BITEL had been owned by three Manx companies, (the “KFG companies”).2 By an agreement in May 2003 (the “Transfer Agreement”), the KFG Companies had agreed to sell their interest in BITEL to IPOC International Growth Fund Ltd (“IPOC”), a Bermudan mutual investment fund. Under the Transfer Agreement, IPOC was entitled to assign its interest in BITEL to Kyrgyzstan Mobitel Investment Co Ltd (“KMIC”). KMIC was to be a subsidiary to IPOC that was incorporated in October 2003. Soon thereafter, IPOC notified the KFG companies about its intention to transfer rights and obligations under the Transfer Agreement to KMIC and, in due course, the assignment happened. However, before the assignment took effect, and unknown to the KFG companies, IPOC had agreed to sell all its shares in KMIC to one of the appellants (Fellowes). In late 2003, a dispute arose between the KFG companies, IPOC and KMIC. As a result of that dispute, the KFG companies refused to complete the sale of BITEL. In March 2005, Fellowes initiated proceedings against the KFG companies in the Bishkek Interdistrict Economic Court in Kyrgyzstan, alleging a breach of the Transfer Agreement, and sought specific performance in its own favour. In April 2005, the Kyrgyz court ordered specific performance of the Transfer Agreement in favour of Fellowes. That order was subsequently upheld by the Supreme Court of Kyrgyzstan.

As though matters were not already complicated enough, there was another twist in the tale: in October 2005, unknown to the KFG Companies, Fellowes sold its interest in BITEL to Reservespetsmet, a Russian company. In early 2006, BITEL brought an action in Kyrgyzstan against the KFG companies, seeking damages, among other things, on the