Summary

The agreement to reach a common decision to cancel the co-operation between Kismetia Ltd (BVI) and Lupusco Volga Farming Ltd (CY) gave rise to the arbitration case Fredrik Ljungstrom, Anne-Helene Ljungstrom, Kismetia Ltd v. Gunnar Nilsson, Lupusco Volga Farming Ltd SCC Case No. V 155/2010. The Tribunal issued the final award on December 15, 2011 ordering damages of USD 4,731,660. The District Court of Nicosia following application by Kismetia Ltd (BVI) recognized, registered and enforced the final award and issued requested freezing and prohibition orders against Lupusco Volga Farming Ltd (CY). However, it clarified that it lacked jurisdiction as to second respondent, Mr Gunnar Nilsson (SE) (interim judgment of March 30, 2012 and ex tempore judgment of May 2, 2012). It also issued a Garnishee Nisi Order addressed to FG Volga Farming Ltd (CY) and a writ of attachment equally addressed to FG Volga Farming Ltd (CY) for USD 1,106,027.29 on June 5, 2012 (judgment of May 29, 2014) while clarifying that only said amount was attached (judgment of May 19, 2016).

An extra-ordinary meeting of Lupusco Volga Farming Ltd (CY) on July 6, 2012, six months after the Tribunal issued its award, deciding voluntary winding up and appointing Mr Chris Iakovides as liquidator, triggered Kismetia Ltd (BVI) filing an application to the District Court of Nicosia for suspension of the relevant resolutions, prohibition of a creditors’ meeting and prohibition of Mr Chris Iakovides and Corporate Recovery and Insolvency Group Ltd (CY) from conducting liquidation proceedings. The requested orders were issued (interim judgment of October 23, 2013). However, it is unclear whether a final judgment was rendered.

Kismetia Ltd (BVI) v. Lupusco Volga Farming Ltd (CY) and Gunnar Nilsson (SE), District Court of Limassol Civil Case No. 1639/2011 (four judgments)

• interim judgment of March 30, 2012
• ex tempore judgment of May 2, 2012
• judgment of May 29, 2014
• judgment of May 19, 2016

Kismetia Ltd (BVI) v. Lupusco Volga Farming Ltd (CY), Chris Iakovides(CY), Corporate Recovery and Insolvency Group Ltd (CY), District Court of Nicosia Civil Case No. 585/2012 (one judgment)

• interim judgment of October 23, 2013