Summary

JUDGMENT

[1] WALLBANK, J. (Ag.): This is the judgment of the Court in relation to an application to set aside an order enforcing in this jurisdiction (the `BVI') three arbitration awards made in Singapore (the `Set Aside Application'). Since the proceedings involve the enforcement of an arbitration awards, to preserve confidentiality this judgment anonymizes the names of the parties and well as other key information.

[2] This judgment addresses the main issue arising in the Set Aside Application, which can be referred to, for convenience, as the `Compound Interest Issue'.

Three other main issues also arise, as identified below. To an extent, the determination of these other issues is or may be affected by the result of the Compound Interest Issue. On 27th January 2023, the Court handed down the result of the Compound Interest Issue and these are the written reasons for that decision. A further hearing has been directed to be held to assist the Court in identifying precisely the matters which remain to be decided and to summarize the main points that each side wishes to rely upon in those matters.

[3] To frame the facts and the issues, I gratefully adopt in large part the following summary set out by the Applicant's learned Counsel, Mr. Stephen Moverley Smith, KC, in his skeleton argument for the Set Aside Application. In this summary, I also leave in the Applicant's principal legal contentions.

ICC Arbitration; A first partial final award dated 22 nd September 2017 in arbitration proceedings in Singapore (ICC Case [1]) ('the GHL Arbitration') in favour of the First Claimant ('ABL') in the sum of US$85.75 million plus interest ('the GHL Award'); A first partial final award dated 22 nd September 2017 in parallel arbitration proceedings in Singapore (ICC Case No. [2]) ('the JKL Arbitration') in favour of the Second Claimant ('CDL') and the Third Claimant ('EFL') in relation to interest ('the JKL Award'); A final award dated 3rd May 2021 in arbitration proceedings in Singapore (ICC Case No. [3] in which JKL and HIL were ordered to pay the Claimants' legal costs ('LMN Award').