The BVI Commercial Court granted further relief on 28 May in the Nam Tai litigation to stop rival arbitration proceedings commenced in
On
Greater Sail asked during the trial that in the event that the placement was set aside there should be an order for the return of the money paid for the shares allotted to it.
As revealed in an
IsZo applied to the BVI Court for an order restraining Greater Sail and Nam Tai from taking any further steps in, or in relation to, the arbitration and requiring them to take all steps to stay those proceedings. IsZo contended that the arbitration was an attempt to obtain an accelerated binding determination as to the return of the price for the shares allotted to Greater Sail, which in itself amounted to a covert collateral attack on the intended effect of the BVI Court's order and thus an abuse of the process of the BVI Court.
On 28 May, the BVI Court made an order on signed terms of order that accepted undertakings to the court from Nam Tai and Greater Sail in the terms of the order sought restraining them from taking further steps in, or in relation to, the
The Nam Tai litigation has therefore produced a further example of the BVI Court's willingness to protect the interests of US investors who bought shares on NYSE in Nam Tai, a BVI company.
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Mr
Ogier
Wickhams Cay II
Tortola
Tel: 534514000
Fax: 534514444
E-mail: Kate.Kirk@ogier.com
URL: www.ogier.com
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