In
the High Court had granted Valbonne the injunction in December to restrain the other parties from acting over a disputed property. In a further two-day hearing last month, Valbonne had applied to continue that injunction to trial, while the respondents sought for it to be set aside on the basis of a series of alleged misrepresentations and non-disclosures in the December hearing.
During the latest proceedings, it was described by Mrs Justice Bacon how a translation of a key document presented to the court was a ‘complete fabrication’. The judge did not apportion any blame to representatives of Valbonne but said the ‘inescapable conclusion’ was that the court was ‘seriously misled’. The injunction ordered in December was discharged and will not be re-granted, after it was found to have been obtained on the basis of ‘serious and substantial’ breaches of the duty of full and frank disclosure.
UK Financial Conduct Authority Secures Interim Restitution Order Against Illegal Deposit Takers Date
03/02/2021
The Financial Conduct Authority (FCA) has secured an interim restitution order of just over £676,000 against 5 of the 7 defendants accused of carrying on unauthorised deposit taking by accepting money for projects including forex-trading and crypto-assets without FCA authorisation.
Mrs Justice Bacon ordered that Bright Managment (sic) Solution Limited, Mr Hussain, Mr Kahhar and Mr Miah were jointly and severally liable for repaying money to members of the public who invested. A further defendant, Soccer League International Limited, had its liability capped at just over £137,000 to reflect the short time it was involved in the unauthorised activity.