Abu Dhabi Commercial Bank PJSC v Manghat (Worldwide Freezing Injunction) [2022] ADGMCFI 111 (30 September 2022)

Abu Dhabi Commercial Bank PJSC v Manghat (Worldwide Freezing Injunction) [2022] ADGMCFI 111 (30 September 2022)

The court found that ADCB established a good arguable case against Mr Manghat for fraud and conspiracy, demonstrated a real risk of dissipation of assets, and that it was just and convenient to grant a worldwide freezing order up to US$1 billion.

Citation
[2022] ADGMCFI 111
Parties
Claimant: Abu Dhabi Commercial Bank PJSC; Defendant: Prasanth Manghat
Jurisdiction
United Arab Emirates
Judgment Date
30 September 2022
Procedural Posture
Civil / Application for Worldwide Freezing Injunction
Outcome
Application for Worldwide Freezing Injunction granted.
Legal Topics
Worldwide Freezing Injunction, Fraudulent Misrepresentation, Conspiracy, Risk of Dissipation, Just and Convenient Test
Civil Procedure Banking Law Fraud Worldwide Freezing Injunction Fraudulent Misrepresentation Conspiracy Risk of Dissipation Just and Convenient Test

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Parties

Abu Dhabi Commercial Bank PJSC

Claimant

Prasanth Manghat

Defendant

Procedural Posture

Civil / Application for Worldwide Freezing Injunction

Legal Issues

  1. 1 Whether the applicant has a good arguable case against the defendant for fraud and conspiracy
  2. 2 Whether there is a real risk of dissipation of assets by the defendant
  3. 3 Whether it is just and convenient to grant a worldwide freezing order

Ratio Decidendi

The court found that ADCB established a good arguable case against Mr Manghat for fraud and conspiracy, demonstrated a real risk of dissipation of assets, and that it was just and convenient to grant a worldwide freezing order up to US$1 billion.

Court Disposition

Application for Worldwide Freezing Injunction granted.

Orders

  • Worldwide freezing order granted against Mr Manghat up to US$1 billion.
  • Parties have liberty to apply regarding the costs of the Application.