Freshfields acts for Deutsche Bank on major Court of Appeal contempt decision
Freshfields Bruckhaus Deringer ('Freshfields') acted for Deutsche Bank in Alexander Vik’s unsuccessful attempt to challenge the decision by Moulder J finding him in contempt of Court, on which judgment for the bank was handed down this morning.
Around $340million is owed to the bank by Sebastian Holdings, which Mr Vik was formerly the sole shareholder and director of.
That debt arises from a judgment in the bank’s favour against Sebastian Holdings given in 2013 in proceedings in which Freshfields also acted for the bank. Since that judgment Freshfields has acted for Deutsche Bank in matters relating to the judgment, including securing what is thought to be the largest non-party costs order ever against Mr Vik due to his role in directing Sebastian Holdings’ conduct in the litigation.
Today’s detailed unanimous judgment of the Court of Appeal confirmed the rulings of Moulder J that Mr Vik lied about and concealed documents concerning the assets of Sebastian Holdings, in defiance of Court Orders made to assist Deutsche Bank in enforcing the judgment debt against such assets. In its judgment, the Court of Appeal also confirmed the 20-month suspended prison sentence given to Mr Vik, which he can avoid were he to give truthful evidence and produce documents regarding the whereabouts of the assets removed from Sebastian Holdings.
The Freshfields team was led by Andrew Hart, Freshfields’ former global disputes head, and Christopher Robinson, and included Emma Twigger and Flora Thomas.
Freshfields instructed Sonia Tolaney KC and James MacDonald KC, both of One Essex Court.