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Offshore Cases

Sonera Holding BV -v- Cukurova Holdings A.S. Claim BVIHCMAP2013/0001

July 2013 Injunctions

BRITISH VIRGIN ISLANDS

COURT OF APPEAL

PROVISIONAL CHARGING ORDER - INJUNCTION TO SUPPORT CHARGING ORDER - INJUNCTION TO RESTRAIN DISPOSITION OF ASSETS AFTER REDEMPTION OF SHARES - EQUITY OF REDEMPTION IN RESPECT OF CHARGED SHARES VALIDLY APPROPRIATED - WHETHER AMOUNTING TO PRESENT BENEFICIAL INTEREST - CIVIL PROCEDURE RULES (“CPR”)PART 48

Cukurova Holding A.S. (“Cukurova”) and Cukurova Finance International Limited (“CFI”) are members of the Cukurova Group of Companies. CFI, a BVI Company, is a wholly owned subsidiary of Cukurova. In 2005, Cukurova entered into an agreement with Sonera to sell to Sonera its 52.91% shareholding in Turkcell Holding SA (“TCH”). However, in breach of this agreement, Cukurova in fact transferred its shares in TCH to Cukurova Telecom Holdings Limited (“CTH”), a wholly owned subsidiary of CFI, in order to defeat Sonera’s claim to the TCH shares. Sonera obtained an arbitral award in relation to the breach which ordered Cukurova to pay Sonera approximately US$932 million. The award was subsequently registered in the BVI. Sonera sought to enforce this Judgment in the BVI against Cukurova’s BVI assets, namely its shares in CFI and Cukurova’s beneficial interest in any amounts received or due to it including any dividend payments, from CTH.

 

To continue reading full articles in PDF format:
Sonera Holding BV -v- Cukurova Holdings A.S. Claim BVIHCMAP2013/0001

 

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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

Sonera Holding BV -v- Cukurova Holdings A.S. Claim BVIHCMAP2013/0001

17 July 2013

BRITISH VIRGIN ISLANDS

COURT OF APPEAL

PROVISIONAL CHARGING ORDER - INJUNCTION TO SUPPORT CHARGING ORDER - INJUNCTION TO RESTRAIN DISPOSITION OF ASSETS AFTER REDEMPTION OF SHARES - EQUITY OF REDEMPTION IN RESPECT OF CHARGED SHARES VALIDLY APPROPRIATED - WHETHER AMOUNTING TO PRESENT BENEFICIAL INTEREST - CIVIL PROCEDURE RULES (“CPR”)PART 48

Cukurova Holding A.S. (“Cukurova”) and Cukurova Finance International Limited (“CFI”) are members of the Cukurova Group of Companies. CFI, a BVI Company, is a wholly owned subsidiary of Cukurova. In 2005, Cukurova entered into an agreement with Sonera to sell to Sonera its 52.91% shareholding in Turkcell Holding SA (“TCH”). However, in breach of this agreement, Cukurova in fact transferred its shares in TCH to Cukurova Telecom Holdings Limited (“CTH”), a wholly owned subsidiary of CFI, in order to defeat Sonera’s claim to the TCH shares. Sonera obtained an arbitral award in relation to the breach which ordered Cukurova to pay Sonera approximately US$932 million. The award was subsequently registered in the BVI. Sonera sought to enforce this Judgment in the BVI against Cukurova’s BVI assets, namely its shares in CFI and Cukurova’s beneficial interest in any amounts received or due to it including any dividend payments, from CTH.

 

To continue reading full articles in PDF format:
Sonera Holding BV -v- Cukurova Holdings A.S. Claim BVIHCMAP2013/0001

 

 

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