The respondents entered into a share options agreement and a shareholders’ agreement with the applicants, under which the respondents purchased shares in the second applicant. An arbitral tribunal, seated in Singapore, held that the respondents had been induced to enter into the agreements by fraudulent misrepresentation. In its final award, the tribunal made a declaration that the agreements were rescinded, and ordered that the applicants repay the purchase price to the respondents, together with interest. The award did not include any order for the retransfer of the purchased shares.