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Walker International Holdings Ltd v République Populaire du Congo

Walker International Holdings Ltd v République Populaire du Congo Walker International Holdings Ltd v République Populaire du Congo 6 December 2005 Morison J Commercial Court [2005] EWHC 2813 [2005] ArbLR 65 Arbitration award--Enforcement--Arbitration award against state--Charging orders over shares owned by state oil company--Whether state the ultimate beneficiary (yes)--Whether companies independent commercial entities (no)--Whether companies set up for the purpose of frustrating creditors (yes)--Whether to discharge charging orders (no) Charging orders maintained over shares of companies owned and controlled by state Walker International purchased debt against the Republic of Congo. The claims were referred to arbitration. An arbitral award was issued ordering Congo to pay Walker in excess of FRF100 million. Walker obtained an order from the High Court granting permission to enforce the award. Walker sought to enforce the award against shares in a company, Jackson, which owned property in London. Walker alleged that the shares, which were acquired in the name of Fininco, actually belonged to Congo. Interim charging orders were made over the shares and property. As a result of objections by Fininco and Jackson, the court directed a trial of the issue as to whether the Congo was `interested beneficially' in the shares or the property. Held: Congo was beneficially interested in the http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Arbitration Law Reports and Review Oxford University Press

Walker International Holdings Ltd v République Populaire du Congo

Arbitration Law Reports and Review , Volume 2005 (1) – Jan 1, 2005

Walker International Holdings Ltd v République Populaire du Congo

Arbitration Law Reports and Review , Volume 2005 (1) – Jan 1, 2005

Abstract

Walker International Holdings Ltd v République Populaire du Congo 6 December 2005 Morison J Commercial Court [2005] EWHC 2813 [2005] ArbLR 65 Arbitration award--Enforcement--Arbitration award against state--Charging orders over shares owned by state oil company--Whether state the ultimate beneficiary (yes)--Whether companies independent commercial entities (no)--Whether companies set up for the purpose of frustrating creditors (yes)--Whether to discharge charging orders (no) Charging orders maintained over shares of companies owned and controlled by state Walker International purchased debt against the Republic of Congo. The claims were referred to arbitration. An arbitral award was issued ordering Congo to pay Walker in excess of FRF100 million. Walker obtained an order from the High Court granting permission to enforce the award. Walker sought to enforce the award against shares in a company, Jackson, which owned property in London. Walker alleged that the shares, which were acquired in the name of Fininco, actually belonged to Congo. Interim charging orders were made over the shares and property. As a result of objections by Fininco and Jackson, the court directed a trial of the issue as to whether the Congo was `interested beneficially' in the shares or the property. Held: Congo was beneficially interested in the

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Publisher
Oxford University Press
Copyright
© Oxford University Press, 2009
Subject
Judgments
ISSN
2044-8651
eISSN
2044-9887
DOI
10.1093/alrr/2005.1.953
Publisher site
See Article on Publisher Site

Abstract

Walker International Holdings Ltd v République Populaire du Congo 6 December 2005 Morison J Commercial Court [2005] EWHC 2813 [2005] ArbLR 65 Arbitration award--Enforcement--Arbitration award against state--Charging orders over shares owned by state oil company--Whether state the ultimate beneficiary (yes)--Whether companies independent commercial entities (no)--Whether companies set up for the purpose of frustrating creditors (yes)--Whether to discharge charging orders (no) Charging orders maintained over shares of companies owned and controlled by state Walker International purchased debt against the Republic of Congo. The claims were referred to arbitration. An arbitral award was issued ordering Congo to pay Walker in excess of FRF100 million. Walker obtained an order from the High Court granting permission to enforce the award. Walker sought to enforce the award against shares in a company, Jackson, which owned property in London. Walker alleged that the shares, which were acquired in the name of Fininco, actually belonged to Congo. Interim charging orders were made over the shares and property. As a result of objections by Fininco and Jackson, the court directed a trial of the issue as to whether the Congo was `interested beneficially' in the shares or the property. Held: Congo was beneficially interested in the

Journal

Arbitration Law Reports and ReviewOxford University Press

Published: Jan 1, 2005

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