Renaissance Securities (Cyprus) Limited v ILLC Chlodwig Enterprises & Ors

Renaissance Securities (Cyprus) Limited v ILLC Chlodwig Enterprises & Ors

The arbitration agreements between Renaissance and the Defendants, properly construed, do not extend to restrain claims by the Defendants against the RREs (Renaissance affiliates) in Russia. The agreements are limited to disputes between the parties to the ISAs. There is no contractual or vexatious/oppressive basis to grant an anti-suit injunction restraining the Russian proceedings against the RREs. The application to vary or clarify the injunction is refused.

Parties
Claimant: Renaissance Securities (Cyprus) Limited; Defendant: ILLC Chlodwig Enterprises; Defendant: ILLC Adorabella; Defendant: Gekolina Investments Limited; Defendant: Dubhe Holdings Limited; Defendant: Owl Nebula Enterprises Limited; Defendant: Perpecia Limited
Jurisdiction
England and Wales
Judgment Date
18 November 2024
Procedural Posture
Commercial Application (anti Suit Injunction) / Judgment on Application to Vary/clarify Anti Suit Injunction
Outcome
Application refused; costs awarded to Defendants subject to a 25% reduction for one issue lost.
Legal Topics
Anti Suit Injunctions, Arbitration Agreements, Third Party Claims, Sanctions, Jurisdiction
Arbitration Commercial Law Conflict of Laws Anti Suit Injunctions Arbitration Agreements Third Party Claims Sanctions Jurisdiction

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Parties

Renaissance Securities (Cyprus) Limited

Claimant

ILLC Chlodwig Enterprises

Defendant

ILLC Adorabella

Defendant

Gekolina Investments Limited

Defendant

Dubhe Holdings Limited

Defendant

Owl Nebula Enterprises Limited

Defendant

Perpecia Limited

Defendant

Procedural Posture

Commercial Application (anti Suit Injunction) / Judgment on Application to Vary/clarify Anti Suit Injunction

Legal Issues

  1. 1 Whether the arbitration agreement between Renaissance and the Defendants extends to restrain claims by Defendants against Renaissance affiliates (RREs) in Russia
  2. 2 Whether the court should grant an anti-suit injunction to restrain such claims
  3. 3 Whether Renaissance breached its duty of full and frank disclosure or fair presentation in previous hearings

Ratio Decidendi

The arbitration agreements between Renaissance and the Defendants, properly construed, do not extend to restrain claims by the Defendants against the RREs (Renaissance affiliates) in Russia. The agreements are limited to disputes between the parties to the ISAs. There is no contractual or vexatious/oppressive basis to grant an anti-suit injunction restraining the Russian proceedings against the RREs. The application to vary or clarify the injunction is refused.

Court Disposition

Application refused; costs awarded to Defendants subject to a 25% reduction for one issue lost.

Orders

  • Application to vary or clarify anti-suit injunction refused.
  • Claimant to pay Defendants' costs, reduced by 25% for the issue on fair presentation.