South Square team maintains Commercial Court injunctions freezing more than US$400 million

Stephen Robins KC, Henry Phillips, Matthew Abraham and Ryan Perkins of South Square appeared for the successful Claimants in obtaining and retaining three freezing and proprietary injunctions in a major fraud case in the Commercial Court.

The South Square team acts for Ricardo Salinas, the 172nd richest man in the world, and his company, Corporacion RBS SA de CV, in litigation to recover shares worth more than US$400 million in Grupo Elektra SAB de CV, a listed Mexican company. The Claimants allege that the shares in Elektra were misappropriated in a stock-backed lending fraud.

The man alleged to be the architect of the fraud, Vladimir Sklarov (also known as “Gregory Mitchell”), applied to discharge the injunctions, alleging that the Claimants and their legal representatives had acted in breach of the duty of full and frank disclosure/fair presentation in various ways at three ex parte hearings in August 2024.

In a judgment handed down today, Mr Justice Calver rejected Mr Sklarov’s contentions and held that the Claimants and their legal representatives had complied with the duty of full and frank disclosure/fair presentation and that the injunctions should be continued.

The judgment contains a helpful summary of the authorities on the content of the duty owed by applicants at ex parte hearings.

The judgment can be found here.