The appellants, holding foreign arbitral awards against the Kyrgyz Republic, sought declarations that the Republic owned shares in Centerra Gold Inc. registered to Kyrgyzaltyn JSC, a state-owned corporation.
The applications judge dismissed the applications, finding no evidence of a transfer of rights, express trust, or resulting trust.
The Court of Appeal upheld the decision, confirming that the governing agreement unambiguously established Kyrgyzaltyn as the beneficial owner of the shares and that the presumption of resulting trust was rebutted by the evidence of intention.
