JSC BTA Bank v Ablyazov & 16 Ors [2013] EWHC 1869 (Comm) (02 July 2013)

JSC BTA Bank v Ablyazov & 16 Ors [2013] EWHC 1869 (Comm) (02 July 2013)

The Bank has established a good arguable case that Lapointec and Limia may not be the true beneficial owners of the Dregon Land shares and that Mr Ablyazov may retain beneficial ownership. The court has jurisdiction to continue the Receivership and Freezing Orders pending a trial of the issue. It is just and appropriate to order a trial of the competing claims as to beneficial ownership.

Citation
[2013] EWHC 1869 (Comm)
Parties
Claimant: JSC BTA Bank; Defendant: Ablyazov; Applicant/defendant: Lapointec Ventures Limited; Applicant/defendant: Limia Holdings Limited; Applicant/defendant: Dregon Land Limited
Jurisdiction
England and Wales
Judgment Date
02 July 2013
Procedural Posture
Commercial Court Application (high Court, Queen's Bench Division) / Interlocutory Application to Amend Receivership and Freezing Orders
Outcome
Application dismissed
Legal Topics
Freezing Orders, Receivership, Beneficial Ownership, Jurisdiction, Chabra Orders
Civil Procedure Commercial Law Asset Recovery Freezing Orders Receivership Beneficial Ownership Jurisdiction Chabra Orders

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Parties

JSC BTA Bank

Claimant

Ablyazov

Defendant

Lapointec Ventures Limited

Applicant/defendant

Limia Holdings Limited

Applicant/defendant

Dregon Land Limited

Applicant/defendant

Procedural Posture

Commercial Court Application (high Court, Queen's Bench Division) / Interlocutory Application to Amend Receivership and Freezing Orders

Legal Issues

  1. 1 Whether Receivership and Freezing Orders should be amended to exclude Dregon Land shares
  2. 2 Whether Lapointec and Limia are beneficial owners of Dregon Land shares or if Mr Ablyazov retains beneficial ownership
  3. 3 Whether the court has jurisdiction to continue orders against applicants under Chabra principles

Ratio Decidendi

The Bank has established a good arguable case that Lapointec and Limia may not be the true beneficial owners of the Dregon Land shares and that Mr Ablyazov may retain beneficial ownership. The court has jurisdiction to continue the Receivership and Freezing Orders pending a trial of the issue. It is just and appropriate to order a trial of the competing claims as to beneficial ownership.

Court Disposition

Application dismissed

Orders

  • Applicants' application to amend Receivership and Freezing Orders so as not to apply to Dregon Land shares is dismissed.
  • There will be a trial of the competing claims as to the beneficial ownership of the Dregon Land shares.