A pioneering claim involving an allegation of space age fraud has been heard in the Douglas high court.

The application by space exploration company Excalibur Almaz to bring an ’anti-suit injunction’ against Japanese entrepreneur Takafumi Horie was the first case of its kind to be dealt with by the Manx courts.

Until 2015, island-registered Excalibur Almaz stored two former Soviet space stations and a space capsule in a hangar at Jurby industrial estate.

Mr Horie lodged a claim in a court in Texas in November 2014 alleging fraud, negligence and breach of fiduciary duty against Excalibur Almaz chairman and Texas attorney Art Dula, associate attorney in Dula’s law office Anat Friedman and business partner John Buckner Hightower.

The Japanese entrepreneur alleged that he was fraudulently induced into investing $49m into a space travel enterprise when in reality, he claims, there never was and never would be any such business.

His claims are denied by Excalibur Almaz and Messrs Dula, Friedman and Hightower.

They point out Mr Horie has signed a legal document four and a half years earlier in which he agreed not to sue Excalibur Almaz.

The deed of assignment and settlement, dated June 2010, discharged the company from any claim ’whether known or unknown, suspected or unsuspected, contingent or actual, however and whenever arising in whatever capacity and jurisdiction’.

And any dispute or claim arising out of the deed had to be dealt with in the Manx courts.

Mr Horie, for his part, maintained the deed had nothing to do with the alleged breaches which are the subject of the Texas proceedings, which are still pending.

But Deemster Corlett refused the application for the interim anti-suit injunction.

He pointed out that no injunction would be granted, however strong the applicant’s case may be, if damages were an adequate remedy.

Deemster Corlett said there was no evidence which suggested Mr Horie has insufficient assets to meet any damages or costs awarded against him - and indeed it appeared that he is a very wealthy businessman.

On the other hand, he said granting the injunction now would prevent Mr Horie from continuing with the Texas proceedings.

This, he concluded, could amount to an ’irreversible and serious prejudice’ which could not be compensated by an award of damages.