Civil Procedure · High Court (Commercial Court)
Apollo XI Limited v Nexedge Markets Limited
Checked against the judgment on 4 September 2026 · how we verify
Facts
Nexedge Markets Limited is an FCA-authorised introducing broker in contracts for difference, whose sole shareholder and director is Mr Sami. Apollo XI Limited is a BVI special purpose vehicle which Nexedge says is ultimately owned and controlled by Mr Chun Pui Ting. In August 2024 Mr Sami entered heads of terms with Apollo and DNA Capital LP, and on 21 August 2024 Apollo advanced Nexedge US$10 million under a ten-year unsecured loan agreement, part of arrangements which included a contemplated variation of permission application to the Financial Conduct Authority. Nexedge submitted that application in December 2024, seeking permission to hold client money and to offer professional clients direct trading and CFD liquidity. By April 2025 the relationship between Mr Sami and Mr Ting had broken down; a covert recording was made in Nexedge's office of calls by its CEO-designate, and in reliance on that recording Apollo obtained a without notice freezing injunction from Cheema-Grubb J on 16 April 2025, giving the usual cross-undertaking in damages. Saini J discharged the injunction on 17 June 2025 as wrongly obtained. Nexedge withdrew its variation of permission application in November 2025 and applied to enforce the cross-undertaking and for an inquiry as to damages.
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