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The Commercial Court, Financial List (Leggatt J) has dealt with important applications regarding this substantial dispute concerning the validity and effect of a US$850 million Islamic finance transaction.

Robert Anderson QC and Andrew Scott act for BlackRock, which intervened in the proceedings in September 2017 following the grant of anti-suit injunctive relief against the other Defendants by a Court in Sharjah (see here). 

The Commercial Court: (i) rejected the Claimant’s application under CPR r. 39.3 to set aside its previous judgment on certain preliminary issues of English law ([2017] EWHC 2929 (Comm)), upholding BlackRock’s contentions that the Claimant’s case had no real prospect of success; (ii) rejected the Claimant’s application to stay the proceedings in favour of the Sharjah courts; (iii) granted BlackRock’s application for a final anti-suit injunction restraining further proceedings in relation to the dispute by the Claimant or its shareholders in the Sharjah courts on the ground that such proceedings would be unconscionable and an affront to the English Court’s jurisdiction; and (iv) discharged an interim injunction that the Claimant had obtained in England in June 2017 restraining enforcement of creditor’s rights under the transaction.

The case continues to attract considerable market interest in Reuters.

Robert Anderson QC and Andrew Scott (instructed by Weil Gotshal & Manges (London) LLP) act for BlackRock