Ex parte Encinas (MA 98 of 2024 (Arising in CS 44 of 2024)) [2024] SCSC 156 (31 July 2024)

Ex parte Encinas (MA 98 of 2024 (Arising in CS 44 of 2024)) [2024] SCSC 156 (31 July 2024)

The applicant has commenced suit and demonstrated a bona fide claim to the assets in question. The requirements of sections 280 and 281 of the Seychelles Code of Civil Procedure are satisfied. Provisional seizure is necessary to protect the applicant's investment and prevent dissipation of the funds pending determination of the main suit.

Citation
[2024] SCSC 156
Parties
Petitioner: Matthew Raymond Encinas; Respondent: Fortune Icon Limited; Respondent: Mek Global Limited; Respondent: Peken Global Limited
Court
Supreme Court
Jurisdiction
Seychelles
Judgment Date
31 July 2024
Case Number
MA 98 of 2024 (Arising in CS 44 of 2024)
Procedural Posture
Ex Parte Application for Provisional Seizure / Ruling on Interim Application
Outcome
provisional seizure order granted
Legal Topics
Provisional Seizure, Cryptocurrency, Interim Relief
Source Language
English
Civil Procedure Provisional Seizure Cryptocurrency Interim Relief

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Parties

Matthew Raymond Encinas

Petitioner

Fortune Icon Limited

Respondent

Mek Global Limited

Respondent

Peken Global Limited

Respondent

Procedural Posture

Ex Parte Application for Provisional Seizure / Ruling on Interim Application

Legal Issues

  1. 1 Whether the applicant is entitled to a provisional seizure order under sections 280 and 281 of the Seychelles Code of Civil Procedure
  2. 2 Whether the applicant has a bona fide claim justifying interim protection of assets

Ratio Decidendi

The applicant has commenced suit and demonstrated a bona fide claim to the assets in question. The requirements of sections 280 and 281 of the Seychelles Code of Civil Procedure are satisfied. Provisional seizure is necessary to protect the applicant's investment and prevent dissipation of the funds pending determination of the main suit.

Court Disposition

provisional seizure order granted

Orders

  • Registrar to issue a warrant of seizure to an usher to be served on the respondents and provisionally seize 2,700,000 USDT currently found on the specified KuCoin accounts.
  • If the accounts have been deleted, provisionally seize the USDT amount or part thereof moved elsewhere on the KuCoin exchange.