Bruce Barnard, Special Correspondent | Nov 16, 2011 9:16AM EST
A U.K. court says Russia’s largest fruit importer JFC Group must disclose all its worldwide assets after the company failed to pay $16.5 million in damages to Norwegian shipowner Star Reefers.
In August the High Court in London awarded the refrigerated cargo ship operator damages and costs against charter party guarantor JFC, following the unlawful early redelivery of three ships and wrongful termination of charters by JFC’s chartering arm Kalistad.
After JFC failed to pay the damages or appeal the judgment was considered “final.”
With JFC’s ongoing failure to pay, a Commercial Court judge last week ordered the St. Petersburg-based company to disclose to Star Reefers all worldwide assets exceeding $25,000. It must also disclose any transactions between JFC and its associated companies in the last year in excess of $25,000.
The Court order lists JFC’s associated companies in Cyprus, Luxembourg, Ecuador, Costa Rica and the British Virgin Islands, including its direct parent company Huntleigh Investments and its ultimate parent JFC Group Holdings Ltd.
Star Reefers said it has started enforcement proceedings in Cyprus, Luxembourg and the U.S. against JFC’s associated companies.
--Contact Bruce Barnard at brucebarnard47@hotmail.com.
