In a landmark decision, the BVI Commercial Court has, for the first time, issued a mandatory injunction requiring the repatriation of funds wrongfully transferred abroad to support the enforcement of an arbitration award. The case, <span class="news-text_italic-underline">Global Mining Development LP & another v China National Gold Group Hong Kong Ltd & another (BVIHCM2023/0070)</span>, involved a dispute over share ownership in a BVI company, Soremi Investments Ltd (“<span class="news-text_medium">SIL</span>”).
Following arbitration in Hong Kong, Global Mining Development LP was awarded full ownership of SIL, but China National Gold Group Hong Kong Ltd (“<span class="news-text_medium">CNG</span>”) failed to comply with the tribunal’s orders. Despite an undertaking given to Global Mining Development LP, CNG transferred approximately USD200 million from a Paris-based account to an entity in China. The BVI Court granted both a freezing injunction and a mandatory order requiring the funds to be returned to SIL’s French bank account.
While the discharge application remains pending, this decision underscores the BVI Court’s strong pro-enforcement stance and its willingness to take decisive measures to uphold foreign arbitral awards.
