BVI court finds share transfer to avoid US sanctions is not unjustified dissipation

On 26 June, the EU Sanctions Blog reported that the Eastern Caribbean Supreme Court sitting in the BVI considered whether a transfer of shares owned by US-designated Renova Group was an unjustifiable dissipation of assets providing grounds for a freezing order; and the Court held that the transfer of shares by the Renova Group in order to avoid the impact of US sanctions was not an unjustified dissipation of assets.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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