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Muduroglu Ltd –v- T.C. Ziraat Bankasi

03rd Jul 1986

[1986] 3 WLR 606; [1986] QB 1225; [1986] 3 All ER 682

Gavin Kealey – Practice – Stay of proceedings – jurisdiction – Turkish Cypriot company entering into construction contract for works in Libya – Counter-guarantee of advance payments by Turkish bank – Counter-guarantee secured by deposits by plaintiffs – Turkish bank paying under counter-guarantee and enforcing security – Action by plaintiffs to recover deposits – Whether action to be stayed – Exercise of discretion.

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