OFFSHORE CASE DIGEST: - Conyers Dill & Pearman

BRITISH VIRGIN ISLANDSBVI COURT OF APPEALDecemberPROCEDURE – BVI APPEALS – STAY OF PROCEEDINGSPENDING APPEAL – ENFORCEMENT OF SHARECHARGESCukurova Finance International Limited and CukurovaHoldings AF v Alfa Telecom Turkey LimitedThis claim concerned the enforcement of share charges givenby Cukurova to secure sums totaling approximately US$1.352billion advanced under a loan facility by Alfa to Cukurova. TheCourt of Appeal previously granted several declarations whichconcerned Alfa’s rights and ownership of 51 shares followingdefault under the loan facility. The Court of Appeal broughtclarity and certainty on the law concerning the jurisdictionof the Court of Appeal to stay the execution of its own orderwhen granting leave to appeal to the Privy Council. It had beencontended that the code of procedure for appeals to the PrivyCouncil constituted by the Virgin Islands (Appeals to PrivyCouncil) Order 1967 and the Judicial Committee (AppellateJurisdiction) Rules Order 2009 (“the 2009 Judicial CommitteeOrder”) has impliedly and altogether excluded the Court ofAppeal’s inherent jurisdiction to stay an order of its own andcontinue or grant an injunction pending an appeal to thePrivy Council, where to do otherwise may render the appeal,if successful, nugatory. The court held that section 39 of the2009 Judicial Committee Order, recognizes the existence ofthat inherent jurisdiction and empowers the Court of Appeal tostay an order appealed from and grant an injunctive order, orcontinue or discontinue an injunctive order made in the courtbelow. The Court also confirmed that a declaratory judgmentcannot be stayed since it merely proclaims the existence of alegal relationship and does not contain any order which maybe enforced against an appellant/applicant.JanuaryPROCEDURE – LEAVE TO APPEAL – LEAVEAPPLICATION TO BE EX PARTECAGE St Lucia Limited v Treasure Bay (StLucia) Limitedand The Gamining Authority and The Attorney General ofSaint Lucia and the National Lotteries Authority (Court ofAppeal) (St Lucia)This concerned an action arising from an application made tothe High Court by CAGE to be joined as a party to judicial reviewproceedings in the court below. The trial judge had dismissedthe application. CAGE applied for permission to appeal thatorder (the first application) and for an order staying the judicialreview proceedings pending the hearing of the appeal (thesecond application). The first application was heard by a singleconyersdill.com • 9