Joint Fruit Company

JFC directors and CEO Mr Kekhman are summoned for contempt

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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

High Court freezes Russian fruit multi-national Joint Fruit Company’s worldwide assets

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The English High Court has today issued a worldwide freezing order against Russia’s largest fruit multi-national, JFC Group Co. Ltd (“JFC”) of St Petersburg (owned by Mr Vladimir Kekhman). In August 2011 the High Court in London awarded reefer ship owner STAR Reefers USD16.5m, plus legal costs and interest, against charterparty guarantor JFC, following the unlawful early redelivery of three ships and wrongful termination of the charters by JFC’s chartering arm Kalistad Ltd of Cyprus. JFC have not appealed the judgement and it is now final. JFC have failed to pay the judgement sum. On 6 September 2011, the judgment debt against JFC was registered with the UK Government’s Registry Trust, which is publically searchable by banks, rating agencies, lenders and creditors.

As a result of JFC’s failure to pay the judgement debt and breach of other court orders, on 10 November 2011 the High Court ordered JFC to disclose details of all of their worldwide assets with a value exceeding USD 25,000 and any transactions between JFC and its associated companies. Because of JFC’s continuing failure to comply with court orders and due to evidence that assets may have be transferred between offshore companies to frustrate creditors, on 16 December 2011 His Honour Judge Mackie QC issued a worldwide freezing order in the sum of USD 21m against JFC’s assets.

JFC’s banks including Royal Bank of Scotland, Citibank, Nordea, VTB (Deutschland), Gazprombank, Raiffeisen, Sberbank, UniCredit, Amsterdam Trade Bank, Banque Societe Generale, Commerzbank, and Bank of Moscow have been notified of the Court Order.

Source: www.freshplaza.com

JFC Loses New Action Against Norwegian reefer operator

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A U.K. court says Russia’s largest fruit importer JFC Group must disclose all its worldwide assets after the company failed to pay $16.5 million in damages to Norwegian shipowner Star Reefers.

In August the High Court in London awarded the refrigerated cargo ship operator damages and costs against charter party guarantor JFC, following the unlawful early redelivery of three ships and wrongful termination of charters by JFC’s chartering arm Kalistad.

After JFC failed to pay the damages or appeal the judgment was considered “final.”

With JFC’s ongoing failure to pay, a Commercial Court judge last week ordered the St. Petersburg-based company to disclose to Star Reefers all worldwide assets exceeding $25,000. It must also disclose any transactions between JFC and its associated companies in the last year in excess of $25,000.

Source: www.joc.com