On 17/02/2017, our Corporate & Commercial Litigation team – headed by Mr. Andreas Mylonas assisted by Mrs Andria Papageorgiou, acting in Cyprus on behalf of a foreign investor from Abu Dhabi, United Arab Emirates, have initiated legal proceedings against a Cyprus Investment Firm, an internationally well-known financial (Forex & Binary Options) company for fraud, deceit and conspiracy to defraud and successfully convinced the District Court in Limassol Cyprus to grant, on an ex-parte basis (i.e. without giving notice to the Defendants), an interim prohibitory / freezing injunctions (Worldwide Mareva Injunction).
Therefore, until the final adjudication, the Defendants are prohibited from alienating and/or transferring and/or selling any assets in Cyprus and abroad (including shares, movable, immovable property etc.) including bank accounts which are held in Cyprus and/or abroad and/or disposing of them in any other way.
The Mareva Injunction is an injunction that freezes assets and restricts the owner of the assets from dealing with or removing the assets before a judgment against the owner has been made. The idea is to ensure that if the Claimant is entitled to relief, justice will be served.
For further information on this topic please contact Mr. Andreas Mylonas at AMG Mylonas & Associates, LLC by telephone +357 25 101080 or by e-mail [email protected]