DIFC Court grants mid-trial proprietary injunction in $1 billion dispute

In Abramenko and Misevich v Chuprin, the DIFC Court has granted a mid-trial proprietary injunction restraining dealings with disputed trust bank accounts said to be worth approximately USD 28 million. Justice Andrew Moran KC held that there were serious issues to be tried and that the balance of convenience strongly favoured preserving assets to prevent further dissipation, notwithstanding delay in bringing the application. The Court was satisfied that damages would not be an adequate remedy if the claimants succeeded at trial. 

The substantive proceedings concern a high‑value dispute worth more than $1 billion over the validity and operation of a DIFC law trust established to hold very substantial assets connected with a successful international online gaming business. The claimants allege that the defendant acted as trustee and nominee, and that following his removal as trustee he failed to account for, and wrongfully dissipated, significant trust funds. The defendant disputes the trust’s validity and maintains that he was the true beneficial owner of the assets. Those issues are being determined at trial.

Michael Walsh KC acted for the Claimants with Gregor Hogan and Henry Fahrenkamp on the application for the injunction, instructed by Matthew Showler and Helen Briant at Trowers & Hamlins. 

Rupert Reed KC and Michael Walsh KC act for the Claimants in the main trial with Rumen Cholakov and Viktoria Winzer of 3VB.