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ARTICLE · 01 MARCH 2024

Lessons In Anchor Management

Carey Olsen
Carey Olsen
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Carey Olsen

Carey Olsen

With a heritage that dates back to 1898, Carey Olsen is one of the most established and...

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In the latest episode of the global Ablyazov litigation, the BVI Commercial Court's recent judgment in Joint Stock Company "BTA Bank" v Timur Sabyrbaev and ors BVIHCM 2021/0171 provides...

British Virgin IslandsLitigation, Mediation & Arbitration
James Noble
James Noble
Amelia Tan
Amelia Tan
Joni Khoo
Joni Khoo
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In the latest episode of the global Ablyazov litigation, the BVI Commercial Court's recent judgment in Joint Stock Company "BTA Bank" v Timur Sabyrbaev and ors BVIHCM 2021/0171 provides crucial insight into the law applicable to the service of defendants out of jurisdiction and serves as a lesson to claimants seeking to anchor a claim based on BVI incorporated defendants. Carey Olsen acted for one of the successful applicant-defendants.

Background

The Claimant ("BTA") brought a claim in the BVI Commercial Court against 54 defendants, alleging that it was the victim of a fraudulent scheme involving the issue of high value letters of credit which resulted in a loss of approximately US$230 million. The defendants comprised:

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