International Asset Recovery

Transcription

1 International Asset Recovery March 2011 Update Hong Kong Steven Philippsohn Commercial Fraud Specialists PCB Litigation LLP Solicitors [email protected] Web Site :

2 PCB Litigation PCB Litigation Clients Government Agencies Financial Institutions State Enterprises International Businesses Investors/Shareholders

3 PCB Litigation PCB Litigation Claims involve proceedings worldwide including:- Abu Dhabi Bahamas Belgium Belize Bermuda Bulgaria BVI Cyprus Dubai France Germany Gibraltar Hong Kong Isle of Man Italy Jersey Kazakhstan Latvia Lebanon Marshall Islands Portugal Russia Saudi Arabia Seychelles Singapore Sweden Switzerland Tajikistan Turkey UK Ukraine USA Vietnam

4 PCB Litigation PCB Litigation Represented clients in relation to asset recovery claims arising out of: Banking /Trade Finance Gold/Aluminium/Ferrous Alloys Oil/Gas Telecommunications Real Estate IP

5 PCB Litigation PCB Litigation 2011 Arbitration and Multi-Jurisdictional Court Proceedings involving : South Africa Eastern Europe and BVI US$1.8bn dispute between offshore interests Various Banks US$450m joint venture dispute between State Corporation and energy company involving UK, US, Sweden and Ukraine

6 PCB Litigation How we operate Review current position Build a bespoke team Building the case and asset identification a) Investigators b) Disclosure and Gagging Orders Assess the attractions of alternative forums Once assets identified, consider feasibility of attachment process Obtain/produce evidence of risk of dissipation

7 PCB Litigation Orders that may be granted to assist in asset tracing and recovery Disclosure Orders Freezing Disclosure Search orders Orders for examination Surrender of passport Committal to prison Appointment of a Receiver Summary Judgment Criminal prosecution

8 PCB Litigation PCB Litigation 2010 Case Study The Claim Against a prominent family for US$450m plus interest based on deceit, breach of fiduciary duty and sham contracts Strategy Building the case Evidential Integrity

9 PCB Litigation PCB Litigation 2010 Case Study Orders Obtained Freezing orders in England, Jersey, Guernsey and BVI, each in the sum of US$500m together with proprietary injunctions Search Orders executed simultaneously at 3 different premises at the same time that the freezing orders were served Delivery up of passports and direction to arrest if fail to do so Third party disclosure orders against various banks, solicitors, ISPs and others

10 PCB Litigation PCB Litigation 2010 Case Study Analysis Vast asset disclosure of the Defendants to reveal complex structures with nominees, offshore companies and trusts Electronic disclosure obtained on the search as well as the third party disclosure comprised in excess of 80 computers, mobiles phones and electronic storage devices and 100 s of files Possible further claims of several hundred millions of dollars

11 PCB Litigation PCB Litigation 2010 Case Study Further Orders Obtained Cross-examination of the Defendants assets Medical examination of Defendant Injunctions to prevent allegations of witness intimidation with undertakings being given by other defendants

12 PCB Litigation PCB Litigation 2010 Case Study Other Matters Successfully resisted an application made by some of the Defendants for fortification of the cross-undertaking in damages in the sum of US$100m Successfully resisted threatened injunctions by the Kazakh Government Debarring of Defendants

13 PCB Litigation PCB Litigation 2010 Case Study Result US$500m settlement Achieved within 4 months of proceedings having started

14 International Asset Recovery March 2011 Update Hong Kong Steven Philippsohn Commercial Fraud Specialists PCB Litigation LLP Solicitors [email protected] Web Site :