Gerald Metals S.A. v Vasile Frank Timis

Gerald Metals S.A. v Vasile Frank Timis

The freezing order is continued because Gerald Metals S.A. has a good arguable case in conspiracy and deceit, there is a real risk of dissipation of assets, and the criticisms regarding disclosure and prejudice are not persuasive at this stage.

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 / Application to Continue Freezing Order
Outcome
freezing order continued
Legal Topics
Freezing Injunction, Conspiracy, Deceit, Asset Dissipation, Full and Frank Disclosure
Commercial Law Civil Procedure Freezing Injunction Conspiracy Deceit Asset Dissipation Full and Frank Disclosure

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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 / 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 risk of dissipation of assets

Ratio Decidendi

The freezing order is continued because Gerald Metals S.A. has a good arguable case in conspiracy and deceit, there is a real risk of dissipation of assets, and the criticisms regarding disclosure and prejudice are not persuasive at this stage.

Court Disposition

freezing order continued

Orders

  • Freezing order against Timis Corporation is continued to preserve proceeds of Senegal oil interests sale.
  • Gerald Metals S.A. to provide cross-undertaking in damages.