Read the full judgment text of HCCT28/2002 on BabelCite. This 高等法院原訟法庭 judgment was delivered on 9 June 2003 before Hon Burrell J in Chambers.
Construction and Arbitration — Arbitration Ordinance Cap.341 — Enforcement of Geneva arbitral award of US$270 million — Defendant seeking stay of enforcement proceedings pending appeal — Plaintiff concedes appeal arguable but seeks conditional stay — Defendant requests unconditional stay given existing garnishee orders over Hong Kong assets — Court holds stay should be on condition of payment into court to protect enforcement creditor’s interests — Value of Hong Kong assets estimated between US$36.7 million and US$65.2 million representing 14%–24% of award — Court sets payment at 20% of award (US$54 million) as reasonable balance considering defendant’s financial strength and appeal merits — Stay granted upon such payment with right to return if appeal succeeds.
Legal issues: Conditions for granting a stay pending appeal · Appropriate quantum of payment into court to secure stay
Outcome: Stay granted subject to payment into court