Claim No: DWT/0007/2010
In the name of His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Ruler of Dubai
IN THE SPECIAL TRIBUNAL TO DECIDE THE DISPUTES RELATED TO THE SETTLEMENT OF THE FINANCIAL POSITION OF DUBAI WORLD AND ITS SUBSIDIARIES
(1) KHALID HASSAN ABDUL KARIM AL QAHTANI & PARTNERS COMPANY
(2) (HASSAN ABDUL KARIM AL QAHTANI SONS CO. FOR TRADING & CONTRACTING) LLC
Defendant / Part 20 Claimant
THE PINNACLE BUSINESS TOWERS COMPANY LIMITED
Part 20 Defendant
1. On 23 April 2013 the Tribunal gave judgment for the Claimants. By Order dated 16 June 2013 it directed the Defendant, Limitless LLC, to pay to the Claimants the sum of AED 29,314,219 (“the Judgment Sum”) made up as follows –
(i) AED 23,607,440 (the “Principal Sum”); and
(ii) Interest of AED 5,706,779 on the Principal Sum for the period ending on 23 April 2013 “calculated at the rate of … EIBOR + 1% (3 month spread) as of 30 November 2008” (“Pre-Judgment interest”).
2. The Defendant has not paid the said judgment debt or any part of it.
3. The Claimant applied to the Tribunal on 26 November 2014 (Application DWT-0007-2010/5) for an Order that the Defendant shall pay post-judgment interest on the Judgment Sum from 23 April 2013 until the date of payment. The Application reads as follows –
“2. The Post-Judgment Interest:
a. shall be simple interest;
b. shall be awarded at a rate of 2.04625% (EIBOR+1% (3 month spread) as of 23 April 2013;
c. shall be payable from 24 April 2013 until full payment of all sums due;
4. The reason for the Application is –
“because the Tribunal’s previous order in this matter did not provide for post-judgment interest and this accidental omission should be corrected under rule 36.40 of the Tribunal’s Rules”.
5. The Defendant has not responded to the Claimants’ Application.
6. DWT Rule 36 provides as follows –
“36.40 The Tribunal may at any time correct an accidental slip or omission in a judgment or order.”
The Rule further provides –
“36.45 The Tribunal has an inherent power to vary its own orders to make the meaning and intention of the Tribunal clear.”
7. Decree No.57 for 2009 issued by His Highness the Ruler of Dubai which established the Tribunal provides that DIFC Law No. (10) of 2004 Concerning the Court of DIFC (“the DIFC Court Law”) shall govern the practice and procedure of the Tribunal (Schedule Section 3 Article 1). Practice Direction No.1 of 2009 (23 April 2009) of the DIFC Courts provides that a judgment shall carry interest from the date the judgment is entered at the rate of EIBOR plus 1% over EIBOR (as clarified, the EIBOR three months reference rate) “or such other rate as the judge may prescribe in the judgment”. Practice Direction No.1 of 2009 (Clarification) (6 July 2009) provides that the reference is to “the EIBOR three months’ reference rate as at the date of the judgment”.
8. The Application is for the Judgment to be amended so that it will provide for payment of interest at the rate of 2.04625% (EIBOR as of 23 April 2013 +1% (3 month spread)) from 24 April 2013 until the date of payment. That rate is calculated in accordance with Practice Direction No. 1 of 2009, as clarified, as aforesaid.
9. Neither party has applied for the Judgment and Order to prescribe a rate of interest other than as stated in Practice Direction No.1 of 2009, as clarified.
10. The Tribunal considers that no amendment of the Judgment and the Order made on 16 June 2013 is necessary to enable the Claimants to recover post-judgment interest from the Defendant, as claimed herein.
11. However, for the avoidance of doubt, the Tribunal –
(1) ORDERS the Defendants to pay post-judgement interest on the Judgment Sum of AED 29,314,219 from 23 April 2013 until payment calculated as simple interest at the rate of 2.04625% per annum, that being EIBOR as of 23 April 2013 +1% (3 month spread);
(2) CORRECTS AND VARIES its Order dated 16 June 2013 by inserting therein –
“2A. The Defendant /Part 20 Claimant shall pay post-judgment interest on the said Judgment Sum at the rate of 2.04625% per annum (that being EIBOR as of 23 April 2013 +1% (3 month spread)) calculated as simple interest from 23 April 2013 until payment.”
(3) ORDERS the Defendant to pay the Claimants their costs of this Application to be assessed on the standard basis if not agreed.
Sir Anthony Evans
Date of Issue: 14 October 2015