Fraud

Recent Articles

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  03/10/2024

  England and Wales

  Sanctioned creditors allowed to participate in and vote at creditors’ committee meetings

  In Hellard v Rossiysky Kredit Bank [2024] EWHC 1783 (Ch) the High Court confirmed that insolvency practitioners can accept votes of sanctioned creditors in relation to creditor decisions and allow them to take part in creditors’ committee meetings. Hellard also adds to the growing case law dealing with the meaning of control under the Russia (Sanctions) (EU Exit) Regulations 2019 (the “Russia Regulations”).BackgroundMr Motylev, a Russian national, moved to London in 2015 following the collapse of his Russian banking and pensions business. He was declared bankrupt in Russia...

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  02/10/2024

  England and Wales

  Threshold for freezing orders getting (fr)-easier?

  The Court of Appeal has ruled that the “good arguable case” test to be applied for freezing injunctions should be equated with the (previously thought to be lower) “serious issue to be tried” threshold applied in American Cyanamid injunctions, marking a significant shift in the law on this issue.BackgroundMs dos Santos, the daughter of the former President of Angola, is the founder, former beneficial owner and former director of Unitel, Angola’s largest mobile telecommunications company. Her stake in Unitel (and various other shareholdings) has been appropriated by...

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  23/09/2024

  England and Wales

  D'Aloia v Persons Unknown: English High Court clarifies law on crypto and constructive trusts

  Fabrizio D'Aloia v Persons Unknown Category A, Binance Holdings Limited, Polo Digital Assets Inc, Gate Technology Corp, Aux Cayes Fintech Co Ltd, Bitkub Online Co Ltd, Persons Unknown Category B (EWHC 2342 (Ch), 12 Sep 2024)D’Aloia will be a case name recognised by those with an interest in crypto law.  As previously reported (see CMS Law-Now here), on 24 June 2022, the High Court granted Mr D’Aloia (“Claimant”) an order permitting service of proceedings on persons unknown via a non-fungible token (NFT) .The claim against Binance Holdings Limited has since been settled,...

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  28/08/2024

  England and Wales

  The dangers of overegging the pudding: a party’s duty of full and frank disclosure

  The High Court judgment in Apparel FZCO v Sheeraz Iqbal [2024] EWHC 1931 (Comm) serves as a useful reminder to applicants to carefully consider their duty of full and frank disclosure when making without notice applications and ensure that they present their case in a “fair, objective [and] even-handed manner”. BackgroundApparel Fzco allege that individuals impersonating retail buyers fraudulently deceived them into shipping goods valued in excess of £1 million to the fraudsters. The impersonators did not make payment for the goods, first claiming that they had not been delivered...

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  20/06/2024

  United Kingdom

  SFO’s Strategy for 2024-2029 – New Emphasis for the SFO

  The UK’s Serious Fraud Office (SFO) has unveiled its strategy for 2024-2029.  The Strategy reads rather more clearly and concisely than many corporate vision-statements of this sort, perhaps reflecting the pragmatic approach of the new Director, Nick Ephgrave QPM. There is considerable , and laudable, emphasis on values, technology and attracting “the brightest and best”.   Here are some of the more interesting highlights:ECCTA and Increased Investigatory PowersPrevious SFO Directors have strongly advocated for law reform, in particular extending the ambit of corporate...

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  27/05/2024

  Europe

  Aven v Council (T-301/22) and Fridman v Council (T-304/22)

  IntroductionThe EU and many other countries impose financial sanctions on individuals. These people, who are often wealthy businessmen with ties to particular governments, are “designated” under the relevant sanctions regime. The consequences of such designation are usually dire and, usually, any challenge to such a designation will be extremely difficult.However legal challenges are possible in the EU and other jurisdictions, and sometimes succeed. A recent example is the case of Mikhail Fridman and Petr Aven, who have persuaded a lower court of the EU to overturn their designation...

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