Jul 2014
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.