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April 2017

Apr 2017
PCB news
PCB Litigation has been instructed on behalf of a Bank to pursue claims in respect of a loan which was obtained by fraud.
PCB Litigation has been instructed to advise a major UK company in relation to various contractual and other issues arising out of a share sale agreement.
PCB Litigation has been instructed to bring claims arising out of the collapse of a property investment.
PCB Litigation has been instructed to defend claims in relation to an international joint venture dispute
PCB Litigation has been instructed in relation to a multi-million dollar investment and property dispute involving a factory and its relocation.
PCB Litigation are retained in an action to set aside enforcement of a US$150m Arbitration Award.
PCB Litigation has accepted an invitation to advise a consortium of major Asian Banks on the jurisdiction of the English Courts to grant interim relief in support of foreign proceedings.
PCB Litigation are advising an investment fund in relation to the enforcement of an award against a European State. Read More

First ever search order against a third party granted: the Chabra moment for search orders

Mar 2017
Fraud updates
Amongst the wide array of tools available in the English Courts for intended and actual claimants are what have been described as the law’s two nuclear weapons, freezing injunctions and search orders. Since the seminal case of Chabra, Courts have been willing to grant freezing orders not just against defendants, but against third parties against whom no claim is advanced but who appear to hold assets on behalf of the defendant. Yet in the quarter of a century since Chabra, and until very recently, no case seems to have tried to use the search order jurisdiction in a similar way. The matter of Abela and others v Baadarani (Third Party: Fakih) [2017] EWHC 269 (Ch) – in which PCB Litigation act for the Claimants - has now achieved that. The background to the case is as follows. In 2009, the Claimants commenced proceedings against Mr Baadarani and another defendant. There then followed a jurisdictional challenge by Mr Baadarani, culminating in what is the leading case regarding alternative service out of the jurisdiction (Abela and others v Baadarani [2013] UKSC 44). Following the Supreme Court’s rejection of Mr Baadarani’s jurisdictional challenge, the matter then proceeded until, in June 2015, judgment was entered against Mr Baadarani in a sum of over US$20 million following his failure to comply with a number of unless orders. As part of enforcement efforts, and having obtained a worldwide freezing order against Mr Baadarani the day before, PCB obtained a number of third party disclosure orders, including against a bank and the Respondents to the Search Order obtained shortly after. In response to the disclosure orders, the bank provided considerably more documents than the Respondents had, and the disclosure that was provided suggested that the Respondents had conspired with Mr Baadarani to backdate an asset statement. This was in fact created in 2015 and backdated to 2013. As a result, we successfully applied on a without notice basis for a search order against the Respondents for relevant documents in their possession. That application was granted on 21 April 2016 (Abela and others v Baadarani (Third Party: Fakih) [2016] EWHC 971 (Ch)) following our argument that, like Chabra some 25 years earlier, an order could be granted against parties against whom no cause of action was being pursued. At a hearing in February 2017, we successfully resisted the Respondents’ attempts to challenge the Court’s jurisdiction to grant the relief obtained by the Claimants. The Court’s decision is to be welcomed as confirming the existence of yet another tool in the litigator’s armoury. Trevor Mascarenhas and Jon Felce act for the Claimants in this matter. Read More

March 2017

Mar 2017
PCB news
PCB obtains first ever search order against a third party: see here for details
PCB Litigation has been retained to act for a major European State Bank in a multi $million asset recovery case involving several jurisdictions. Read More

February 2017

Feb 2017
PCB news
PCB Litigation are advising on the recovery of $1billion African fraud Read More

New European regime for preserving accounts

Jan 2017
Fraud updates
Today, EU Regulation No 655/2014 of 15 May 2014 (“the Regulation”) takes effect. It establishes a European Account Preservation Order (“EAPO”) procedure with the purpose of facilitating cross-border debt recovery in civil and commercial matters. It is intended to operate as an alternative to domestic remedies, by allowing certain creditors in one participating Member State to freeze a debtor’s assets located in bank accounts in another participating Member State without first obtaining a court order within that state. Applications can be made prior to commencing proceedings without notice to the debtor (as well as during proceedings and after judgment) and may give creditors the chance to obtain information about debtors’ bank accounts. There are limitations to the scope and application of the EAPO regime which will be tested in the early months and years of the new EAPO regime, when its interpretation and utilisation is interpreted by Courts across Europe. However, used creatively, we believe that EAPOs should prove to be a useful tool for the identification and preservation of debtors’ assets, and for the enforcement of judgments where a debtor has bank accounts in certain EU member states. Read More

January 2017

Jan 2017
PCB news
PCB Litigation have been retained by a European pension fund who are the alleged victim of a $multimillion investment fraud.
PCB Litigation have been retained by Middle Eastern clients in relation to a major insurance fraud. Read More

December 2016

Dec 2016
PCB news
PCB Litigation has been retained to act for the victims of a huge Ponzi scheme. Numerous jurisdictions are involved.
PCB Litigation is advising an Indian national on a pension fraud.
PCB Litigation is advising on a $500m multi jurisdictional Bank Fraud. Read More

No place safe to hide for Russian debtors

Nov 2016
Fraud updates
Last week, Russian Judgment debtor Andrey Chernyakov was forced to allow bailiffs to enter his London homes to search for and seize his assets. The Bank of Moscow had at the end of October obtained a £195m judgment against Mr Chernyakov. Mr Chernyakov had already been the subject of worldwide freezing orders. When the Bank sought to enforce by sending in the bailiffs, Mr Chernyakov refused them entry to his homes. Urgent relief was obtained within a matter of hours, permitting the bailiffs to use reasonable force to enter the homes that same day. This led to the immediate seizure of assets. PCB Litigation acts for the Bank of Moscow. The team consists of Anthony Riem, Nick Ractliff and Jon Felce. Read More

PCB Litigation awarded top rankings for civil fraud in legal directories

Nov 2016
Fraud updates
We would like to thank our clients, referees, fellow professionals and others who have provided their support over the years in helping us top the rankings for civil fraud in both Chambers and Partners and The Legal 500. PCB received a Band 1 ranking for civil fraud in the UK in Chambers and Partners for the first time, while retaining its tier 1 position for civil fraud in London in The Legal 500. According to Chambers and Partners, the firm assists “high-end clients including banks and corporations in getting to the bottom of sophisticated fraud scenarios. Skilled at obtaining global interim relief and at dealing with jurisdictional issues that arise.” In The Legal 500, PCB is quoted as being perhaps “the pre-eminent boutique” in London’s civil fraud arena. This is the culmination of many years of hard work and is a testament to the capabilities of a dedicated and talented team, supplemented by high quality barristers, foreign lawyers and other professionals with whom we regularly work. We have also been fortunate to have had some fantastic clients, many of whom have been willing to risk pushing at the legal boundaries in seeking to achieve successful outcomes. We continue to strive to provide innovative solutions and excellence in tackling complex fraud and asset recovery cases. The most recent development has been the obtaining this year of what is believed to be the first ever search order granted against a respondent without the need to have a claim against that party. Read More

November 2016

Nov 2016
PCB news
PCB Litigation has been ranked in the top tier of civil fraud firms in the UK, in which we are said to be known for assisting “high-end clients including banks and corporations in getting to the bottom of sophisticated fraud scenarios. Skilled at obtaining global interim relief and at dealing with jurisdictional issues that arise.” Steven Philippsohn, Anthony Riem and Trevor Mascarenhas are all ranked as leading individuals. Steven is described as “a great strategist” who “is completely driven and spares no effort.” Anthony is noted as “very energetic and active in pursuing his goals”. Trevor is described as “incredibly hard-working, a very good thinker and has a great attachment to the details”. Read More

October 2016

Oct 2016
PCB news
PCB Litigation advised on a $multimillion investment fraud involving multiple jurisdictions including the Middle East and Africa as well as the UK.
PCB Litigation has been instructed to act for the Claimant in a LCIA arbitration claim for approximately US$25 million in connection with the misappropriation of a shareholding in an overseas retail development.
PCB Litigation has obtained in the High Court, a judgment of approximately US$15million together with significant costs orders for a private businessman against his former business partner on claims for misappropriation of investment funds which the former business partner used for his own benefit rather than agreed investment projects.
PCB Litigation has been instructed in relation to a high value cross-border shareholder dispute. Read More

Making economic crimes pay

Sep 2016
Fraud updates
As specialist fraud and asset recovery lawyers, we regularly successfully pursue those behind the commission of economic wrongdoing as well as those who have assisted in such wrongdoing. However, whilst there are various available methods of pursuing perpetrators on a civil basis (with which we are well versed), moves are again afoot to seek to plug gaps in the criminal sphere. In July 2014, we reported upon the Head of the SFO’s proposal to extend the ambit of section 7 of the Bribery Act 2010 for corporates “failing to prevent” acts of employees (see http://www.pcblitigation.com/media/potential-corporate-fraud-amendment-to-bribery-act-2010/). With the new British Prime Minister, Theresa May, prioritising the promotion of responsible actions through effective corporate governance, the extension of Section 7 is once again back on the agenda, targeting economic crimes such as fraud, money laundering, and false accounting. The introduction of the proposed new offence is designed to make it easier to attribute liability to corporates of all sizes for the acts of those who act on their behalf. Read More