Latin American Investments Ltd v Maroil Trading Inc. (a company incorporated in Panama) and another; Oceanic Trans Shipping Est (a company incorporated in Saudi Arabia) v Maroil Trading Inc. (a company incorporated in Panama) and another

Pre-trial or post-judgment relief – Freezing order. The Commercial Court continued a freezing order granted to the claimant (Oceanic) in respect of its claim against the defendants for $23m in respect of the settlement of a claim against a company in the Petroleos de Venezuela Group of companies (PDVSA), in alleged breach of a shareholders agreement and of fiduciary duty. The claim against PDVSA alleged breach of obligations under a contract of affreigntment (the COA). The second defendant's rights, under the COA, had been assigned to joint venture companies, in respect of which Oceanic was a shareholder. Oceanic had argued that its loss had arisen because the value of its shareholding in the relevant joint venture had been diminished, and that it had not received its share of the settlement of the claim against PDVSA or of a commission sum paid under a commission agreement. The court held that there was a good arguable case that Oceanic's pleaded case and the remedies sought, including specific performance, were available to it and were not caught by the reflective loss principle.

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