Alliance Petrochemical Investment (Singapore) Pte Ltd v Francesco Mazzagatti & Anor

Facts

The claimant, Alliance Petrochemical Investment (Singapore) Pte Ltd ("API"), is a Singapore company and shareholder in Mehr Petrochemical Company ("MHPC"), an Iranian producer of high-density polyethylene, whose product API was entitled to distribute under a Distribution Agreement dated 30 September 2005. In July 2018 Mr Mazzagatti's Hong Kong company PIL acquired API's shares, and he appointed himself and others as directors, later resigning in favour of his personal lawyer. API's case is that Mr Mazzagatti continued as a shadow director and that he and Mr Dixit Dominus, said to be API's CFO, controlled the bank accounts of API and its Sharjah subsidiary APT, misappropriating at least €143 million by diverting customer payments to PIL, diverting the profits of offtake through Napag IT, and taking funds directly out of the API and APT accounts. API alleges concealment by forged board resolutions, doctored bank statements and forged share sale agreements, and that misappropriated funds helped finance the 2020 acquisition of RockRose by Mr Mazzagatti's company Viaro Energy Ltd, an acquisition supported by two purportedly forged £250 million Abu Dhabi loan facilities. Four applications came before the Commercial Court: the defendants' strike out application, API's non-party disclosure application against H&P Advisory Ltd, Viaro's unopposed joinder application, and API's application for a worldwide freezing and proprietary injunction.