Great Station Properties SA & Anor v UMS Holding Ltd & Ors [2017] EWHC 3330 (Comm) (20 December 2017)

Great Station Properties SA & Anor v UMS Holding Ltd & Ors [2017] EWHC 3330 (Comm) (20 December 2017)

The tribunal's findings of deliberate diversion of profits through controlled companies, coupled with evidence of lack of probity in dealings with Ukrainian authorities and the substitution of bearer investment certificates, constitute solid evidence of a real risk of dissipation of assets. Delay, absence of assets...

Source-derived case information.

Citation
[2017] EWHC 3330 (Comm)
Parties
Claimant: Great Station Properties S.A.; Claimant: Inter Growth Investments Limited; Defendant: UMS Holding Limited; Defendant: Energy Standard Fund Limited; Defendant: Energy Standard Industries Limited; Defendant: Stremvol Holdings Limited
Jurisdiction
England and Wales
Judgment Date
20 December 2017
Procedural Posture
Arbitration Claim (post Award Enforcement) / Application for Post Judgment Worldwide Freezing Order
Outcome
Worldwide Freezing Order granted in support of enforcement of arbitral award and judgment.
Legal Topics
Enforcement of Arbitral Awards, Worldwide Freezing Orders, Risk of Dissipation of Assets, Breach of Contract, Corporate Structures and Asset Tracing
Commercial Law Arbitration Civil Procedure Enforcement of Arbitral Awards Worldwide Freezing Orders Risk of Dissipation of Assets Breach of Contract Corporate Structures and Asset Tracing

Source-derived case record

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 3 Authorities cited 10 Party arguments 2 Amounts and remedies 4
Sign in to unlock

Parties

Great Station Properties S.A.

Claimant

Inter Growth Investments Limited

Claimant

UMS Holding Limited

Defendant

Energy Standard Fund Limited

Defendant

Energy Standard Industries Limited

Defendant

Stremvol Holdings Limited

Defendant

Procedural Posture

Arbitration Claim (post Award Enforcement) / Application for Post Judgment Worldwide Freezing Order

Legal Issues

  1. 1 Whether there is a real risk of dissipation of assets justifying a Worldwide Freezing Order post-judgment
  2. 2 Whether the conduct of the Grigorishin Respondents demonstrates dishonesty or lack of probity relevant to risk of dissipation
  3. 3 Whether delay, absence of assets in England, or related proceedings in Cyprus should preclude the grant of a WFO

Ratio Decidendi

The tribunal's findings of deliberate diversion of profits through controlled companies, coupled with evidence of lack of probity in dealings with Ukrainian authorities and the substitution of bearer investment certificates, constitute solid evidence of a real risk of dissipation of assets. Delay, absence of assets in England, and related proceedings in Cyprus do not outweigh the risk. A Worldwide Freezing Order is justified to aid enforcement of the judgment and arbitral award.

Court Disposition

Worldwide Freezing Order granted in support of enforcement of arbitral award and judgment.

Orders

  • Worldwide Freezing Order in standard Commercial Court form, with exceptions for ordinary course of business (subject to notification) and legal expenses (subject to disclosure of source of funds).