Litigation Success | Worldwide Mareva Injunction against ATLAS FX Brokers

Litigation Success | Worldwide Mareva Injunction

The AGP Litigation Team, representing a Company, incorporated in Afghanistan, following a successful application to the District Court of Limassol, has obtained interim prohibitory / freezing injunctions (Mareva Injunctions) against:

  • a Cyprus Investment Firm, an internationally well-known financial (forex) company trading as ATLAS CAPITAL FX, part of a group consisting of banks and other financial institutions;
  • the Ultimate Beneficial Owner (“UBO”) of the aforementioned investment firm; and
  • the Managing Director of the Firm.

Although the shareholders leading up to the UBOs are generally protected from being personally liable for their Firm’s actions, the corporate veil can be pierced by Court Order under very exceptional circumstances.  Therefore, it is to be noted that we have also succeeded in lifting the corporate veil in order to obtain personal prohibitory injunctions against the UBO.


The parties had concluded a referral agreement which had been violated by the Cyprus Investment Firm. A subsequent settlement agreement between the parties was breached once again by the said Investment Firm.  Therefore, Mr. Angelos Paphitis and Mrs. Niki Liassides, barristers of AGP, on behalf of our client, an Afghani investor, have initiated legal proceedings against the aforementioned Defendants for fraud, deceit and conspiracy to injure.

Within the context of this lawsuit, in order to ensure that our clients’ rights are protected until the final adjudication, we successfully obtained a Mareva Injunction on 27.10.2016.


Until the final adjudication, the Defendants are prohibited from alienating and/or transferring and/or selling any assets in Cyprus and abroad (including shares, movable, immovable property etc.) and/or disposing of them in any other way.


The Defendants were further ordered to proceed with the disclosure of their assets in Cyprus and abroad.

Lawyers Engaged: Angelos Paphitis & Niki Liassides.