Read the full judgment text of HCCT 38/2021, HCCT 28/2023, HCCT 52/2023 on BabelCite. This 高等法院原訟法庭 judgment was delivered on 25 September 2023 before Hon Mimmie Chan J in Chambers.
Construction and arbitration — Enforcement and setting aside of arbitral awards — Preservation order granted over US$90 million pending arbitration dispute over US$147 million transaction declared void — Two partial awards issued holding Applicant (G) liable to Respondent (N) — N seeks security for costs and fortification of undertaking given on enforcement of Preservation Order due to G’s dire financial status and apparent lack of assets — Court finds fortification necessary given liability and financial evidence, orders payment of US$658,982.33 within 7 days — Security for costs application dismissed due to undue delay in filing and prejudice to G given imminent substantive hearing — Costs of fortification in the cause; costs of security to be paid by N to G — No security for costs ordered despite powers under section 86(4) Arbitration Ordinance owing to timing and delay considerations.
Legal issues: Fortification of Undertaking · Security for Costs Application
Outcome: Fortification Application granted; Security Application dismissed
Cites 5 cases