Summary

The Petitioner and Prince Hussam were parties to a loan agreement dated 23 July 2010. A dispute between them resulted in the appointment of an arbitral tribunal on 12 November 2012 under the London Court of International Arbitration Rules 1998 (the "Tribunal"). The Tribunal subsequently made a number of awards in favour of the Petitioner against Prince Hussam (the "Awards"). The main Award was made in late 2015 and was for about US$527 million. That was followed by a further Award in 2018 of about US$218 million for default commission on the main sum. The Tribunal also made two costs Awards against Prince Hussam in 2018 totalling about £3.3 million. Leave to enforce all these Awards was given to the Petitioner by Bryan J on 31 January 2019 pursuant to the Arbitration Act 1996.

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For these reasons I considered that an appeal by the Petitioner would have no realistic prospect of success.