This Claim concerned the enforcement of share charges given by Cukurova to secure sums totaling approximately US$1.352 billion advanced under a loan facility by Alfa to Cukurova. The Court of Appeal previously granted several declarations which concerned Alfa’s rights and ownership of 51 shares following default under the loan facility.
The Court of Appeal brought clarity and certainty on the law concerning the jurisdiction of the Court of Appeal to stay the execution of its own order when granting leave to appeal to the Privy Council. It had been contended that the code of procedure for appeals to the Privy Council constituted by the Virgin Islands (Appeals to Privy Council) Order, 1967 and the Judicial Committee (Appellate Jurisdiction) Rules Order, 2009 (the “2009 Judicial Committee Order”) has impliedly and altogether excluded the Court of Appeal’s inherent jurisdiction to stay an order of its own and continue or grant an injunction pending an appeal to the Privy Council, where to do otherwise may render the appeal, if successful, nugatory.
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Cukurova Finance International Limited and Cukurova Holdings AF -v- Alfa Telecom Turkey Limited