Turkcell Litigation—Pivotal Ruling | White & Case LLP International Law Firm, Global Law Practice
Turkcell Litigation—Pivotal Ruling

Turkcell Litigation—Pivotal Ruling

Privy Council confirms Cukurova's entitlement to relief from forfeiture
After more than five years of litigation between Cukurova of Turkey and Alfa of Russia, the Privy Council has delivered a pivotal ruling in Cukurova's favour.[1] The decision establishes that a borrower may be entitled to equitable "relief from forfeiture" even after a lender has exercised a power of appropriation under the Financial Collateral Arrangements (No 2) Regulations 2003[2] (the "FCA Regulations").

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[1] Cukurova Finance International Ltd & Anor v. Alfa Telecom Turkey Ltd (British Virgin Islands). White & Case has acted for Cukurova throughout the litigation.
[2] Subsequently expanded by the FCA Amendment Regulations 2010.

 

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