International Arbitration
Kirkland Represents North American Investment Fund in HKIAC Arbitration, Wins Over US $230 Million in Damages
The dispute arose out of Kirkland’s client’s investment into a medical facilities business in Mainland China. However, soon after making the investment, it transpired that the counter-party had misappropriated the investment sums and transferred the majority of the assets of the business into a parallel corporate structure in which our client had no interest. Kirkland represented the client in a number of court and arbitration proceedings around the world, including securing freezing injunctions in Hong Kong and the Cayman Islands.
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In early 2016, Kirkland commenced the HKIAC arbitration proceedings to resolve all the various disputes between the parties.
Following a hearing in December 2017, the tribunal handed down its award in June 2018 granting Kirkland’s client damages of over US$ 230 million and dismissing the Respondents’ US$300 million counterclaim in its entirety. The client was also awarded all its costs (including the costs of the initial transaction) on an indemnity basis. Enforcement proceedings are now underway and include proceedings in China, Hong Kong and the Cayman Islands.
Following a hearing in December 2017, the tribunal handed down its award in June 2018 granting Kirkland’s client damages of over US$ 230 million and dismissing the Respondents’ US$300 million counterclaim in its entirety. The client was also awarded all its costs (including the costs of the initial transaction) on an indemnity basis. Enforcement proceedings are now underway and include proceedings in China, Hong Kong and the Cayman Islands.