Prohibition Order granted over circa £240 million held in Court Funds Office – Martin Evans QC instructed

Martin Evans QC represented the NCA in applying for a Prohibition Order on behalf of the US Department of Justice which is investigating the proceeds of the 1MDB fraud. The Judgment is now publicly available.

NCA v Petrosaudi Oil Services (Venezuela) Limited [2022] EWHC 920 (Admin) -https://www.bailii.org/ew/cases/EWHC/Admin/2022/920.html

The High Court was required to consider:

(i)        whether the conditions for the grant of a Prohibition Order over the Funds were met?

(ii)       whether to order the Funds be paid out of the Court Funds Office [“CFO”] into the hands of a receiver?

(iii)      whether to order exclusions for legal and business expenses?

The Court concluded that (i) a Prohibition Order should be made; (ii) a Receiver should be appointed to hold the Funds which were to be paid out of the CFO; and (iii) a sufficient case for the grant of exclusions for legal and business expenses had not been made out although Petrosaudi could make a further application.