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Elite clarification of the Duomatic principle from the Privy Council
The Privy Council has just handed down judgment in Fang Ankong & Anor v Green Elite (in liquidation) which clearly restates how the Duomatic principle is to be applied and, in particular, the need for certainty, knowledge and an actual assent that can be objectively established. At first instance the BVI Commercial Court found that a historical understanding between joint venture partners (and eventual shareholders in Green Elite) did not objectively evince an intention to create a binding shareholder agreement. In this case, the proceeds of a sale of shares were paid directly to one of the…
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