A la suite de la liquidation de la Banque Internationale de l’Afrique de l’Ouest au Cameroun, ses ex-employés ont décidé de se pourvoir en justice aux fins de recouvrer leurs droits auprès de l’Etat du Cameroun, en se constituant pour conseil, Maître TANG Emmanuel.
Par les soins de ce dernier, ils obtinrent une autorisation de saisie conservatoire et entreprirent son exécution en faisant procéder à une saisie conservatoire auprès de différentes banques, dont la « BICEC » qui détenait les fonds que la Caisse Autonome d’Amortissement y avait placés pour les reverser aux ex-employés.
Subsequent to the liquidation of the Banque Internationale de l’Afrique de l’Ouest (BIAO) in Cameroon, the bank’s former employees filed suit against BIAO in order to collect their financial benefits from Cameroon government. They employed the legal services of Mr TANG Emmanuel who enabled them to secure a court order attaching the assets of the bank.
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The Court of Justice and Arbitration, “CCJA”, of the Organization for the Harmonization in Africa of Business Law, “OHADA”, in its judgment No. 028/2016 of 25 February 2016, stated that a matter raising issues relating to the application of a uniform Act, in this instance the Organization of Simplified Recovery Procedures and Enforcement means, falls within its jurisdiction.
A mere few weeks ago, the hypothesis that the COVID-19 virus would not affect the African continent was still being widely propagated. The theory that the virus does not survive in warm weather has since been debunked and the number of African countries that have recorded confirmed cases of coronavirus is growing rapidly. On 18 March 2020, the Director-General of the World Health Organisation, Tedros Adhanom Ghebreyesus, warned that Africa has to prepare for the worst.
A bondholder of Argentine restructured debt filed for an injunction before the Argentine courts against the Bank of New York Mellon, as trustee under the exchange bonds. The plaintiff claimed the distribution of funds – frozen by a US court order – that Argentina had deposited into the Bank of New York Mellon's account to comply with the payments under those bonds. The Argentine courts dismissed the request, concluding that they lacked jurisdiction.
Argentina
The long-running dispute continues between Argentina, which defaulted on its sovereign debt for the second time in July 2014, and holdout bondholders from two previous debt restructurings.
Diaz Reus Partner Marta Colomar-Garcia, acting as Plaintiffs’ co-lead counsel overseeing eight separate class action lawsuits in Argentina’s 2001 $100 billion default, says that Plaintiffs have not been able to engage in genuine and substantive settlement discussions with Argentina in an attempt to resolve the litigation.
In a historic decision with the potential to end 15 years of litigation between the Republic of Argentina and holdout bondholders from the financially strapped South American nation’s 2005 and 2010 sovereign debt restructurings, Judge Thomas Griesa of the U.S.
The Republic of Argentina returned to global debt markets after a 15-year absence on April 19, 2016, when it sold $16 billion in bonds to fund a series of landmark settlements reached earlier this year with holdout bondholders from the South American nation’s 2005 and 2010 debt restructurings. This latest development in the more than decade-long battle between Argentina and the holdouts—led by hedge funds Aurelius Capital Master Ltd. (“Aurelius”) and NML Capital Ltd.