Arbitral Digest

Matter

Donna Union Foundation v Koshigi Limited

Applicable rules
LCIA Arbitration Rules 2014
  1. 7 February 2018British Virgin Islands

    7 February 2018British Virgin Islands

    Freezing order of 7 February 2018

    Eastern Caribbean Supreme Court, High Court of Justice

    Decision summary
    The court granted a freezing order against the relevant assets of the KS Shareholders.

    Supporting details

    1 participant
    Eastern Caribbean Supreme Court, High Court of Justice

    1 month later · 28 days

  2. 7 March 2018British Virgin Islands

    7 March 2018British Virgin Islands

    Continuation of freezing order of 7 March 2018

    Eastern Caribbean Supreme Court, High Court of Justice

    Decision summary
    The court continued the freezing order against the relevant assets of the KS Shareholders.

    Supporting details

    1 participant
    Eastern Caribbean Supreme Court, High Court of Justice

    16 days later · 16 days

  3. 23 March 2018Arbitration

    23 March 2018Arbitration

    LCIA award on liability dated 23 March 2018

    London Court of International Arbitration

    Decision summary
    The tribunal directed the KS Shareholders to acquire Donna Union Foundation's shareholding in Ulmart Holdings Ltd at a price to be determined using a historic valuation basis.

    Supporting details

    3 participants
    Donna Union Foundation
    Koshigi Limited
    Svoboda Corporation Inc.
    London Court of International Arbitration

    3 months and 23 days later · 115 days

  4. 16 July 2018Arbitration

    16 July 2018Arbitration

    LCIA Second Partial Final Award on quantum dated 16 July 2018

    London Court of International Arbitration

    Decision summary
    The tribunal ordered the KS Shareholders to buy Donna Union Foundation's shares in Ulmart Holdings Ltd for US$67,159,546.

    Supporting details

    6 participants
    Donna Union Foundation
    Koshigi Limited
    Svoboda Corporation Inc.
    London Court of International Arbitration

    3 days later · 3 days

  5. 19 July 2018British Virgin Islands

    19 July 2018British Virgin Islands

    Judgment dated 19 July 2018

    Eastern Caribbean Supreme Court, High Court of Justice

    Decision summary
    The court found that a continuing risk of dissipation existed in relation to the assets of the KS Shareholders.

    Supporting details

    4 participants
    Donna Union Foundation
    Koshigi Limited
    Svoboda Corporation Inc.
    Eastern Caribbean Supreme Court, High Court of Justice

    1 month later · 31 days

  6. 19 August 2018Arbitration

    19 August 2018Arbitration

    LCIA Tribunal Order dated 19 August 2018

    London Court of International Arbitration

    Decision summary
    The tribunal amended the mechanism for closing the share-transfer transaction in paragraphs 3 to 6 of the Second Partial Final Award.

    Supporting details

    3 participants
    Donna Union Foundation
    Koshigi Limited
    Svoboda Corporation Inc.
    London Court of International Arbitration

    1 month and 29 days later · 60 days

  7. 18 October 2018Arbitration

    18 October 2018Arbitration

    LCIA Tribunal Order dated 18 October 2018

    London Court of International Arbitration

    Decision summary
    The tribunal refused to make paragraphs 3 to 6 of its 19 August 2018 Order into a formal award.

    Supporting details

    3 participants
    Donna Union Foundation
    Koshigi Limited
    Svoboda Corporation Inc.
    London Court of International Arbitration

    2 months and 30 days later · 91 days

  8. 17 January 2019British Virgin Islands

    17 January 2019British Virgin Islands

    Court of Appeal judgment of 17 January 2019

    Eastern Caribbean Court of Appeal

    Decision summary
    The Court of Appeal dismissed the appeals by Koshigi Limited and Svoboda Corporation Inc. and ordered the KS Shareholders to pay the appeal costs.

    Supporting details

    3 participants
    Koshigi Limited
    Representative
    Mr Midwinter (For: Koshigi Limited)
    Svoboda Corporation Inc.
    Eastern Caribbean Court of Appeal

    2 months and 3 days later · 62 days

  9. 20 March 2019British Virgin Islands

    20 March 2019British Virgin Islands

    Hadkinson Application judgment of 20 March 2019

    Eastern Caribbean Supreme Court, High Court of Justice

    Decision summary
    The court dismissed Donna Union Foundation's Hadkinson Application.

    Supporting details

    4 participants
    Donna Union Foundation
    Koshigi Limited
    Svoboda Corporation Inc.
    Eastern Caribbean Supreme Court, High Court of Justice
    Judge
    Green J

    1 month and 3 days later · 34 days

  10. 23 April 2019Arbitration

    23 April 2019Arbitration

    LCIA Third Final Award on Costs and Interest dated 23 April 2019

    London Court of International Arbitration

    Decision summary
    The tribunal ordered the KS Shareholders to pay 75% of Donna Union Foundation's legal costs, amounting to US$5,645,000 plus UK£526,527.17 and interest at the US$12-month LIBOR rate plus 5% compounded quarterly.

    Supporting details

    6 participants
    Donna Union Foundation
    Koshigi Limited
    Svoboda Corporation Inc.
    London Court of International Arbitration

    21 days later · 21 days

  11. 14 May 2019British Virgin Islands

    14 May 2019British Virgin Islands

    Judgment of the Eastern Caribbean Supreme Court, High Court of Justice (Commercial Division) in the case BVIHC (COM) 231 of 2018 dated 14 May 2019

    Eastern Caribbean Supreme Court, High Court of Justice (Commercial Division)

    Case no.
    BVIHC (COM) 231 of 2018
    Decision summary
    The court found Koshigi Limited balance-sheet insolvent, appointed Paul Pretlove of Kalo (BVI) Limited as its liquidator, and ordered costs payable to the applicant and liquidator from the company's assets.

    Supporting details

    14 authorities · 13 participants
    Donna Union Foundation
    Representative
    Mr Edmund King QC (For: Donna Union Foundation)
    Representative
    Mr Andrew Willins (For: Donna Union Foundation)
    Representative
    Appleby (For: Donna Union Foundation)
    Koshigi Limited
    Representative
    Ms Tameka Davis (For: Koshigi Limited)
    Representative
    Mr Mark Forte (For: Koshigi Limited)
    Representative
    Conyers (For: Koshigi Limited)
    Svoboda Corporation Inc.
    Representative
    Mr Robert Nader (For: Svoboda Corporation Inc.)
    Eastern Caribbean Supreme Court, High Court of Justice (Commercial Division)
    Other

    Authorities cited

    14
    • Insolvency Act 2003
      statute
    • Insolvency Rules 2005
      statute
    • Arbitration Act
      statute
    • Tottenham Hotspur Plc v Edennote Plc ([1995] 1 BCLC 65)
      case-law
    • Vendort Traders Inc v Evrostroy Group LLC ([2016] UKPC 15)
      case-law
    • BNY Corporate Trustee Services Ltd v Eurosail-UK ([2013] 1 WLR 1408)
      case-law
    • Evans v Jones ([2016] EWCA Civ 660)
      case-law
    • Sparkasse Bregenz Bank AG v Associated Capital Corporation (Civil Appeal No. 10 of 2002)
      case-law
    • Anchorman Kavac Limited v Jonathan Capener (BVIHC(COM)0031 of 2018)
      case-law
    • Michael Wilson & Partners Limited v Temujin International Limited and others (BVIHCV2006/0307)
      case-law
    • Halkett v Earl of Dudley ((1907) 1 Ch 590)
      case-law
    • Stonegate Securities v Gregory ([1980] Ch 576)
      case-law
    • Jinpeng Group Limited v Peak Hotels and Resorts Limited
      case-law
    • Russell on Arbitration, 24 Edition
      academic

Matter record

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Donna Union Foundation v Koshigi Limited · Matter