Hefin Rees QC (instructed by Callum McNeil, Oliver Clifton, and Meenaa Azmayesh from Walkers in both the BVI and in Hong Kong) has succeeded before the BVI Court of Appeal, who upheld the BVI Commercial Court judgment of Mr Justice Adderley that an oral contract had been made for the highly experienced international banker, Chad Holm, to receive 22% of the shares in The Bank of Asia Project.
The BVI Court of Appeal held that the terms of the oral contract were clearly identified, understood and agreed, and that Adderley J’s conclusions were “unimpeachable”.
The Court of Appeal judgment can be read here.
The Bank of Asia Project was described by the BVI Court of Appeal as a “dynamic, complex, multi-layered, financial investment project”.
It encompasses a new digital offshore bank in the BVI, which is the first newly licensed bank in the BVI for about 25 years. The new bank, and its innovative technology-centric products and services, are aimed primarily at offshore companies and high-net-worth individuals from China, Hong Kong and Singapore.
The BVI Court will be asked to set a date for the quantum hearing so that the 22% of the shares in The Bank of Asia Project can be valued.