Overview

The Eastern Caribbean Court of Appeal recently handed down the latest decision in the long running case of Alfa Telecom Turkey Limited v Cukurova Finance International Limited and Cukurova Holdings AS.

The case centres on the issue of whether interest is payable by a borrower in circumstances where the borrower has correctly tendered repayment of the loan, but the lender has wrongfully refused to accept the tender.

The trial judge held decisively in favour of Cukurova, finding that no event of default had occurred and that it was not open to Alfa to enforce its security. Additionally, the trial provides several items of note for commercial lawyers in the BVI.

For the full background and commentary on the case, click 'View Briefing'.