Matter
Gerald Metals LLC and Global Mining Development LP v China National Gold Group Hong Kong Limited and Soremi Investments Ltd (Hong Kong Court of First Instance HCMP 408/2025 and HCMP 968/2025; [2026] HKCFI 1250)
- 8 February 2023Arbitration
8 February 2023Arbitration
First partial award dated 8 February 2023
Hong Kong International Arbitration Centre
- Decision summary
- The tribunal ordered China National Gold Group Hong Kong Limited to transfer 65% of the shares in Soremi Investments Ltd to Global Mining Development LP.
Supporting details
5 participantsGerald Metals LLC
- Representative
- Linklaters (For: Gerald Metals LLC · Global Mining Development LP)
Global Mining Development LP
- Representative
- Linklaters (For: Gerald Metals LLC · Global Mining Development LP)
China National Gold Group Hong Kong Limited
Soremi Investments Ltd
Hong Kong International Arbitration Centre
2 months and 17 days later · 76 days
- 25 April 2023British Virgin Islands
25 April 2023British Virgin Islands
British Virgin Islands Court order dated 25 April 2023
British Virgin Islands Court
- Decision summary
- The court registered the First partial award and made it enforceable in the British Virgin Islands.
6 months and 27 days later · 210 days
- 21 November 2023Arbitration
21 November 2023Arbitration
Third partial award dated 21 November 2023 (Specific Performance Award)
Hong Kong International Arbitration Centre
- Decision summary
- The tribunal ordered specific performance of the transfer of the shares required by the First partial award.
Supporting details
4 participantsGerald Metals LLC
Global Mining Development LP
China National Gold Group Hong Kong Limited
Soremi Investments Ltd
Hong Kong International Arbitration Centre
29 days later · 29 days
- 20 December 2023British Virgin Islands
20 December 2023British Virgin Islands
British Virgin Islands Court order dated 20 December 2023
British Virgin Islands Court
- Decision summary
- The court registered the Specific Performance Award and made it enforceable in the British Virgin Islands.
2 months and 21 days later · 83 days
- 12 March 2024British Virgin Islands
12 March 2024British Virgin Islands
British Virgin Islands Court disclosure order dated 12 March 2024
British Virgin Islands Court
- Decision summary
- The court granted Global Mining Development LP disclosure of Soremi Investments Ltd’s financial information and access to the books and records of Soremi Investments Ltd and Soremi SA.
16 days later · 16 days
- 28 March 2024British Virgin Islands
28 March 2024British Virgin Islands
British Virgin Islands Court freezing order dated 28 March 2024
British Virgin Islands Court
- Decision summary
- The court granted an ex parte freezing order against China National Gold Group Hong Kong Limited, Soremi Investments Ltd and Soremi SA, including disclosure requirements and repatriation of approximately US$109 million to Soremi Investments Ltd’s bank account.
18 days later · 18 days
- 15 April 2024British Virgin Islands
15 April 2024British Virgin Islands
British Virgin Islands Court decision dated 15 April 2024
British Virgin Islands Court
- Decision summary
- The court dismissed China National Gold Group Hong Kong Limited’s application to set aside the British Virgin Islands enforcement orders.
2 months and 18 days later · 79 days
- 3 July 2024British Virgin Islands
3 July 2024British Virgin Islands
British Virgin Islands Court order dated 3 July 2024
British Virgin Islands Court
- Decision summary
- The court varied the freezing order so that approximately US$109 million had to be repatriated into the British Virgin Islands Court instead of Soremi Investments Ltd’s bank account.
2 months and 14 days later · 76 days
- 17 September 2024British Virgin Islands
17 September 2024British Virgin Islands
British Virgin Islands Court receivership order dated 17 September 2024
British Virgin Islands Court
- Decision summary
- The court appointed Cosimo Borrelli and Colin Wilson as interim receivers over 65% of the shares in Soremi Investments Ltd.
Supporting details
4 participantsCosimo Borrelli
Colin Wilson
China National Gold Group Hong Kong Limited
Soremi Investments Ltd
British Virgin Islands Court
9 months and 29 days later · 302 days
- 16 July 2025British Virgin Islands
16 July 2025British Virgin Islands
British Virgin Islands Court judgment dated 16 July 2025
British Virgin Islands Court
- Decision summary
- The court rectified Soremi Investments Ltd’s Register of Members to confirm that the 65% shareholding was held legally and beneficially by Global Mining Development LP.
2 months and 8 days later · 70 days
- 24 September 2025British Virgin Islands
24 September 2025British Virgin Islands
British Virgin Islands Court sanction order dated 24 September 2025
British Virgin Islands Court
- Decision summary
- The court sanctioned the receivers to continue Hong Kong proceedings against Herbert Smith Freehills Kramer and Linklaters for delivery up of Soremi Investments Ltd’s client files and to take necessary or appropriate steps in those proceedings. It also held that the receivers’ powers were not limited to those ordinarily available to a 65% shareholder in Soremi Investments Ltd.
5 months and 3 days later · 156 days
- 27 February 2026Hong Kong
27 February 2026Hong Kong
Decision of the Court of First Instance of the High Court of the Hong Kong Special Administrative Region in HCMP 408/2025 and HCMP 968/2025 dated 27 February 2026
Court of First Instance of the High Court of the Hong Kong Special Administrative Region
- Citation
- [2026] HKCFI 1250
- Decision summary
- The court dismissed the Receivers’ application for recognition and assistance of their British Virgin Islands appointment, permanently stayed Soremi Investments Ltd’s delivery-up application in favour of arbitration, and dismissed the Receivers’ delivery-up application. It allowed James Wood’s oral application for leave to rely on Carl Moran’s affidavit, with costs orders as specified in the decision.
Supporting details
32 authorities · 11 participantsCosimo Borrelli
- Representative
- James Wood (For: Cosimo Borrelli · Colin Wilson · Soremi Investments Ltd)
Colin Wilson
- Representative
- James Wood (For: Cosimo Borrelli · Colin Wilson · Soremi Investments Ltd)
Soremi Investments Ltd
- Representative
- James Wood (For: Cosimo Borrelli · Colin Wilson · Soremi Investments Ltd)
Herbert Smith Freehills (a firm)
- Representative
- Sara Tong SC (For: Herbert Smith Freehills (a firm))
- Representative
- Joshua Chan (For: Herbert Smith Freehills (a firm))
China National Gold Group Hong Kong Limited
- Representative
- Laurence Li SC (For: China National Gold Group Hong Kong Limited)
- Representative
- Astina Au (For: China National Gold Group Hong Kong Limited)
Court of First Instance of the High Court of the Hong Kong Special Administrative Region
- Judge
- Gary CC Lam