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ORDER WITH REASONS OF JUSTICE SIR RICHARD FIELD ON COSTS AND INTEREST
UPON the Judgment of Sir Richard Field dated 11 May 2015 ordering the Claimant and the Defendant to file submissions on costs and interest;
AND UPON the Claimant filing their submissions on 18 November 2015;
AND UPON the Defendant filing their submissions on 25 November 2015;
IT IS HEREBY ORDERED THAT:
The Defendant shall, within 21 days of the date of this Order, make a payment on costs to the Claimant in the amount of USD 300,000.
The Defendant shall pay to the Claimant damages amounting to USD 690,533.
The Defendant shall pay interest on the damages awarded at the rate of 1.82171% per annum which to date amounts to USD 11,476.92 and continues to accrue at the daily rate of USD 34.46.
The parties were invited to serve written submissions as to costs and interest following the delivery of the Court’s judgment upholding the Claimant’s claim. In its submissions, the Claimant seeks its costs of the action to be assessed on the indemnity basis, if not agreed. It also claims an interim payment on account of its entitlement to costs in the sum of USD 358,041.33 and seeks interest on the damages awarded at the rate of 1.82171% p.a. (equivalent to 1% over the EIBOR 3 months’ reference rate) from 1 January 2015.
The Defendant through his attorneys has simply informed the Court of the amount of his costs in the proceedings.
The Claimant having succeeded on all issues in the trial is entitled to be awarded its costs of the action and I so order. I also find that the Defendant’s conduct in maliciously sabotaging the Claimant’s IT system and then defending the claim by giving dishonest and false evidence is so unreasonable and “out of the norm” that the Claimant is entitled to have its costs assessed on the indemnity basis.
The normal practice is to order an interim payment on account of the costs awarded by the Court. The Claimant asks for USD 358,041.33 which is 75% of its total costs. I think this sum is somewhat too high and I order instead that the Defendant must pay USD 300,000 on account of costs within 21 days of the date of this ruling.
In my judgment, the Claimant is entitled to simple interest on the damages awarded and the rate claimed is a reasonable rate. I accordingly order that the Defendant must pay interest on the damages awarded at the rate of 1.82171% per annum which to date amounts to USD 11,476.92 and continues to accrue at the daily rate of USD 34.46.
