World leading food and liquid packaging group of companies obtains favorable outcome in shareholder dispute
Client(s) World leading food and liquid packaging group of companies
Jones Day successfully represented a world leading food and liquid packaging group of companies as claimants in an ICC arbitration seated in Geneva against a Saudi shareholder in a shareholders' dispute. The dispute arose out of a call option agreement, a shareholders' agreement and other agreements governed by Saudi law after the respondent refused to transfer his shares despite the call option having been exercised. The award ordered respondent to transfer his shares, with part of the purchase price to be paid through the issuance of a bank guarantee to secure the payment of other obligations of the Saudi shareholder. The award further determined that the respondent is not entitled to dividends for certain years as he had willfully delayed the transfer of his shares. Respondent has been ordered to pay a significant portion of claimants' legal costs and of the arbitration costs.