OffshoreAlert
Daily news, documents and intelligence about Offshore Financial Centers and those who conduct business in them that you will not find anywhere else.
Author Photograph
Martin KenneyManaging Partner at Martin Kenney & Co., Solicitors
Full Bio

The Fairfield Sentry Litigation BVI - Update

September 01, 2012 by Martin Kenney

  

In June of this year the Eastern Caribbean Court of Appeal dismissed Fairfield Sentry Limited's appeals. The Court of Appeal found that the restitution claims, brought on the basis of alleged mistake as to the value of the Madoff Investment Securities did not render the contracts between Fairfield and the redeeming shareholder null and void. There were contractual obligations to be fulfilled by both Sentry and former shareholders by virtue of Article 10 of Sentry's Articles of Association.  The former shareholders had fully performed their obligations under the contract and so upon a request by them for redemption Sentry was contractually obliged to pay the Redemption Price.  

  

The Court of Appeal also upheld the Commercial Court's decision that the alleged mistaken calculation of NAV did not undermine the legal obligation of Sentry to pay the Redemption Price. There was no common mistake as the alleged mistaken calculation was solely a mistake of Sentry. 

  

  

eMail Alerts  

Sign-Up for eMail Alerts

 Average 0 out of 5

OffshoreAlert encourages lively, open debate and asks that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.


POST A COMMENT

We hunt for red flags in high-value, cross-border finance by monitoring offshore and onshore courts, regulatory actions, offering documents, and other sources - and email you the results.

View Recent Digests