In the Matter of Raiffeisen Bank International AG v Scully Royalty Ltd et al - Amended Ruling

¶ 210524 210528 In the Matter of Raiffeisen Bank International AG v Scully Royalty Ltd. et al – FSD 162 of 2019 (RPJ) Leave to Appeal
Application
1
IN THE GRAND COURT OF THE CAYMAN ISLANDS
FINANCIAL SERVICES DIVISION
CAUSE NO. FSD 162 OF 2019 (RPJ)
BETWEEN
RAIFFEISEN BANK INTERNATIONAL AG
Applicant / Plaintiff
AND
(1) SCULLY ROYALTY LTD
(a company incorporated in the Cayman Islands)
Respondent / First Defendant
(2) LTC PHARMA (INT) LTD.
(a company incorporated in the Marshall Islands)
Second Defendant
(3) MERKANTI HOLDING P.L.C.(formerly MFC Holding Ltd, a company
incorporated in Malta)
Third Defendant
(4) 1178936 B.C. LTD.
(a company incorporated in British Columbia, Canada)
Fourth Defendant
(5) MFC 2017 II LTD.
Fifth Defendant
(6) 1128349 B.C. LTD.
Sixth Defendant
(7) IEM SERVICES CO. LTD.
Seventh Defendant
(8) ) LTCM ASSET PRIVATE LIMITED
Eighth Defendant
BEFORE:
THE HON. RAJ PARKER
HEARD:
On the Papers
Draft Ruling
Circulated:
18 May 2021
Ruling
Delivered: 24 May 2021
Amended Ruling
Delivered:
28 May 2021

¶ 210524 210528 In the Matter of Raiffeisen Bank International AG v Scully Royalty Ltd. et al – FSD 162 of 2019 (RPJ) Leave to Appeal
Application
2

¶ AMENDED RULING

1.
Leave to appeal sought by D3 and D6 against paragraphs 1-4 of the order dated 23
March 2021 by which their respective applications to set aside service out of the
jurisdiction (they each having been served in Malta and Canada respectively) is
refused.
2.
The appeal has no realistic prospects of success.
3.
D3 and D6 should pay the costs of the Plaintiff in relation to their application for leave
to appeal within 14 days of this order, such costs to be taxed on the standard basis if
not agreed.

THE HON. RAJ PARKER
JUDGE OF THE GRAND COURT