Protection Of Dissenters' Rights - Appointment Of Forensic Experts

In the matter of Qihoo 360 Technology Co Ltd (Unreported, Mangatal J, 24 July 2017)

In a recent application made before the Grand Court of the Cayman Islands (the "Court"), Walkers, along with Robert Levy QC as leading counsel, has successfully argued that the Court does have the power to order the appointment of an independent forensic information technology expert to conduct a forensic information technology audit of a party's discovery in proceedings commenced under section 238 of the Companies Law (2016 Revision) (the "Law" and "Fair Value Proceedings"), provided the circumstances of the case are exceptional.

In this case, the dissenting shareholders, which are all funds managed by Hong Kong based fund manager Maso Capital (the "Dissenters"), had their shares cancelled as part of a management buy-out that was completed by way of statutory merger under Part XVI of the Law and exercised their statutory right to dissent from the merger. In the first case of its