Techteryx Ltd v (1) Aria Commodities DMCC (2) Mashreq Bank PSC (3) Emirates Nbd Bank PJSC (4) Abu Dhabi Islamic Bank PJSC [2025] DIFC DEC 001 (17 October 2025)

Techteryx Ltd v (1) Aria Commodities DMCC (2) Mashreq Bank PSC (3) Emirates Nbd Bank PJSC (4) Abu Dhabi Islamic Bank PJSC [2025] DIFC DEC 001 (17 October 2025)

The DIFC Court has jurisdiction to grant proprietary and freezing injunctions in aid of Hong Kong proceedings where there is a sufficient likelihood of a judgment enforceable in the DIFC, and a sufficient risk that, without the injunctions, execution of such judgment would be thwarted. The claimant demonstrated a good arguable case for proprietary and freezing relief, and there is a real risk of dissipation of assets by the First Defendant. The balance of convenience and justice favours continuation of the injunctions.

Citation
[2025] DIFC DEC 001
Parties
Claimant: Techteryx Ltd.; First Defendant: Aria Commodities DMCC; Second Defendant: Mashreq Bank PSC; Third Defendant: Emirates NBD Bank PJSC; Fourth Defendant: Abu Dhabi Islamic Bank PJSC
Jurisdiction
United Arab Emirates
Judgment Date
17 October 2025
Procedural Posture
Interim Application in Civil Proceedings (injunctions) / Final Return Date Hearing on Continuation/discharge of Proprietary and Freezing Injunctions
Outcome
Injunctions continued until further order of the Court.
Legal Topics
Proprietary Injunctions, Worldwide Freezing Orders, Jurisdiction in Aid of Foreign Proceedings, Constructive Trust, Fraud, Asset Tracing, Enforcement of Foreign Judgments, Risk of Dissipation, Stablecoins, Securitisation
Civil Procedure Commercial Law Banking and Finance Trusts and Equity Cryptocurrency Law Proprietary Injunctions Worldwide Freezing Orders Jurisdiction in Aid of Foreign Proceedings +7 more

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Parties

Techteryx Ltd.

Claimant

Aria Commodities DMCC

First Defendant

Mashreq Bank PSC

Second Defendant

Emirates NBD Bank PJSC

Third Defendant

Abu Dhabi Islamic Bank PJSC

Fourth Defendant

Procedural Posture

Interim Application in Civil Proceedings (injunctions) / Final Return Date Hearing on Continuation/discharge of Proprietary and Freezing Injunctions

Legal Issues

  1. 1 Whether the DIFC Court has jurisdiction to grant proprietary and freezing injunctions in aid of Hong Kong proceedings
  2. 2 Whether there is a serious issue to be tried or a good arguable case for proprietary and freezing relief
  3. 3 Whether the assets are available to satisfy a judgment enforceable in the DIFC

Ratio Decidendi

The DIFC Court has jurisdiction to grant proprietary and freezing injunctions in aid of Hong Kong proceedings where there is a sufficient likelihood of a judgment enforceable in the DIFC, and a sufficient risk that, without the injunctions, execution of such judgment would be thwarted. The claimant demonstrated a good arguable case for proprietary and freezing relief, and there is a real risk of dissipation of assets by the First Defendant. The balance of convenience and justice favours continuation of the injunctions.

Court Disposition

Injunctions continued until further order of the Court.

Orders

  • Proprietary injunction prohibiting the First Defendant from disposing of, dealing with, or diminishing cash or assets to the value of USD 456,000,000 transferred to the First Defendant or traceable proceeds thereof.
  • Worldwide freezing injunction prohibiting the First Defendant from removing from Dubai any of its assets in Dubai up to USD 456,000,000 or in any way disposing of, dealing with, or diminishing the value of any of its assets whether in or outside Dubai up to the same value.