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On 29 February 2024, the Bermudan Court of Appeal handed down judgment in Credit Suisse Life (Bermuda) Limited v Ivanishvili and Others [2024] Ca (Bda) 2 Civ, concerning an application for leave to appeal to the Privy Council and the correct approach to the provision of security by a Respondent in relation to such an appeal. The original judgment of the Bermuda Supreme Court, as upheld by the Court of Appeal, had awarded $607 million to the Respondents and they were seeking enforcement of the same.

The Court held that on the correct construction of the Appeals Act 1911 it was required to make an order for the Respondents to provide good and sufficient security for the performance of such order as the Privy Council might make on appeal, and that there were in any event solid grounds for declining to allow enforcement of the judgment forthwith.

It drew attention to the risk that the First Respondent, Mr Ivanishvili, a former Prime Minister of Georgia, might be subjected to EU sanctions, and held that it was not possible to be confident that he would not seek to influence the judiciary in Georgia should proceedings be brought seeking enforcement of any Privy Council judgment against assets in Georgia.

The judgment is available here.

Tim Otty KC appeared for the Appellant, Credit Suisse, instructed by Gibson Dunn & Crutcher LLP.

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