Kinetica DAC (registered in and operating from Ireland) is taking a case against a former director: Mareva Injunctions Assignment, UCD, Ireland

Kinetica DAC (registered in and operating from Ireland) is taking a case against a former director, Mr Ellis, for fraud, money laundering, and breaches of the Companies Act. The estimated sum that Kinetica DAC is seeking is in the region of €3 million (including an amount for their estimated legal costs). From their dealings with him over the years as a Director and additional private investigations, the current board of Kinetica DAC is aware that: a) Mr. Ellis owns three apartments in the center of Dublin city which he leases to tenants and lodges this rental income to a Munster and Connaught Bank account in Naas in country Kildare; and b) As he is a former director of the Company, the Board of Kinetica are also aware that Mr Ellis has another bank account in Belfast in Northern Ireland in a branch of the Alliance Ireland Bank (a bank registered in the Republic of Ireland with its headquarters in Cork) which they estimate to have €2 million in it; After being dismissed from the company, the legal team for Mr Ellis contacted the Board formally by letter confirming:

i. he plans to fully contest each of the allegations made against him and the legal proceedings Kinetica DAC has now commenced;

ii. He plans to fully defend the proceedings and will argue that his actions were authorised by the Board at all times;

iii. He also states that no allegation of this nature has ever been made before against him in his 35 years in business;

iv. He finally informs them that since being dismissed, he has been placed in a very difficult financial position where he claims his only income is from the rental properties in central Dublin with significant mortgages still outstanding on each.

The Board is very alarmed to hear this as they know he has additional bank accounts with significant funds and is very concerned about why he would seek to conceal these. They are, in particular, concerned that he now plans to use these undisclosed accounts to hide his funds in Ireland, particularly the accounts outside the jurisdiction in Belfast and Zurich. The Board is also aware that Mr Ellis was sued in civil proceedings in the High Court for breach of contract in 2010 but that the case settled out of court with a non-disclosure agreement. As their legal counsel, a number of board members have arranged a consultation with you in relation to the potential for seeking and enforcing a freezing order against Mr Ellis.