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.
Arbitration — Enforcement of interim preservation order and partial awards — Security for costs and fortification applications — G commenced arbitration against N for return of voided consideration money ~US$147 million, Preservation Order frozen ~US$90 million — Two partial awards in favour of N found G liable for sums payable — G’s and parent company KG’s financial difficulties established — N sought security for costs and fortification of G’s undertaking — Court considered powers under section 86(4) Arbitration Ordinance and Order 73 RHC — Fortification ordered for US$658,982.33 based on interest lost due to preservation — Security for costs application dismissed due to delay and prejudice to G given imminence of substantive hearing — Costs allocated accordingly. The Fortification Application was granted, and G ordered to provide additional fortification within 7 days. The Security Application was dismissed with costs payable by N to G.
Legal issues: Fortification of Undertaking · Power to Order Security for Costs under section 86(4) Arbitration Ordinance
Outcome: Fortification Application granted; Security Application dismissed.
Cited by 3 cases · Cites 4 cases