James Drake QC appeared for the Orb Parties (viz, the Claimants, the Fifth Party and the Seventh Party), leading Paul Greenwood and Nicholas Gibson.
Tim Jenns appeared for the Defendant, Mr Ruhan.
This is a complex and high value multi-party commercial fraud dispute. After a five day hearing in February 2015 before Mr Justice Cooke, the Orb Parties were ordered to give limited disclosure as to the payment and present whereabouts of four specific cash sums. At that hearing, the Orb Parties and Mr Ruhan gave mutual undertakings to the Court and to each other to preserve certain disputed assets until trial.
The Orb Parties’ undertakings were given on the premise that the disputed assets had been ring-fenced within a certain group of companies. In the event, that premise was incorrect and a considerable volume of the assets had been moved out of the group and expended.
The parties made a number of applications. For his part, Mr Ruhan applied for relief to protect his position in relation to the disputed assets pending trial. The Orb Parties applied for an extension of time to provide the disclosure required by the February 2015 order, for an adjournment of Mr Ruhan’s application, and for the hearing to be heard in private.
The matter returned before Mr Justice Cooke, for a two day contested hearing on 19-20 March 2015. Cooke J ruled on those applications as follows:
- Mr Ruhan’s application was adjourned to a date to be fixed.
- The second day of the hearing was heard in private.
- The Orb Parties were ordered to give further, more detailed disclosure of information and documents, supported by a report from an independent accountant.
- A worldwide freezing injunction up to £67 million was put in place over the Orb Parties’ assets (on an inter partes basis).
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