13, 14, 15, March 2007
START DATE
END DATE
23-Mar-07
IPOC International Growth Fund Ltd v. OAO 'CT-Mobile' LV Finance Group
COURT:
LAW:
JUDGE(S):
CLAIMANT'S LAWYER:
DEFENDANT'S LAWYER:
Court of Appeal for Bermuda
Commercial Law Arbitration
Zacca P. Nazareth JA Sir Murray Stuart-Smith JA
FACTS OF THE CASE:
IPOC brought proceedings against CTM in Russian courts in breach of arbitration agreements related to shareholding in MegaFon. LVFG sought similar relief against IPOC. IPOC expected to indirectly own CTM's MegaFon Stake but was opposed due to alleged breaches and agreements' arbitration clauses. Swedish Swiss arbitrations sought to enforce Option Agreements and transfer MegaFon Stake to IPOC. Russian proceedings were initiated by IPOC against LVFG and others seeking direct ownership of MegaFon Stake but were in breach of arbitration agreements.
SUMMARY:
Whether IPOC's Russian proceedings breach arbitration agreements and should be enjoined
OUTCOMES:
Anti-suit injunction granted against IPOC to discontinue Russian proceedings and not commence any legal proceedings against CTM relating to any claim in respect of the MegaFon Stake in breach of the arbitration agreement
RULED IN FAVOUR OF:
Defendant
PLAINTIFF/CLAIMANT
DEFENDANT:
DURATION (DAYS):
ISSUES:
RELEVANCE:
RULING:
RULING TYPE:
CASES CITED:
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IPOC International Growth Fund Ltd v. OAO 'CT-Mobile' LV Finance Group
IPOC brought proceedings against CTM in Russian courts in breach of arbitration agreements related to shareholding in MegaFon. LVFG sought similar relief against IPOC. IPOC expected to indirectly own CTM's MegaFon Stake but was opposed due to alleged breaches and agreements' arbitration clauses. Swedish Swiss arbitrations sought to enforce Option Agreements and transfer MegaFon Stake to IPOC. Russian proceedings were initiated by IPOC against LVFG and others seeking direct ownership of MegaFon Stake but were in breach of arbitration agreements.