Russian Commercial Bank (Cyprus) Ltd v Khoroshilov [2011] EWHC 1721 (Comm) (05 July 2011)

Russian Commercial Bank (Cyprus) Ltd v Khoroshilov [2011] EWHC 1721 (Comm) (05 July 2011)

The injunctions restraining enforcement of the consent judgments and arbitration award are discharged due to material non-disclosure and misrepresentation by the applicants in the ex parte application, specifically regarding the Protocol of 3 August 2010 and the presentation of the Pancia issue. The applicants' underlying claim is not strong, and the balance of convenience does not justify continuation of the injunctions. The extension of time to challenge the arbitration award is refused due to substantial and unexplained delay, lack of merit, and absence of prejudice to the respondent.

Citation
[2011] EWHC 1721 (Comm)
Parties
Claimant/respondent: Russian Commercial Bank (Cyprus) Limited; Defendant/applicant: Fedor Khoroshilov; Defendant/applicant: Talon Enterprises Limited; Claimant/applicant: OOO Obneftegas
Jurisdiction
England and Wales
Judgment Date
05 July 2011
Procedural Posture
Commercial Court Applications for Injunctive Relief and Challenge to Arbitration Award / Return Date Hearing on Continuation of Injunctions and Extension of Time to Challenge Arbitration Award
Outcome
Injunctions discharged; extension of time to challenge arbitration award refused.
Legal Topics
Injunctions, Fraudulent Misrepresentation, Consent Judgments, Arbitration Award Challenge, Non Disclosure, Balance of Convenience
Commercial Law Arbitration Banking and Finance Injunctions Fraudulent Misrepresentation Consent Judgments Arbitration Award Challenge Non Disclosure +1 more

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Parties

Russian Commercial Bank (Cyprus) Limited

Claimant/respondent

Fedor Khoroshilov

Defendant/applicant

Talon Enterprises Limited

Defendant/applicant

OOO Obneftegas

Claimant/applicant

Procedural Posture

Commercial Court Applications for Injunctive Relief and Challenge to Arbitration Award / Return Date Hearing on Continuation of Injunctions and Extension of Time to Challenge Arbitration Award

Legal Issues

  1. 1 Whether injunctions restraining enforcement of consent judgments and arbitration award should be continued
  2. 2 Whether there was material non-disclosure or misrepresentation justifying discharge of injunctions
  3. 3 Whether there is a serious issue to be tried regarding alleged fraudulent misrepresentation

Ratio Decidendi

The injunctions restraining enforcement of the consent judgments and arbitration award are discharged due to material non-disclosure and misrepresentation by the applicants in the ex parte application, specifically regarding the Protocol of 3 August 2010 and the presentation of the Pancia issue. The applicants' underlying claim is not strong, and the balance of convenience does not justify continuation of the injunctions. The extension of time to challenge the arbitration award is refused due to substantial and unexplained delay, lack of merit, and absence of prejudice to the respondent.

Court Disposition

Injunctions discharged; extension of time to challenge arbitration award refused.

Orders

  • Injunctions restraining enforcement of consent judgments and arbitration award are discharged.
  • Application for extension of time to challenge arbitration award is refused.