On Friday 9 March 2012, the Admiralty and Commercial Court in London held a review hearing in respect of reefer ship operators STAR Reefers’ worldwide freezing order against the major Russian fruit importer JFC.
The Judge, Mr Edelman QC, held that there were good grounds for continuing the worldwide freezing order against JFC, freezing JFC’s assets wherever they may be in the world. The Order also requires JFC to give prior notification of all business transactions in excess of USD$25,000 and to provide an updated schedule of its worldwide assets by 16 March 2012. JFC were ordered to pay STAR’s legal costs totalling GBP£175,000.
Crucially, the Judge found that there was a good arguable case that there had been serious breaches of the worldwide freezing order by JFC and good arguable case that the seven named directors/officers had willfully disobeyed the Court’s previous Order. He therefore granted permission to serve the contempt of court proceedings on the named directors/officers.
Source: www.freshplaza.com