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Nedgroup Trust (Jersey) Limited -v- Renova Industries Limited and ors (Unreported) (22 July 2014)

July 2014 Companies

CAYMAN ISLANDS

COURT OF APPEAL

DERIVATIVE ACTION – ABUSE OF PROCESS – GCR O.15 – TEST FOR GRANT OF LEAVE

An application was made by the Plaintiff pursuant to GCR O.15, R.12A (2) for leave to continue a multiple derivative action. The parties are very closely related to the litigation Renova Resources Private Equity Limited -v- Gilbertson and others [2012] 2 CILR 416, which involved the same investment fund and company/exempted limited partnership structure known as the Pallinghurst Structure. However, this particular action concerned the first Defendant’s (“RIL”) acquisition and subsequent sale of a shareholding in an Australian mining company (“Consmin”) and whether or not that acquisition was made as another investment of or for the same investment fund as part of the Pallinghurst Structure.

 

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Nedgroup Trust (Jersey) Limited -v- Renova Industries Limited and ors (Unreported) (22 July 2014)

 

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