(CMR) The Cayman Islands Grand Court has ordered that up to US$45 million in assets, including a yacht owned by UK lawyer Ronald William Gibbs, be frozen to allow a Saudi Princess to recover millions he owes her.
HRH Princess Deema Bint Sultan Bin Abdulaziz Al Saud, through her lawyers, had asked the court for an asset freeze injunction and the appointment of receivers following a ruling in England last month.
According to the judgment, which was delivered last week, in 2011, US$25 million was sent to Gibbs to purchase property and subsequently to invest on behalf of the princess. Gibbs did not return the money despite repeated requests. A settlement agreement was reached in 2018, but Gibbs did not honor it.
Princess Deema then commenced proceedings in England, where a worldwide freezing order was made against Gibbs in 2021 and has been amended from time to time. Numerous orders and judgments have been made against Gibbs, with a judgment on February 21 describing Gibbs' behavior as ‘reprehensible'.
On 27 February 2024, the English Court ordered Gibbs to pay Princess Deema over $39. 6 million.
During the English proceedings, Gibbs revealed he was a 100 percent shareholder in Elysium Yacht Limited, which is registered in the Cayman Islands.
In handing down the judgment in Cayman, Justice David Doyle said he was satisfied that the applicant had a good, arguable case that there is a strong risk that the English order will go unsatisfied because of the disposal of assets unless an asset freezing order is made and receivers appointed.
Justice Doyle said Gibb's past conduct indicates he may breach the freezing order or will take steps to ensure his assets are not available
He further stated that he was of the view that the English order was recognizable and enforceable in the Cayman Islands.
While Gibbs has assets in the Cayman Islands, he does not live here.
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