Cook v Deeks

Philippos Embiricos Coumoundouros was a businessman. His business included shipping interests. He died on 20 November 2021, aged 78. He left two daughters, Adriana and Nitzia. Adriana is married to Olivier Desmarais; together they are the applicants here. I shall call them “Adriana” and “Olivier”. Nitzia is married to George Logothetis. I shall call them “Nitzia” and “George”. Mr Coumoundouros’s will provided for most of his “maritime interests” to pass to Adriana, and for his other assets to be shared equally between Adriana and Nitzia. Its executors are Olivier and George.

One of the companies that formed part of the Coumoundouros estate was Misbourne Investment Corporation, registered in Liberia. This case concerns that company. It was not specifically mentioned in the will. So Mr Coumoundouros’s ownership of Misbourne will either pass to Adriana alone (if it forms part of his “maritime interests”) or be shared between his daughters.

Mr Coumoundouros’s death has been followed by disputes and litigation between the family members and their associated companies. Adriana and Olivier are pitted against Nitzia and George, and companies associated with them, including a Bermudian company called Libra Holdings Limited (“Libra”).

In early December 2024 both directors of Misbourne resigned. At almost that very moment, a Cypriot company called Green Services International GSI Ltd (“GSI”), which is ultimately controlled by Libra, demanded that Misbourne repay a large loan. GSI asserted that Misbourne owed more than €72 million under a loan granted in 2015, and demanded payment in short order.

Adriana and Olivier maintain that that the “loan” is not genuine, that Misbourne owes nothing to GSI. They suspect that the directors’ resignation was designed to leave the company exposed to GSI’s claim. They seek to bring derivative claims in this court, on behalf of Misbourne, to forestall the consequences of what they consider to be a wrongful demand.