Cukurova in the Court of Appeal

Comments on the decision of the British Virgin Islands Court of Appeal in Alfa Telecom Turkey Ltd v Cukurova Financial International Ltd on whether a company that held equitable charges over the shares of another under UK law, including a power of appropriation, validly exercised that power when it gave notice of appropriation but took no other operational steps. Notes the court's analysis of whether the relevant EC legislation required a functional approach to the principle of uniformity, whether appropriation in equity was possible and whether appropriation required only a mental process.