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.