Arbitral Digest

Matter

ALYK (H.K.) Limited v Caprock Commodities Trading Pty Limited and China Construction Bank Corporation

Applicable rules
ICC Arbitration Rules
  1. 13 December 2012Australia

    13 December 2012Australia

    Decision of the Supreme Court of New South Wales in the case [2012] NSWSC 1558 dated 13 December 2012

    Supreme Court of New South Wales

    Citation
    [2012] NSWSC 1558
    Decision summary
    The Supreme Court of New South Wales dismissed ALYK’s application to restrain Caprock’s demand under the standby letter of credit, held that Caprock could make the demand, dissolved the interlocutory injunction subject to a short stay, and reserved costs.

    Supporting details

    4 participants
    ALYK (H.K.) Limited
    Caprock Commodities Trading Pty Limited
    China Construction Bank Corporation
    Supreme Court of New South Wales

    1 day later · 1 days

  2. 14 December 2012Australia

    14 December 2012Australia

    Interlocutory order of the Supreme Court of New South Wales dated 14 December 2012

    Supreme Court of New South Wales

    Decision summary
    The Supreme Court of New South Wales ordered China Construction Bank Corporation to pay the standby letter of credit proceeds into court pending further order, required ALYK to pay AU$1,000,000 into court as security for its undertaking as to damages, and required ALYK to commence ICC arbitration.

    Supporting details

    1 authority · 4 participants
    ALYK (H.K.) Limited
    Caprock Commodities Trading Pty Limited
    China Construction Bank Corporation
    Supreme Court of New South Wales

    Authorities cited

    1
    • International Arbitration Act 1974 (Cth)
      statute

    2 years, 1 month and 6 days later · 767 days

  3. 20 January 2015Arbitration

    20 January 2015Arbitration

    Arbitral Award published on 20 January 2015

    International Chamber of Commerce

    Decision summary
    The award held that Caprock Commodities Trading Pty Limited, including in its capacity as trustee for the SAFE Fund, was not entitled to demand or retain the standby letter of credit proceeds. It ordered Caprock to pay ALYK US$2,000,000, US$384,000 as partial reimbursement of arbitration-cost advances, and EUR500,000 as partial reimbursement of legal fees and other costs.

    Supporting details

    5 participants
    ALYK (H.K.) Limited
    Caprock Commodities Trading Pty Limited
    International Chamber of Commerce

    6 months and 4 days later · 185 days

  4. 24 July 2015Australia

    24 July 2015Australia

    Decision of the Supreme Court of New South Wales in the case 2012/231519 dated 24 July 2015

    Supreme Court of New South Wales

    Case no.
    2012/231519
    Citation
    [2015] NSWSC 1006
    Decision summary
    The Supreme Court of New South Wales ordered the 20 January 2015 foreign arbitral award to be enforced as a judgment under section 8(2) of the International Arbitration Act 1974 (Cth). It ordered payment to ALYK of US$20,000,000 and AU$1,000,000 held in court, ordered Caprock to pay specified costs, and reserved the issue of judgment for US$2,384,000 and EUR500,000 because of the contract’s limitation of Caprock’s liability to trust assets.

    Supporting details

    12 authorities · 12 participants
    ALYK (H.K.) Limited
    Representative
    J A Hogan-Doran (For: ALYK (H.K.) Limited)
    Representative
    K&L Gates (For: ALYK (H.K.) Limited)
    Representative
    Laurent Killias (For: ALYK (H.K.) Limited)
    Representative
    Daniel St George (For: ALYK (H.K.) Limited)
    Representative
    Chen Xinquan (For: ALYK (H.K.) Limited)
    Representative
    Li Zimu (For: ALYK (H.K.) Limited)
    Caprock Commodities Trading Pty Limited
    Representative
    P Yassa (For: Caprock Commodities Trading Pty Limited)
    China Construction Bank Corporation
    Supreme Court of New South Wales
    Judge
    Black J
    Other

    Authorities cited

    12
    • Civil Procedure Act 2005 (NSW)
      statute
    • Evidence Act 1995 (NSW)
      statute
    • International Arbitration Act 1974 (Cth)
      statute
    • ACES Sogutlu Holdings Pty Ltd (in liq) v Commonwealth Bank of Australia ([2014] NSWCA 402)
      case-law
    • ALYK (H.K.) Limited v Caprock Commodities Trading Pty Ltd ([2012] NSWSC 1558)
      case-law
    • Helvetic Investment Corporation Pty Ltd v Knight ((1984) 9 ACLR 773)
      case-law
    • Octavo Investments Pty Ltd v Knight ((1979) 144 CLR 360)
      case-law
    • Sauber Motorsport AG v Giedo Van Der Garde BV ([2015] VSCA 37; (2015) 317 ALR 786)
      case-law
    • TCL Air Conditioner (Zhongshan) Co Ltd v Castel Electronics Pty Ltd ([2014] FCAFC 83; (2014) 311 ALR 387)
      case-law
    • William Hare UAE LLC v Aircraft Support Industries Pty Ltd ([2014] NSWSC 1403)
      case-law
    • D Loxton & N D’Angelo, “Trustee’s limitation of liability: Myths, mysteries and a model clause” ((2013) 41 ABLR 142)
      academic
    • J. Allsop, “The Nature of the Trustee’s Right of Indemnity and Its Implications for Equitable Principles” (18 July 2012)
      academic

Matter record

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ALYK (H.K.) Limited v Caprock Commodities Trading Pty Limited and China Construction Bank Corporation · Matter