IIHL Heads To London Arbitration Court As Mauritius Court Halts Chappal Energies Takeover

By Chika Izuora, Lagos
The Supreme Court of Mauritius has restrained and prohibited directors of Chappal Energies Mauritius Ltd from proceedings with the oil firm’s planned Rights Issue, pending the determination of the application for urgent relief by the Emergency Arbitrator in the London Court of International Arbitration (LCIA).
The court made the order following an application filed by Intermediate Investment Holdings Limited (IIHL) through its counsel, Ms Attorney J Radhakissoon.
The restraining order thwarted alleged plan by a minority shareholder of the company, R28 Limited, a firm linked to businessman, Adebisi Adebutu, to acquire up to 85 per cent of the company.
The jud...