JUDGMENT

Zahara Ibrahim FCJ:

Introduction

[1] This is an appeal by the appellant (who was the plaintiff in the High Court) against the decision of the Court of Appeal which allowed the appeal by the respondent (who was the defendant in the High Court) against the decision of the High Court dismissing the respondents application to set aside the recognition and enforcement order made on 16 July 2013 in respect of a Final Award obtained by the appellant.

[2] In this judgment, the parties will be referred to as they were in the High Court.

Background Facts

[3] On 27 September 2007, an Algerian company called CNAN Group SPA ("CNAN") entered into a Share Transfer Agreement ("STA") with the plaintiff and two others, namely, Pharaon Commercial Investment Group Limited ("Pharaon") and one Mr Mustapha Abdelwahab Laradji ("Laradji").

[4] Under the STA, CNAN would sell and transfer 51% of its shares in the defendant to the plaintiff, Pharaon and Laradji ("Purchasers"). 24.5% of the shares would be sold to the plaintiff, 24.5% to Pharaon and 2% to Laradji. The defendant was not a party to the STA. However, all of the shares in the defendant were held by CNAN.