The Judicial Committee of the Privy Council is hearing an appeal by Botaş against the enforcement of two arbitral awards issued in favour of Tepe Inşaat Sanayii AŞ (Jersey), for US$ 100 million. The Court of Appeal had agreed to enforce the awards and rejected an argument that the Republic of Turkey was entitled to assert immunity in relation to the shares of the second and third appellants held by Botaş (the first respondent). Botaş holds the shares of the second and third appellants, although Turkish law gives the Republic of Turkey control over the use, possession and disposition of the shares, as well as the power to appoint the company directors and other powers. Botaş is also wholly owned by the Republic.
To read a summary of the case in full, please see here.
Professor Zachary Douglas QC is leading the case for the appellants.