Global Asset Capital, Inc and another v Aabar Block S.A.R.L. and others

Practice – Summary judgment. The Commercial Court dismissed applications by the first and second defendants and by the third defendant businessman, Robert Tchenguiz, for summary judgment on claims brought against them. The claim against the first two defendants was for specific performance of obligations under an alleged oral agreement (for the purchase of their interests in groups of companies) and the claim against Tchenguiz was for damages and an injunction restraining him from procuring the first two defendants' breach of the alleged agreement. It ruled that the first two defendants had not demonstrated that the alleged agreement could not in law have amounted to a binding and enforceable contract and the claimants' claim had a realistic prospect of success. Further, the claimants were granted permission to amend their particulars of claim, the benefit of which meant that they would have a realistic prospect of showing that an alleged threat by Tchenguiz could amount to the tort of abuse of process.

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