Summary

IN THE MATTER OF a settlement agreement treated as an arbitral award pursuant to S.66(2) of the Arbitration Ordinance and IN THE MATTER OF Procedural Order No. 7 dated 28 August 2023 in HKIAC Case No. ... terminating the proceedings and IN THE MATTER OF section 81 of the Arbitration Ordinance (Cap. 609) and IN THE MATTER OF the inherent jurisdiction of the Court.

These proceedings were instituted in November 2023 by the Plaintiff ("L")'s Originating Summons, whereby L seeks to set aside (1) a Settlement Agreement dated 12 August 2023 ("Settlement Agreement") signed by L and the Defendant ("R"); and (2) a Procedural Order dated 28 August 2023 ("PO 7") made by the tribunal in an arbitration which had been initiated by R against L in Hong Kong before the HKIAC ("Arbitration"). The stated grounds for the setting aside are that firstly, the terms of the Settlement Agreement were contrary to a Scheme of Arrangement which had been sanctioned by the Supreme Court of the Seychelles on 6 March 2023 ("Scheme"), and that the Settlement Agreement had been signed by a director of L without authority. The second ground for the setting aside is that PO 7 was a final decision of the tribunal in relation to the subject matter of the Arbitration, and was against public policy as it was based on the Settlement Agreement which was contrary to the Scheme and signed without authority, and further, that L was unable to present its case to the tribunal on the lack of authority of the director who had signed the Settlement Agreement for L.

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