VTB CAPITAL PLC – V – UNIVERSAL TELECOM INVESTMENT STRATEGIES FUND SPC (CICA, 5 June 2013)
PCB acted for the claimant bank in relation to a substantial claim in deceit and breach of contract, which included worldwide freezing order relief in the sum of US$200m and ancillary freezing orders in the BVI and Cayman. In England, the case reached the Supreme Court on issues relating to piercing the corporate veil, choice of law and appropriate forum. In the English Court of Appeal there was additionally the issue of whether the claimant suffered loss caused by the alleged deceit given that it had entered into a participation agreement with another bank that passed on all of the risk. In the BVI, issues arose as to whether it was appropriate for the BVI Court to grant relief that overlapped with the English freezing order. In the Cayman Court of Appeal, the issue was whether the Cayman Court could grant freezing order relief in support of the English proceedings. PCB established that the Cayman Courts could indeed grant such relief.