Dfcu Limited (“dfcu”) has informed its shareholders and the public that the English High Court has decided an interim application for security for costs by dfcu Limited and others in respect of the claim by Crane Bank Limited (“CBL”) and certain of its shareholders in England against dfcu Limited and others.
Dfcu had sought security for its costs in the meantime (alongside other Defendants in the proceedings), in circumstances where CBL does not have sufficient assets to cover those costs.
The High Court did not order CBL to give security in the form requested by dfcu and others, but instead ordered CBL’s shareholder, Mr Sudhir Ruparelia (who is also a party to the claim), to provide a personal undertaking to the Court and a written personal guarantee to dfcu (and others) that he will pay costs orders made against the Claimants if dfcu (and others) successfully defend the claim at trial.
If dfcu is ultimately successful at trial, dfcu will be entitled to recover its costs of the proceedings from CBL and other claimants.
The High Court did not make any findings on the allegations raised by CBL and others against dfcu and others. At this stage, no court has made a decision on the merits of the claim.
Dfcu has consistently maintained that the claim is without merit and continues to vigorously defend the claim.
Dfcu has always ascribed to ethical standards of global best practice and will continue to deliver value to its shareholders and best service to its customers. “Our subsidiary, dfcu Bank remains strong and is capitalized well above the Central Bank requirements for commercial banks”.
