Supreme Court of Bermuda does not allow LIA to redeem shares

The Supreme Court of Bermuda, a British Overseas Territory, has upheld Cornhill Natural Resources Fund Limited’s (the Fund) decision not to allow the Libyan Investment Authority (LIA) to redeem investment shares held in it by its nominee HSBC (link to judgment here). The Fund argued that, under The Libya (Restrictive Measures) (Overseas Territories) Order 2011 as…