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The AGP Litigation Team headed by Angelos Paphitis applied successfully to the District Court of Nicosia to obtain interim relief in aid of Court proceedings currently in progress.
The application was submitted against a Cyprus Company and its Shareholder (Respondents) for violation of an agreement with our client, an Egyptian Strategic Investor who has been contracted to participate as investor and major shareholder of the Respondent Company in order to succeed a tender issued by the Ministry of Energy, Commerce, Industry and Tourism of Cyprus (“MECIT”) for the construction of a new Yachts Marina in Eastern Cyprus. Upon acceptance by the MECIT for the construction of the Marina the Respondents have terminated the Agreement with our client, the Strategic Investor, and have not transferred to him the agreed shares percentage.
Our client (Applicant) has a claim on the shares of the aforementioned Cyprus Company (Respondent) on the basis of the concluded private agreement.
In order to ensure that our clients’ rights are protected until the final adjudication, on the 06.07.2016, Mr. Angelos Paphitis and Mrs. Marilyn Terpsopoulou, barristers of AGP, filed an application for interim relief and after having proved before the President Judge that the requested measures were necessary and justified, on the 08.07.2016, the District Court of Nicosia proceeded to issue the requested orders.
Therefore, until the final adjudication, the Respondents are generally prohibited from:
- selling and/or transferring the shares of the Cyprus Company to third parties and/or disposing of them in any other way;
- selling and/or transferring and/or mortgaging the assets of the Company and/or disposing of them in any other way.
For more information about our litigation and interim order petitions please refer to the Interim Orders section of this website.