The applicant sought to extend an ex parte Mareva injunction freezing certain shares of a Canadian mining company and associated dividend payments pending enforcement of an international arbitration award.
The award, issued under ICSID Additional Facility Rules, required a foreign state to pay damages for unlawful expropriation.
The moving party argued that shares nominally held by a state‑owned enterprise were beneficially owned by the state and risked being moved beyond the reach of enforcement.
The court found a strong prima facie case that the shares were held for the benefit of the state and that there was a real risk of dissipation or removal of assets.
The Mareva injunction was extended for 90 days and the associated dividend payments ordered held in trust.
