BRITISH VIRGIN ISLANDS
HIGH COURT (COMMERCIAL DIVISION)
DERIVATIVE PROCEEDINGS – PRINCIPLES TO BE APPLIED UNDER SECTION 184C OF THE BVI BUSINESS COMPANIES ACT, 2004 – MEANING OF ‘GOOD FAITH’ IN SECTION 184C (2)(A) – WHETHER CLAIM UNDER SECTION 184I AN ALTERNATIVE REMEDY FOR THE PURPOSE OF SECTION 184C 2(E)
In this case the Applicants who were shareholders in the subject company, Oledo Petroleum Ltd (the “Company”), sought a provisional order for leave to bring a derivative action. The proposed action was to enable the Company to seek to recover the sum of US$71.5 million alleged to have been wrongly transferred from its bank account to an account belonging to another company. It is accepted that the Defendant caused the transfer and that the Applicants were entitled to 50% of that sum.