Gerald Metals S.A. v Vasile Frank Timis [2017] EWHC 1375 (Comm) (07 June 2017)

Gerald Metals S.A. v Vasile Frank Timis [2017] EWHC 1375 (Comm) (07 June 2017)

The court held that Gerald Metals S.A. has a good arguable case in conspiracy and deceit, that there is a real risk of dissipation of assets justifying the continuation of the freezing order, and that there was no material non-disclosure sufficient to discharge the order. The freezing order is proportionate and necessary to preserve the proceeds of the Senegal oil interests sale pending resolution of the underlying claims.

Citation
[2017] EWHC 1375 (Comm)
Parties
Claimant: Gerald Metals S. A.; Defendant: Vasile Frank Timis; Defendant: Claudio Buehler; Defendant: Kim Benkert-Naude; Defendant/respondent: Timis Corporation
Jurisdiction
England and Wales
Judgment Date
07 June 2017
Procedural Posture
Commercial Court Application (freezing Order) / Application to Continue Freezing Order
Outcome
Freezing order continued
Legal Topics
Freezing Injunctions, Asset Dissipation, Conspiracy, Deceit, Disclosure Obligations
Commercial Law Civil Procedure Freezing Injunctions Asset Dissipation Conspiracy Deceit Disclosure Obligations

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Parties

Gerald Metals S. A.

Claimant

Vasile Frank Timis

Defendant

Claudio Buehler

Defendant

Kim Benkert-Naude

Defendant

Timis Corporation

Defendant/respondent

Procedural Posture

Commercial Court Application (freezing Order) / Application to Continue Freezing Order

Legal Issues

  1. 1 Whether the freezing order against Timis Corporation should be continued
  2. 2 Whether Gerald Metals S.A. has a good arguable case in conspiracy and deceit
  3. 3 Whether there is a real risk of dissipation of assets justifying the freezing order

Ratio Decidendi

The court held that Gerald Metals S.A. has a good arguable case in conspiracy and deceit, that there is a real risk of dissipation of assets justifying the continuation of the freezing order, and that there was no material non-disclosure sufficient to discharge the order. The freezing order is proportionate and necessary to preserve the proceeds of the Senegal oil interests sale pending resolution of the underlying claims.

Court Disposition

Freezing order continued

Orders

  • The freezing order against Timis Corporation is continued to preserve the proceeds of the Senegal oil interests sale.
  • Gerald Metals S.A.'s cross-undertaking in damages remains in place.