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ARTICLE · 10 OCTOBER 2016

Electronic Disclosure Against MetaQuotes – Stay Motion Denied

P. N. Kourtellos & Associates
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We have early advocated that the Supreme's Court judgement where a stay for Norwich Pharmacal Order was granted in favour of the Plaintiff pending appeal, did not formulate a solid precedent.

CyprusLitigation, Mediation & Arbitration
Pavlos Kourtellos
Pavlos Kourtellos
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We have early advocated that the Supreme' s Court judgement, in the case Penderhil Holding Ltd v Ioanni Kloukina No.319/2011("Penderhil ") where a stay for Norwich Pharmacal Order was granted  in favour of the Plaintiff pending appeal, did not formulate a solid precedent.

Our approach was well affirmed by the District Court of Limassol recent judgement denying stay application against the enforcement of a Norwich Pharmacal type order.

MetaQuotes based their request on Penderhil however the Court denied issuing a stay order commenting that Penderhil does not provide a general principle in favour of stay merely on the fact that an appeal was filed.

The Cyprus Court had recently delivered a judgment ordering electronic disclosure against MetaQuotes Software, the well-known Forex trading platform, the first of its kind in Cyprus! MetaQuotes is ordered, inter alia, to disclose the transactions of numerous trading accounts of our client, which appear in the platform

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