Blockchain Optimization SA & Anor v LFE Market Ltd & Ors

Blockchain Optimization SA & Anor v LFE Market Ltd & Ors

The failure to disclose the solicitor's prior involvement with the project was material but innocent and did not justify discharge of the freezing injunction; the claimants' pleadings, except for one unsupported allegation, are sufficiently particularised to sustain a good arguable case of fraud and conspiracy, warranting continuation of the injunction and dismissal of strike out and summary judgment applications.

Parties
Claimant: Blockchain Optimization S. A.; Claimant: Petrochemical Logistics Ltd; Defendant: LFE Market Ltd; Defendant: LFE Group Holdings Limited; Defendant: James (aka Jim) Aylward; Defendant: Benjamin Leigh Hunt; Defendant: White Tiger Global Opportunities Fund; Defendant: White Tiger Asset Management Ltd
Jurisdiction
England and Wales
Judgment Date
28 July 2020
Procedural Posture
Commercial / Interlocutory Applications: Discharge/continuation of Freezing Injunction, Strike Out, Summary Judgment, Amendment of Pleadings
Outcome
Freezing injunction continued; strike out and summary judgment applications dismissed except for one unsupported allegation.
Legal Topics
Freezing Injunctions, Fraudulent Misrepresentation, Unlawful Means Conspiracy, Strike Out Applications, Summary Judgment, Disclosure Obligations
Commercial Law Civil Procedure Freezing Injunctions Fraudulent Misrepresentation Unlawful Means Conspiracy Strike Out Applications Summary Judgment Disclosure Obligations

Case Brief

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Parties

Blockchain Optimization S. A.

Claimant

Petrochemical Logistics Ltd

Claimant

LFE Market Ltd

Defendant

LFE Group Holdings Limited

Defendant

James (aka Jim) Aylward

Defendant

Benjamin Leigh Hunt

Defendant

White Tiger Global Opportunities Fund

Defendant

White Tiger Asset Management Ltd

Defendant

Procedural Posture

Commercial / Interlocutory Applications: Discharge/continuation of Freezing Injunction, Strike Out, Summary Judgment, Amendment of Pleadings

Legal Issues

  1. 1 Whether the worldwide freezing injunction should be discharged for material non-disclosure
  2. 2 Whether the claimants have a good arguable case of fraud
  3. 3 Whether parts of the claim should be struck out or summary judgment granted

Ratio Decidendi

The failure to disclose the solicitor's prior involvement with the project was material but innocent and did not justify discharge of the freezing injunction; the claimants' pleadings, except for one unsupported allegation, are sufficiently particularised to sustain a good arguable case of fraud and conspiracy, warranting continuation of the injunction and dismissal of strike out and summary judgment applications.

Court Disposition

Freezing injunction continued; strike out and summary judgment applications dismissed except for one unsupported allegation.

Orders

  • Order continuing the freezing injunction against Defendants 1, 2, and 4.
  • Strike out application dismissed except as to one unsupported allegation in the pleadings.