Camdex International Ltd v Bank of Zambia & Anor [1996] EWCA Civ 1357 (22 May 1996)

Camdex International Ltd v Bank of Zambia & Anor [1996] EWCA Civ 1357 (22 May 1996)

The bank notes in question had no market value and were not assets that could be realised for the benefit of the judgment creditor through execution. The Mareva injunction, as applied to the bank notes, was not preserving assets for execution but was being used to exert improper pressure on the defendant. The extraordinary economic circumstances and the lack of value of the notes to anyone but the defendant justified varying the injunction to exclude the bank notes.

Citation
[1996] EWCA Civ 1357
Parties
Plaintiff/respondent: Camdex International Limited; Defendant/appellant: Bank of Zambia
Jurisdiction
England and Wales
Judgment Date
22 May 1996
Procedural Posture
Appeal / Appeal From Queen's Bench Division to Court of Appeal, Application for Leave to Appeal and Substantive Appeal
Outcome
Appeal allowed
Legal Topics
Mareva Injunction, Post Judgment Relief, Asset Dissipation, Equitable Discretion, Sovereign Immunity Waiver
Civil Procedure Banking Law Injunctions Mareva Injunction Post Judgment Relief Asset Dissipation Equitable Discretion Sovereign Immunity Waiver

Case Brief

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Parties

Camdex International Limited

Plaintiff/respondent

Bank of Zambia

Defendant/appellant

Procedural Posture

Appeal / Appeal From Queen's Bench Division to Court of Appeal, Application for Leave to Appeal and Substantive Appeal

Legal Issues

  1. 1 Whether a Mareva injunction should continue to restrain the release of unissued bank notes held for the Bank of Zambia after judgment in favour of Camdex International Limited
  2. 2 Whether the injunction is being used to preserve assets or to exert improper pressure (ransom) on the defendant
  3. 3 Whether the bank notes constitute assets of value for execution purposes

Ratio Decidendi

The bank notes in question had no market value and were not assets that could be realised for the benefit of the judgment creditor through execution. The Mareva injunction, as applied to the bank notes, was not preserving assets for execution but was being used to exert improper pressure on the defendant. The extraordinary economic circumstances and the lack of value of the notes to anyone but the defendant justified varying the injunction to exclude the bank notes.

Court Disposition

Appeal allowed

Orders

  • Variation of the Mareva injunction to exclude the bank notes held by De La Rue Plc, permitting their removal from the jurisdiction by the defendant.
  • Defendant/Appellant awarded costs of the appeal in the Court of Appeal.