PT Ventures SGPS SA v Vidatel Ltd - Eastern Caribbean Supreme Court Claim No BVIHC COM 2015-0117 and BVIHC COM 2019-0067 - February - March 2020
EASTERN CARIBBEAN SUPREME COURT
BRITISH VIRGIN ISLANDS
IN THE HIGH COURT OF JUSTICE
CLAIM NO. BVIHC (COM) 2015/0117
CLAIM NO. BVIHC (COM) 2019/0067
PT VENTURES SGPS SA
2020: February 24 and 25; 2020: March 16.
 JACK, J [Ag.]: This application concerns the enforcement of an arbitration award for US$646,445,968.
 Unitel SARL ("Unitel") is the main mobile telephone operator in Angola. On 20 th February 2019, an arbitration tribunal sitting in Paris made a final award ordering that the defendant ("Vidatel") pay the claimant ("PTV") the sum of US$339,400,000 in respect of the diminution in value of PTV's shares in Unitel and US$314,865,512 in respect of unpaid dividends from Unitel. After discovery of a mathematical error, by an addendum made 30 th April 2019 the tribunal reduced the latter figure to US$307,045,968.
 The current proceedings, action BVIHC (COM) 2019/0067 ("the recognition action"), were commenced on 16 th May 2019 by, what at any rate purports to be, a fixed date claim form. PTV sought leave to enforce the arbitral award (as varied) pursuant to sections 81 and 84 of the Arbitration Act 2013, 1 which gives force of law to the New York Convention. 2
 What is now before me is an application by PTV filed on 2 nd August 2019 seeking summary judgment in its favour in respect of enforcement of this final award (as varied by the addendum). PTV sought in the alternative a stay of the enforcement proceedings on terms that Vidatel provide security in a sum subsequently put at US$200 million. There were also two cross-applications by the parties which I resolved orally at the conclusion of the argument before me.
 The tribunal in its February award also made consequential orders for interest and costs. In para VI of the operative part of its award, the tribunal made provision for the offsetting of monies received under the award against dividends otherwise payable by Unitel. I shall revert to the terms of para VI in due course.