Article summary

Arbitration analysis: Mrs Justice Moulder, sitting in the Commercial Court, determined several applications in court proceedings concerning a London Court of International Arbitration (LCIA) arbitral award issued to the parties in April 2019, in which the tribunal found in favour of the first defendant (Vale) and ordered the claimant (BSGR) to pay damages in the amount of US$1.247 billion. Following Vale’s successful application to the English court for permission to enforce the award in the same manner as a judgment and BSGR’s pending challenge to the award pursuant to sections 24 and 68 of the Arbitration Act 1996 (AA 1996), Moulder J: dismissed Vale’s application for security in the amount of the award under AA 1996, s 70(7); granted Vale’s application for security for costs under AA 1996, s 70(6), albeit for a reduced amount; dismissed BSGR’s application to set aside the court’s enforcement order or else order a stay on enforcement; and, dismissed Vale’s application that BSGR’s pursuit of its challenge application be made conditional on payment of an outstanding costs order. Of additional interest was the fact that BSGR was in administration and acting via its joint administrators. Sign in or take a trial to read the full analysis.