Cayman Calling: Freezing Injunction's Longer Reach

In Batista¹, the Grand Court has clarified that the scope of the statutory jurisdiction to grant a freezing order in support of foreign proceedings may extend to a person outside the jurisdiction, whether or not that person has assets within the Cayman Islands (although on the facts there were assets in the Islands). This potentially far-reaching ancillary relief is justified by the international nature of some frauds. In this regard, the statutory powers of the Cayman Court are now broadly similar to those of the English Court.

Background

Eike Batista Da Silva is a Brazilian national who was once one of the ten richest people on the planet. He now faces criminal, civil and regulatory action in Brazil as a result of alleged impropriety concerning OGX, an oil exploration company he controlled. Mr Batista is said to have artificially inflated the value of OGX, in part through alleged fraudulent representations about the company's exploration successes. The