Claim No. ARB-003-2013

THE DUBAI INTERNATIONAL FINANCIAL CENTRE COURTS

 

IN THE COURT OF THE FIRST INSTANCE

BETWEEN

 

BANYAN TREE CORPORATE PTE LTD

Claimant

 

and

 

MEYDAN GROUP LLC

Defendant


   ORDER OF H.E. JUSTICE OMAR AL MUHAIRI


UPON the Claimant’s application dated 19 December 2013 made by way of an Arbitration Claim Form

AND UPON reading the Witness Statement of Brian Roy Nash dated 19 December 2013 and its Exhibit “BRN1” filed in support of the Claimant’s application

AND FOLLOWING the Judgment of H.E. Justice Omar Al Muhairi dated 27 May 2013 that the DIFC Courts have jurisdiction in this Arbitration Claim

AND FOLLOWING the Judgment of the Court of Appeal in CA-005-2014 dated 3 November 2014 dismissing the Defendant’s appeal against the Judgment dated 27 May 2013

AND UPON reading the Claimant’s skeleton argument dated 18 January 2015

AND UPON hearing Counsel for the Claimant at a hearing on 20 January 2015

AND FOLLOWING the Judgment of H.E. Justice Omar Al Muhairi dated 2 April 2015

IT IS HEREBY ORDERED THAT:

1. Pursuant to Article 43 of the Arbitration Law, DIFC Law No. 1 of 2008, as amended, the Court hereby recognises the Final Award of the sole arbitrator Mr Alexis Mourre, dated 2 October 2013, issued in Dubai in an arbitration between the Claimant and the Defendant conducted under the rules of the Dubai International Arbitration Centre (“DIAC”) in DIAC Case 81/2010 (the “Award”) as binding within the DIFC.

2. Pursuant to Article 42(1) of the Arbitration Law, DIFC Law No. 1 of 2008, as amended, the Award shall be enforced in the same manner as a judgment of the DIFC Courts.

3. The Defendant shall pay the Claimant USD 19,163,012 plus SGD 49,530.18 plus AED 644,000, being the sums awarded to the Claimant in the Award, including expenses and costs of the arbitration.

4. The Defendant shall pay the Claimant simple interest on the sum of USD 19,163,012 awarded as compensation at the rate of 3% per annum from 2 October 2013 until full payment is made.  Accrued interest of USD 812,178.84 is payable by the Defendant to the Claimant for the period from 2 October 2013 to 2 April 2015 and interest shall continue to accrue at a daily rate of USD 1,573.99 until full payment is made.

5. The Defendant shall pay the Claimant simple interest on the sum of SGD 49,530.18 awarded for expenses at the rate of 3% per annum from the due date of payment of each invoice until full payment is made.  Accrued interest of SGD 8,178.21 is payable by the Defendant to the Claimant for the period to 2 April 2015, and interest shall continue to accrue at a daily rate of SGD 4.07 until full payment of the expenses is made.

6. The Defendant shall pay the Claimant’s costs of and occasioned by this Arbitration Claim, such costs to be the subject of a detailed assessment if not agreed.

Issued by:

Mark Beer

Registrar

Date of issue: 8 April 2015

At: 12pm