Summary

IN THE MATTER OF Procedural Order No 7 dated 28 August 2023 in HKIAC Case No HKIAC/A22209 (A22219) terminating the proceedings.

This is the substantive hearing of the Originating Summons dated 13 November 2023 (as amended on 14 February 2024) (" OS "), whereby the Plaintiff (" LT ") seeks to set aside (1) a Settlement Agreement dated 12 August 2023 (" Settlement Agreement ") signed by LT and the Defendant (" RV "); and (2) a Procedural Order dated 28 August 2023 (" PO7 ") made by the tribunal (" Tribunal ") in an arbitration which had been initiated by RV against LT in Hong Kong (" Arbitration ").

The grounds stated in the OS for the setting aside are that firstly, the terms of the Settlement Agreement were contrary to a Scheme of Arrangement for LT 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 LT (" ML ") without authority. The second ground for the setting aside is that PO7 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 LT was unable to present its case to the Tribunal on the lack of authority of the director who had signed the Settlement Agreement for LT.