We recently represented a foreign banking institution (“Bank”) in proceedings before the District Court of Limassol concerning a billion‑euro international fraud claim. The claim was brought against the Bank’s former CEO and shareholder, along with other associated entities, who have been suspected of having orchestrated the misappropriation of funds.
In support of the Bank’s efforts to trace the misappropriated assets and identify all responsible persons, the Court issued a Norwich Pharmacal order. This type of order compels third parties to disclose documents or information necessary to identify wrongdoers and/or trace misappropriated assets.
The District Court of Limassol decided that the legal test for issuing such an order was met, noting that disclosure was “necessary to complete the puzzle” of the Bank’s case. The order will enable the Bank to obtain key information in order to pursue claims against the wrongdoers who may otherwise remain hidden behind complex corporate structures or intermediaries.
In parallel, the Court also granted a freezing injunction against the defendants, preserving the misappropriated assets pending the outcome of the proceedings.
The above decision highlights the willingness of the Cypriot courts to grant effective and targeted remedies in support of victims of sophisticated, cross‑border fraud. The combination of Norwich Pharmacal and freezing orders reflects the judiciary’s readiness to assist in asset tracing and the identification of those behind complex fraudulent schemes in international disputes.
The Bank was represented by our Managing Partner, Theodoros Economou.
