Economou Legal has successfully represented a major international energy group and its Cypriot subsidiary in securing the discharge of all interim orders obtained against them in Cyprus.

The proceedings involved a USD 147.5 million claim and targeted a shareholding in a Cypriot holding company, alongside restrictions affecting the company and several subsidiaries.

In its judgment of 31 August 2026, the District Court of Nicosia discharged the freezing orders, related disclosure obligations and corporate restrictions. It also dismissed all remaining requests for interim relief and a separate application for further asset disclosure, awarding costs to the respondents on the principal application.

The orders had been obtained without notice in support of substantive proceedings in the Netherlands. Their scope extended beyond asset restraints to restrictions affecting the Cypriot holding company and several subsidiaries.

The challenge involved competing expert evidence, disputed corporate liability and limitation issues.

Decisive findings

Following a contested hearing, the Court accepted central objections concerning the circumstances in which the orders had been obtained:

• Urgency: The asserted need for intervention without notice rested on doubtful foundations, and the Court found no sufficient justification for the restraints imposed.
• Material non-disclosure: The applicant had failed to clarify significant aspects of its case or adequately explain matters bearing on the alleged urgency.
• Scope of the measures: The restrictions sought extended beyond what the circumstances could justify.
• Good faith: The Court considered that the non-disclosure appeared to be accompanied by an intention to conceal, a finding that also affected the remaining requests heard with both parties represented.

Significance of the result

The decision illustrates the rigorous obligations accompanying applications for extensive cross-border freezing relief. Applicants must establish a proper basis for proceeding without notice and present a complete and fair account of the circumstances, including matters that may undermine their application.

For corporate groups facing restrictions across several jurisdictions, the case demonstrates the importance of examining the evidential foundations and practical reach of interim measures, alongside the underlying claim.

The successful discharge of the entire package of interim measures reflects Economou Legal’s experience in substantial international disputes requiring coordinated litigation strategy, detailed foreign-law evidence and effective courtroom advocacy.

Ioannis Economou devised the Cyprus litigation strategy and conducted the advocacy, presenting the respondents’ factual and legal arguments before the Court.