Deutsche Bank AG (claimant/respondent) v Sebastian Holding Inc (defendant/respondent) & anr
Tuesday 7 – Thursday 9 February 2023
By Appellant’s Notice filed on 5 August 2022, the Second Defendant Mr Vik appeals the Contempt and Committal Orders of Moulder J dated 24 June and 15 July 2022 respectively.
Background – Sebastian Holdings Inc (SHI) is a Turks and Caicos Islands offshore SVP which until July 2015 was wholly owned and controlled by the Second Defendant, Mr Vik. In 2009 Deutsche Bank AG commenced proceedings in England for US$250m. SHI counterclaimed for US48 billion. The subject matter of the claim was (ultimately loss-making) FX, equities and other trading which SHI carried out with and through Deutsche Bank.
The Appeal arises out of Deutsche Bank AG’s application in May 2019 to commit the Second Defendant for contempt in respect of alleged breached of a Court order in 2015 on the basis that he deliberately gave false evidence in response to questions at a Part 71 Means Hearing on 11 December 2015 and that he failed to provide documents as ordered.
Mr Vik was found guilty of acts of contempt and sentenced to 20 months’ imprisonment, suspended for 6 months.