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Apex Global Management Ltd v Fi Call Ltd

Court: House of Lords
Daniel Lightman QC, Paul Adams, Thomas Elias, Emma Hargreaves

A substantial and high profile shareholder dispute involving two saudi princes and allegations of terriost funding and money laundering in which both principal shareholders present unfair prejudice petitions.  The case raised issues as to (i) the extent to which relief can be sought by unfair prejudice petition against a person who is neither a shareholder nor a director of the relvant company's; (ii) whether hearings may be held in private where a party alleges that the proceedings represent an attempt at extortion through adverse publicity; (iii) the extent to which members of the family of a ruling monarch are entitled to assert sovereign immunity; (iv) the application to section 994 petitions of the principles set out in Crabtree (Insulation) Ltd v APT Communicaiton Systems Ltd regarding security for costs where the parties are cross-claiming on substantially the same facts; and (v) the use of unless orders against parties who refuse to make witness statements; this latter issue reaching the Supreme Court under the name Prince Abdulaziz v Apex Global Management Ltd, a decision gives important guidance on the relief from sanchions regime.

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