Cayman judgment on “use” of funds

The Grand Court of the Cayman Islands has held that the exercise of voting rights by the shareholders of an investment fund to change the directors of the fund was not a “use” of shares within the meaning of the UN Libya sanctions regime, nor a “circumvention” of its prohibitions. The court said the provisions should be interpreted restrictively to refer to shares in their “character as a financial asset”. Click here to login/register for the judgment.