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Articles contributed by Soteris Pittas & Co L.L.C
Many fraud cases involve complex corporate structures, incorporated in various jurisdictions some of which might cause obstacles or create problems for victims.
Cyprus Courts, have jurisdiction to assist victims of fraud, in the recovery of stolen assets, by inter alia granting the following interim relief:
Cyprus Companies are in wide use as major vehicles in international tax structuring mainly due to the broad range of legal and tax related benefits they can offer because of the flexible tax system and the extended network of double tax treaties between Cyprus and other countries. In this respect, there are certain advantages that have made Cyprus also a favorable financing company jurisdiction.
Directors exercise extensive powers in the management of their companies, influencing their company’s conduct, by virtue of their involvement in the decision making process.
Under Cyprus law, the directors are considered to stand in a fiduciary relationship, with their company, and are subject to specific duties, stemming from their relationship.
Cyprus, has adopted the Anglo-Saxon legal system which allows most of English cases to be cited in Cypriot Courts. Under certain conditions, the cases are treated as binding, but in most instances they are used as guidelines.
Since independence, Cyprus has maintained its legal system based on the Common Law, as followed in the English speaking world.
In a very recent decision, a Cyprus District Court rejected an application for the recognition and enforcement in the Republic of Cyprus of an arbitral award issued by the Austrian Arbitral Center due to the failure of the applicant to produce the original arbitral agreement or a certified true copy of same.
There is no easy solution, to the problem, which follows from the principle of majority rule, in Company law, that of protecting the minority shareholders from violation of their rights.
JURISDICTION OF CYPRUS COURTS TO ISSUE INTERIM INJUNCTIONS IN SUPPORT OF CLAIMS IN CYPRUS OR OVERSEA
Cyprus Courts, have jurisdiction to issue any interim order, in all cases, in which it appears to the Court, just and convenient to do so, provided that the following conditions are satisfied by the applicant/plaintiff: