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England and Wales High Court (Chancery Division) Decisions
You are here: BAILII >> Databases >> England and Wales High Court (Chancery Division) Decisions >> JSC Mezhdunarodniy Promyshlenniy Bank & Anor v Pugachev & Ors  EWHC 3221 (Ch) (5 November 2015)
Cite as:  EWHC 3221 (Ch)
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Royal Courts of Justice
B e f o r e :
|(1) JSC MEZHDUNARODNIY PROMYSHLENNIY BANK|
|(2) STATE CORPORATION "DEPOSIT INSURANCE AGENCY"||Claimants|
|- and -|
|(1) SERGEI VIKTOROVICH PUGACHEV|
|(2) KEA TRUST COMPANY LIMITED|
|(3) FINETREE COMPANY LIMITED|
|(4) BRAMERTON COMPANY LIMITED|
|(5) BLUERING COMPANY LIMITED|
|(6) MARU LIMITED|
|(7) HAPORI LIMITED|
|(8) MIHARO LIMITED|
|(9) AROTAU LIMITED|
|(10) LUXURY CONSULTING LIMITED|
|(11) VICTOR SERGEYEVITCH PUGACHEV||Defendants|
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MR. S. SMITH QC and MR. P. HARTY (instructed by Hogan Lovells International LLP) appeared on behalf of the Claimants/Respondents.
MR. S. AULD QC and MS. R. OAKESHOTT (instructed by Mishcon de Reya LLP) appeared on behalf of the Sixth to Ninth Defendants/Applicants.
THE FIRST TO FIFTH AND TENTH AND ELEVENTH DEFENDANTS did not attend and were not represented.
Crown Copyright ©
MR. JUSTICE NUGEE:
"This order does not prohibit the WFO Respondent from dealing with or disposing of any of its assets in the ordinary and proper course of any trading business carried on by it or any bodies corporate referred to para. 3 (4) above, provided that (i) no sums may be paid or assets transferred to the Defendant or to any company which is directly or indirectly and/or controlled by the Defendant and (ii) before doing so in respect of any asset or assets comprising part of a single transaction which has an aggregate value of more than £5,000, the WFO Respondent must give the Applicants' legal representatives 24 hours' written notice".
"This order does not prohibit any of the WFO Respondents or bodies corporate referred to in para.3(4) above from dealing with or disposing of their assets in the ordinary and proper course of their day-to-day expenditure, including, without limitation, towards the upkeep, running and maintenance of their respective assets and to directors, employees, suppliers and service providers".
"shall stand possessed of the trust fund upon trust … at any time or times prior to the Date of Distribution with the prior written consent of the Protector to apply or vest or transfer such part or parts of the income arising from the Trust Fund or of the capital of the Trust Fund as it thinks fit for or towards the maintenance, education, advancement or benefit of such of them the Discretionary Beneficiaries as are from time to time living or in existence or any one or more of them to the exclusion of the others or other of them, in such shares and proportions and generally in such manner as the Trustee thinks fit and regardless of whether there is any other fund available for the purpose."