Summary
A contempt finding was made against three defendants on 4 December 2015 in respect of their failure to provide disclosure of assets pursuant to a freezing order. The case arose out of claims of misappropriation of coal from storage facilities in Turkey, held as a finance fund's collateral for sums advanced under a Sharia compliant Murabaha Financing Agreement. When considering the factors that make a contempt of court more or less serious, Popplewell J considered those set out by Collins J in Crystal Mews Ltd v Metterick [2006] EWHC 3087 (Ch) and found that consideration should also be given to any acceptance of responsibility, remorse or reasonable excuse put forward by the defendant.
Result
The Court found there had been deliberate defiance in refusing to comply with the disclosure provisions and a sentence of 18 months imprisonment was imposed.