. Refers shareholder dispute to London Arbitration
Wale Igbintade
The Supreme Court of Mauritius has restrained the directors of Chappal Energies Mauritius Ltd from proceeding with the company’s planned US$100 million rights issue, pending the determination of an application for urgent relief before the London Court of International Arbitration (LCIA).
The interim order effectively stalls a controversial capital-raising exercise that Intermediate Investment Holdings Limited (IIHL) claims could have enabled minority shareholder R28 Limited, an investment vehicle linked to businessman Adebisi Adebutu, to increase its stake to nearly 85 per cent and assume effective control of the oil company.
Justice Carol Green Jokhoo granted the interim injunction following an ex parte application filed by IIHL through its counsel, Attorney J. Radhakissoon.
