Chambers has extensive experience in all the major Caribbean jurisdictions, including the Cayman Islands, the British Virgin Islands, Trinidad and Tobago, and St. Kitts and Nevis, to name but a few. Members are called to the principal Bars of these jurisdictions or can apply to do so if required.
Members have worked in the Cayman Islands since the 1990’s having had numerous cases reported in the Cayman Islands Law Reports; and we were instructed for many years in the Jahre litigation in the Cayman Islands, said to be the longest piece of litigation ever.
It also acted with distinction in the case of Digicel v Cable &Wireless, valued at US$100m. The case involved an alleged conspiracy to injure a company by unlawful means, involving both breach of contract, and breach of statutory duty in the West Indian mobile phone market, spanning seven countries in the Caribbean.
Our appellate credentials have also been demonstrated in the Cayman Islands Court of Appeal, the Eastern Caribbean Court of Appeal, and in Privy Council matters emanating from the Cayman Islands, and from the BVI.
Recent highlights include preparing for and appearing in the longest trial in Cayman Islands history so far, a hedge funds dispute, said to be worth over US$300m, in a dispute between a Gulf state ultra-high net worth individual and one of the world’s leading hedge funds and financial services businesses.
Several members of Chambers are involved in representing the Central Bank of Trinidad and Tobago in the long-running Public Enquiry in Port of Spain into the collapse of Colonial Life Mutual Insurance Company (chaired by Sir Anthony Colman).
We also have extensive insolvency and restructuring experience, as well as financial services credentials, thanks to our instruction in one of the largest and most complex financial disputes in the Cayman Islands, a dispute between Saudi investment company AHAB, and Maan Al-Sanea, a family relation and founder of Saudi conglomerate Saad Group, involving a liquidation in connection with an alleged fraud costing US$9.2bn.
Members of Chambers have also been involved in the long running battle in the Virgin Islands between Russia’s Alfa Group, Turkey’s Cukurova Holdings and the Scandinavian TeliaSonera group over the ownership of Turkcell, Turkey’s largest mobile telephone company. This battle is ongoing and has reached the Privy Council in London.
The set has also acted in respect of claims in the Cayman Islands for over US$500m arising out of the Madoff fraud, in a dispute over the duties owed by hedge fund managers to the funds that they manage.
We have also acted in disputes between hedge fund investors and institutions, particularly over investments in funds involving allegations of misrepresentation and conflict of interest, for example, where the value and risk associated with the investment in question have suffered adversely.
That experience extends to being able to deal with important questions relating to the standard of care to be expected of an investment adviser, and related professionals, in the Cayman Islands or BVI financial services industry.
The latter location has seen us act in disputes between the liquidators of funds and various banks concerning the Madoff collapse, over whether prior payments to the banks could be recovered, in claims worth hundreds of millions of dollars, and in other Madoff-related litigation.
We are also known for our work in other shareholder disputes in the BVI, in cases where shareholder complaints have generated proceedings for unfair prejudice and to appoint a liquidator over a fund.
Our clients have included a number of central, investment and retail banks in the Caribbean, as well as investment funds, hedge funds, insurers, and individuals.