: International Investment Arbitration - Environmental Protection and Climate Change Issues

Professor Dr A F M Maniruzzaman, Wendy J. Miles QC, Carla Lewis, Dr Stephen Minas

  • Professor Dr A F M Maniruzzaman
  • Wendy J. Miles QC
  • Carla Lewis
  • Dr Stephen Minas

TDM Call for Papers: The African Continental Free Trade Agreement (AfCFTA)

J. Chaisse, J. Górski, E. Laryea, M.M. Mbengue, and K. Olaoye

  • Prof. Julien Chaisse
  • Dr. Jedrzej Gorski
  • Prof. Emmanuel Laryea
  • Prof. Makane Moïse Mbengue
  • Kehinde Olaoye
  • More
  • Contribute

Advance publication

Consequences of Not Regulating Third-Party Funding in Commercial Arbitration in Ecuador

24 Mar 2023

D.F. Ibarra Villacís

  • D.F. Ibarra Villacís

Transnational Investment State Arbitration: A New Game-Changer for Global Climate Change Goals

20 Mar 2023

I.D. Valones

  • I.D. Valones

Summary of Young-OGEMID Symposium No. 14: "International Arbitration and International Commercial Courts: Competitive or Complementary?" (March 2022)

3 Mar 2023

E.S. Delgado

  • E.S. Delgado
  • More
  • Contribute

Stay connected

Sign up for our email alerts.

  • Issues
  • Advance publication
  • News
  • Linkedin
  • Twitter
  • RSS

Join the debate

Want to join OGEMID, the leading on-line discussion platform for international dispute resolution?

Simply fill in the registration form to start your trial membership.

Download the app

  1. App store
  2. Google play

The Transnational Dispute Management Journal (TDM, ISSN 1875-4120) and OGEMID listserv focus on recent developments in the area of (investment) arbitration and dispute management, regulation, treaties, judicial and arbitral cases, voluntary guidelines, tax and contracting. Read our Terms & Conditions here, and our Privacy Policy here.

About TDM

  • Terms & Conditions
  • Contribute
  • Subscriptions
  • Contact
  • Help

Other publications

  • Oil, Gas & Energy Law Intelligence (OGEL)

© 2004 - 2023. Published by MARIS.

  • Home
  • Contribute
  • Subscriptions
  • Contact
  • Help