Summary

The Arbitral Tribunal
Wilfred Ho, Sole Arbitrator

INTRODUCTION

1. This arbitration arises out of a Purchase Assignation Agreement ("PAA") dated 23 June 2025.

The PAA was entered into between: Minaret Group LLC ("Minaret" or the Claimant), a company registered in New Jersey, USA; and UK ACIM LTD ("UK ACIM" or the Respondent), a company incorporated in the United Kingdom.

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XII. ORDER

145. The Tribunal:

a) On the basis that there has been a total failure of consideration, declines to find that that UK ACIM Ltd has breached the PAA, and therefore no damages should be awarded to Minaret Group LLC;

b) Declines to find that there was fraudulent misrepresentation;

c) Declines to award exemplary damages;

d) (i) determines that UK ACIM Ltd has been unjustly enriched in the amount of USD 530,969.15; and (ii) orders that UK ACIM Ltd pays USD 530,969.15 to Minaret Group LLC.

e) Orders that UK ACIM Ltd pays Minaret Group LLC interest on the sum set out in sub- paragraph (d) above at the simple interest rate of 8.107% per annum pursuant to Section 49(1) of the High Court Ordinance, Cap. 4 from the date of this award until payment; and

f) Orders that UK ACIM Ltd pays Minaret Group LLC's reasonable legal costs and Wire Fees in the amount of USD 29,883.96,

g) Orders that UK ACIM Ltd pays Minaret Group LLC the ICC costs of arbitration in the amount of USD 53,600.00.

146. All other requests and claims not referred to in 145 above are hereby rejected.

Place of Arbitration: Hong Kong SAR

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OCR text, errors may be present.