Our managing partner, Theodoros Economou, recently successfully represented a respondent in Cyprus in proceedings for the issuance of mareva injunctions. These injunctions, which were issued ex parte against the Chabra defendants in Cyprus, were in aid of foreign proceedings ongoing in England.
Key Details of the Case
Full and Frank Disclosure: The Court found that the applicant did not comply with his duty of full and frank disclosure of all the material facts when he applied for the issuance of mareva injunctions against the Chabra defendants. In particular:
- Assignment of Actionable Rights: The applicant failed to inform the Court about assigning all his actionable rights in the English proceedings to a third party, who was not involved in the action.
- Misrepresentation of Notification Injunction: The applicant described the notification injunction issued in the English proceedings as a conventional mareva injunction, which the Court found misleading.
- Enforcement of Potential Judgment: The Court also pointed out discrepancies regarding how the applicant represented the potential enforcement of a judgment in the English proceedings against assets targeted by the mareva injunctions in Cyprus, England and in the BVI.
Importance of the Case
This case is a reminder of the utmost duty of applicants in ex parte proceedings to disclose all material facts before the Court and the requirement to draft supporting affidavits with care.
For further clarifications you can contact us at Theodoros Economou LLC by telephone +357 22 264 300 or email (info@economou.law).
