Minister of Finance Incorporated and Anor v International Petroleum Investment Company and Anor 2021 EWHC 2949 Comm - 04 November 2021
This unusual arbitration claim seeks to challenge under s.67 or s.68 of the Arbitration Act 1996 ('the Act') a Consent Award dated 9 May 2017 by which an LCIA arbitration between the parties, LCIA Ref. 163357 ('Arbitration 1'), was concluded. It came before Robin Knowles J in March 2019, to consider:
(a) an application by the defendants ('IPIC' and 'Aabar') for the claim to be stayed under s.9 of the Act, alternatively as a matter of case management, pending a further LCIA arbitration between the parties, LCIA Ref. 184124 ('Arbitration 2' - there were in fact two references, under the Settlement Deed and Supplemental Settlement Deed to which I refer below, but they were consolidated so I shall use the singular),
(b) an application by the claimants ('MOFI' and '1MDB') to restrain IPIC and Aabar by injunction from pursuing Arbitration 2 pending this claim, and
(c) the question whether time should be extended for the bringing of this claim, which was brought on 30 October 2018 whereas s.70(3) of the Act required it to be brought within 28 days of the date of the Consent Award, i.e. on or before 6 June 2017, subject to the power of the court to extend time provided by s.80(5) of the Act.