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Offshore Cases

Fraunteld Management Limited -v- Featherwood Trading Limited

June 2012 Contracts

BRITISH VIRGIN ISLANDS

HIGH COURT

UNJUST ENRICHMENT - BVI LAW - TOTAL FAILURE OF CONSIDERATION - PROPER LAW OF TRANSACTION - WHETHER SUBJECT TO BVI LAW OR RUSSIAN LAW - WHETHER RECOVERY AVAILABLE UNDER BVI LAW - WHETHER RECOVERY AVAILABLE UNDER RUSSIAN LAW

This was a case of unjust enrichment and conflicts of law. The case concerned two prominent Russian businessmen, a Russian distillery and several offshore companies. The Claimant Company claimed that it had paid over US$13 million into a Cypriot bank account belonging to the Defendant, a BVI company, and received nothing in return. The Claimant had expected that its affiliates, in exchange for the payment, would receive shares in the Russian distillery but the shares had never been transferred. The Claimant, therefore, claimed the money back under the principles of unjust enrichment. The Defendant did not claim any positive entitlement to the money but claimed that, as a matter of BVI and Russian law, it was nonetheless entitled to keep the money.

The evidence surrounding the payment of the US$13 million was highly contentious and the (multiple) witnesses gave evidence entirely via video link from Russia.

 

To continue reading full articles in PDF format:
Fraunteld Management Limited -v- Featherwood Trading Limited

 

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EDITOR & HEAD OF LITIGATION BERMUDA

Christian R. Luthi
Tel: +1 441 298 7814
Email: christian.luthi@conyersdill.com


Head of Litigation British virgin islands

Mark J. Forte
Tel: +1 284 852 1113
Email: mark.forte@conyersdill.com


Head of Litigation Cayman Islands

Paul Smith
Tel: +1 345 814 7777
Email: paul.smith@conyersdill.com


HEAD OF THE ASIA DISPUTES & RESTRUCTURING GROUP

Nigel K. Meeson, QC
Tel: +852 2842 9553
Email: nigel.meeson@conyersdill.com

Offshore Cases

Fraunteld Management Limited -v- Featherwood Trading Limited

01 June 2012

BRITISH VIRGIN ISLANDS

HIGH COURT

UNJUST ENRICHMENT - BVI LAW - TOTAL FAILURE OF CONSIDERATION - PROPER LAW OF TRANSACTION - WHETHER SUBJECT TO BVI LAW OR RUSSIAN LAW - WHETHER RECOVERY AVAILABLE UNDER BVI LAW - WHETHER RECOVERY AVAILABLE UNDER RUSSIAN LAW

This was a case of unjust enrichment and conflicts of law. The case concerned two prominent Russian businessmen, a Russian distillery and several offshore companies. The Claimant Company claimed that it had paid over US$13 million into a Cypriot bank account belonging to the Defendant, a BVI company, and received nothing in return. The Claimant had expected that its affiliates, in exchange for the payment, would receive shares in the Russian distillery but the shares had never been transferred. The Claimant, therefore, claimed the money back under the principles of unjust enrichment. The Defendant did not claim any positive entitlement to the money but claimed that, as a matter of BVI and Russian law, it was nonetheless entitled to keep the money.

The evidence surrounding the payment of the US$13 million was highly contentious and the (multiple) witnesses gave evidence entirely via video link from Russia.

 

To continue reading full articles in PDF format:
Fraunteld Management Limited -v- Featherwood Trading Limited

 

 

EDITOR & HEAD OF LITIGATION BERMUDA

Christian R. Luthi
Tel.: +1 441 298 7814
Email.: christian.luthi@conyersdill.com


Head of Litigation British virgin islands

Mark J. Forte
Tel.: +1 284 852 1113
Email.: mark.forte@conyersdill.com


Head of Litigation Cayman Islands

Paul Smith
Tel.: +1 345 814 7777
Email.: paul.smith@conyersdill.com


HEAD OF THE ASIA DISPUTES & RESTRUCTURING GROUP

Nigel K. Meeson, Q.C.
Tel.: +852 2842 9553
Email.: nigel.meeson@conyersdill.com