Tepe -v- Botas and Others [2016] JRC 047 (22 February 2016)

Tepe -v- Botas and Others [2016] JRC 047 (22 February 2016)

The Court may specify the sum due under the arbitration awards in the enforcement Act for clarity, order the return of securities as per the awards, grant a stay on the sale of shares pending appeal (but not on preparatory steps), refuse a stay on the return of securities due to lack of merit in the appeal, grant a stay on the discharge of interim arrêt over debts pending cross-appeal, grant limited protective measures to prevent asset dissipation, and award 90% of Tepe's costs on the standard basis with an interim payment ordered.

Citation
[2016] JRC 047
Parties
Applicant: Tepe; Respondent: Botas; Second Respondent: TPIC; Third Respondent: BIL
Jurisdiction
Jersey
Judgment Date
22 February 2016
Procedural Posture
Enforcement of Arbitration Awards / Post Judgment; Consideration of Supplementary Matters and Enforcement Orders
Outcome
Orders granted as specified; partial stays and protective measures imposed; costs awarded to Tepe.
Legal Topics
Enforcement of Foreign Arbitral Awards, Sovereign Immunity and Exceptions, Stay of Execution Pending Appeal, Disclosure and Protective Measures, Costs and Interim Payments
Arbitration Civil Procedure Sovereign Immunity Enforcement of Judgments Enforcement of Foreign Arbitral Awards Sovereign Immunity and Exceptions Stay of Execution Pending Appeal Disclosure and Protective Measures +1 more

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Parties

Tepe

Applicant

Botas

Respondent

TPIC

Second Respondent

BIL

Third Respondent

Procedural Posture

Enforcement of Arbitration Awards / Post Judgment; Consideration of Supplementary Matters and Enforcement Orders

Legal Issues

  1. 1 Form and content of the Act to enforce arbitration awards
  2. 2 Whether to stay enforcement of arrêt over shares pending appeal
  3. 3 Whether to stay order for return of securities pending appeal

Ratio Decidendi

The Court may specify the sum due under the arbitration awards in the enforcement Act for clarity, order the return of securities as per the awards, grant a stay on the sale of shares pending appeal (but not on preparatory steps), refuse a stay on the return of securities due to lack of merit in the appeal, grant a stay on the discharge of interim arrêt over debts pending cross-appeal, grant limited protective measures to prevent asset dissipation, and award 90% of Tepe's costs on the standard basis with an interim payment ordered.

Court Disposition

Orders granted as specified; partial stays and protective measures imposed; costs awarded to Tepe.

Orders

  • Act to specify sum due under Awards (US$96,913,564.73 as at 31 December 2015) with interest and commissions continuing to accrue.
  • Order for Botas to return the Securities to Tepe forthwith.