JSC Mezhdunarodniy Promyshelnniy Bank & Anor v Pugachev & Ors

JSC Mezhdunarodniy Promyshelnniy Bank & Anor v Pugachev & Ors

The court extended the passport restraint order and required additional disclosure from LCL regarding euro account transfers and assets administered, finding that existing disclosures were inadequate and that such orders were necessary to police the freezing injunctions effectively given Mr. Pugachev's history of non-compliance and asset dissipation.

Parties
Applicant/claimant: JSC Mezhdunarodniy Promyshelniy Bank; Applicant/claimant: State Corporation Deposit Insurance Agency; Respondent/defendant: Sergei Viktorovich Pugachev; Respondent/defendant: KEA Trust Company Limited; Respondent/defendant: Finetree Company Limited; Respondent/defendant: Bramerton Company Limited; Respondent/defendant: Bluering Company Limited; Respondent/defendant: Maru Limited; Respondent/defendant: Hapori Limited; Respondent/defendant: Miharo Limited; Respondent/defendant: Arotau Limited; Respondent/defendant: Luxury Consulting Limited; Respondent/defendant: Victor Sergeyevitch Pugachev
Jurisdiction
England and Wales
Judgment Date
27 August 2015
Procedural Posture
Civil / Interlocutory Applications—continuation and Modification of Freezing Orders, Disclosure Orders, and Passport Restraint
Outcome
Applications granted in part; freezing orders continued by consent; passport restraint order extended; additional disclosure ordered from LCL.
Legal Topics
Worldwide Freezing Orders, Disclosure Obligations, Passport Restraint, Chabra Orders, Privilege Against Self Incrimination
Civil Procedure Asset Freezing Injunctive Relief Worldwide Freezing Orders Disclosure Obligations Passport Restraint Chabra Orders Privilege Against Self Incrimination

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Parties

JSC Mezhdunarodniy Promyshelniy Bank

Applicant/claimant

State Corporation Deposit Insurance Agency

Applicant/claimant

Sergei Viktorovich Pugachev

Respondent/defendant

KEA Trust Company Limited

Respondent/defendant

Finetree Company Limited

Respondent/defendant

Bramerton Company Limited

Respondent/defendant

Bluering Company Limited

Respondent/defendant

Maru Limited

Respondent/defendant

Hapori Limited

Respondent/defendant

Miharo Limited

Respondent/defendant

Arotau Limited

Respondent/defendant

Luxury Consulting Limited

Respondent/defendant

Victor Sergeyevitch Pugachev

Respondent/defendant

Procedural Posture

Civil / Interlocutory Applications—continuation and Modification of Freezing Orders, Disclosure Orders, and Passport Restraint

Legal Issues

  1. 1 Whether to continue and modify worldwide freezing orders against defendants
  2. 2 Adequacy of asset disclosure by Mr. Pugachev and LCL
  3. 3 Whether to extend passport restraint order against Mr. Pugachev

Ratio Decidendi

The court extended the passport restraint order and required additional disclosure from LCL regarding euro account transfers and assets administered, finding that existing disclosures were inadequate and that such orders were necessary to police the freezing injunctions effectively given Mr. Pugachev's history of non-compliance and asset dissipation.

Court Disposition

Applications granted in part; freezing orders continued by consent; passport restraint order extended; additional disclosure ordered from LCL.

Orders

  • Passport restraint order extended to 21 September 2015, subject to further application by claimants.
  • LCL ordered to disclose euro account bank statements from 18 March 2015 to present and details of transfers exceeding €13,000.