Deutsche Bank AG v Mr Alexander Vik  EWCA Civ 2011
This judgment is the latest instalment in the long-running litigation between Deutsche Bank (“DB”) and the Monaco-based billionaire, Alexander Vik. In 2008, Mr Vik’s personal investment vehicle, Sebastian Holdings, Inc. (“SHI”), incurred huge debts to DB after it made a series of heavily loss making FX trades. Following a ten-week trial, DB obtained judgment against SHI for US$320m in the English Commercial Court. Subsequent decisions in the Court of Appeal and at first instance have held that Mr Vik has sought to prevent DB obtaining its judgment debt, by stripping SHI of its assets to make it judgment proof.
In July 2015, DB obtained an order against Mr Vik under CPR Part 71 (the “CPR 71 Order”). This required him to provide information about the judgment debt and to attend Court in London for cross examination about the whereabouts of SHI’s assets. DB validly served the CPR 71 Order on Mr Vik within the jurisdiction, whilst he was temporarily in London.