Terna Bahrain Holding Company Wll v Al Shamsi & Ors..
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Al Shamsi, Dubai, United Arab Emirates. 3290 likes. MoU with Al Shamsi Trading Company to develop new technologies aimed at conserving water wealth.Al Shamsi Trading & Contracting Company, UAE - Company Information. Get up-to-date business information, contact details, latest news and.You are looking for Al Shamsi Trading & Contracting Company. Al Shamsi Trading & Contracting Company. Last updated - 15-Jan-2020. Phone +971-6-5556677; Fax +971-6-5556222; Box No. 559; Emirate Sharjah; Area; Location Al Wahda St, Monalisa Bldg; Update Your Listing View Website. [[Undiz – Undiz’ AW’19 collection is back and as always themed collections are something that has always been seen at Undiz.Collections such as Barbie, Lion King and other Disney characters hence keeping the tradition of cool_lingerie alive.Jacadi – Launched in 1976, Jacadi is a French premium kidswear brand that started out in Paris.
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The brand is inspired by classic items and consistently seeks quality and is a go-to for refined and elegant children’s clothing. There are three applications before the Court relating to the validity and enforcement of a London arbitration award made on 25 April 2012 by which the Arbitrator awarded the Claimant ("Terna") AED 84,285,282, together with interest and costs, against the three individual Respondents ("the Bin Kamils").By a Claim Form issued on 18 September 2012, the Bin Kamils seek to challenge the Award for lack of jurisdiction and serious irregularity under sections 67 and 68 Arbitration Act 1996, and an extension of time in which to be permitted to do so. Btrade bitcoin trading system nulled. By an application notice dated 3 September 2012 the Bin Kamils seek to set aside an ex parte order made on by Hamblen J under section 66 of the Act, giving Terna leave to enforce the Award as a judgment.By an application notice dated 18 September 2012, Terna seeks an anti suit injunction restraining the Bin Kamils from challenging the validity of the Award abroad (outside EU and Lugano Convention states), and in particular requiring it to discontinue proceedings commenced by the Bin Kamils in Sharjah, UAE, for that purpose. Terna is a company with limited liability constituted under the laws of Bahrain.It is owned by a Cypriot company belonging to Greek interests. They were the founders and owners of all of the shares of Hamriyah Cement Company FZC ("HCC"), a company constituted under the laws of the Hamriyah Free Zone, Sharjah, UAE.
HCC held a 25 year lease of land in Hamriyah with a permit to build and operate a fully integrated cement plant with a capacity of up to 1.8 million tons of cement. By two agreements in writing dated 19 June 2007 Terna became joint venture partners in the project.Under a Share Purchase Agreement of that date ("the SPA"), Terna purchased 40% of the share capital of HCC.Under a Shareholders Agreement of that date ("the SHA"), Terna and the Bin Kamils set out the detailed terms governing their cooperation as shareholders in HCC and their roles in the management of the company. Thereafter, and pursuant to the agreements, Terna and the Bin Kamils jointly financed, managed and completed the construction of the cement plant and commenced its operation. It was envisaged that following completion of the cement plant, a cement import/export terminal would be constructed on a plot of land to be leased within the area of the Hamriyah Port.However permits for construction of the terminal were refused, and the terminal was not built.Terna contended that the Bin Kamils were responsible for procuring the permits to enable the terminal to be built.
The parties were also in dispute about other aspects of the discharge of their respective obligations concerning the financing of the development and the management of the cement plant and the affairs of HCC. Clause 11 of the SPA provided as follows: "11.1 This Agreement shall be governed by and construed in accordance with the laws of the Hamriyah Free Zone, the laws of the Emirate of Sharjah and the laws of the United Arab Emirates (i.e.The Law as defined under Clause 1.1 herein above), as applicable.11.2 Any dispute arising out of or in relation to this Agreement, including but not limited to its construction, validity, performance or breach, shall be finally settled by one arbitrator in accordance with the ICC Arbitration Rules, as in force from time to time, and with the express provisions of this Clause 11.11.3 The place of arbitration shall be London, United Kingdom, and the proceedings shall be conducted in the English language."6.The SHA contained a materially identical condition. Terna commenced the arbitration by a request dated 13 July 2009. Sharkfin formation forex. On 8 October 2009 the Court of the ICC appointed Dr Nayla Comair-Obeid ("The Arbitrator") as sole arbitrator to determine the parties' disputes.The Arbitrator is recognised as a leading international arbitration practitioner, specialising in international business contracts and Islamic and Middle Eastern legislation and contracts. The Bin Kamils were represented throughout the arbitration by Galadari & Associates of the UAE.The main witness hearing took place in London from 9 to 19 December 2010 with a further hearing in February 2011.
After lengthy post hearing written submissions, the Award was issued on 25 April 2012.The total amount awarded was made up of (1) AED 19,000,000, which was the amount paid by Terna for its 40% stake in HCC; and (2) AED 65,285,282 which was the amount which the Arbitrator found had been contributed by Terna to HCC pursuant to the SPA and SHA; and (3) US$ 3,691,749.89 in respect of legal and other costs and expenses.The Award also provided for Terna to retransfer its 40% shareholding in HCC to the Bin Kamils. Al siyouf trading est. The Arbitrator granted this relief on the grounds that by reason of breaches of representations, warranties and undertakings in the agreements, Terna had validly invoked its right under clause 7.2.1(i) of the SPA to "rescind" the SPA, to reclaim the purchase price of the shares, and to be paid consequent "damage".Clause 10 of the SHA provided that the SHA terminated automatically upon termination of the SPA. On Terna applied in writing, without notice to the Bin Kamils, under section 66 of the Arbitration Act 1996, for leave to enforce the Award in the same manner as a judgment. On , without notice at the time to Terna, the Bin Kamils filed a claim before the Conciliation and Reconciliation Committee of the First Instance Court in Sharjah, UAE, challenging the validity of the Award.The Committee is not itself a court, but encourages parties to settle disputes, failing which a claim is transferred to and filed before the Court. By an order dated Hamblen J gave permission to enforce the Award in the same manner as a judgment.