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13 December 2011
The Cyprus courts recently ruled on an application for Norwich Pharmacal relief in Rexel Luxembourg SA v SEPI SARL (10046/2010). The case related to the fraudulent transfer of money to SEPI's account with a Cyprus bank. The bank, Alpha Bank Cyprus Limited, was added as a co-defendant and a Norwich Pharmacal order was sought against the bank for disclosure of the identity of the owners and controllers of the account, together with discovery orders tracing the assets out of the account.
The bank opposed the application, principally on the grounds that the Norwich Pharmacal order could not be granted as the bank was contractually obliged to its client on the basis of banking privilege under Section 29(1) of the Banking Laws (1997 and 2/2009).
The court held that:
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