FG Hemisphere Associates LLC v Democratic Republic of Congo [2010] NSWSC 1394

New South Wales Supreme Court

CITATION : FG Hemisphere Associates LLC v Democratic Republic of Congo [2010] NSWSC 1394

HEARING DATE(S) : 1 November 2010 JUDGMENT OF : Hammerschlag J

EX TEMPORE JUDGMENT DATE : 1 November 2010

Judgment for the plaintiff against the defendants for: a US$11,725,844.96 together with: i. Interest at an annual rate of 9% on the sum of US$11,179,266.36 to be calculated based on the amount of each overdue instalment payment included in said sum, starting on the respective due date and up to the date of full payment; ii. Interest at an annual rate of 5% on the sum of US$546,578.60 starting on 4 March 2001 and up to the date of full payment; and DECISION : iii. Arbitration expenses in the amount of US$25,000 for ICC's administrative costs, US$220,900 for the fees of arbitrators and US$168,000 as reimbursement for Energoinvest DD's defence, as provided for in the First Arbitral Award; and b US$18,430,555.47 together with: i. Interest at an annual rate of 8.75% on the sum of US$18,073,746.94 to be calculated based on the amount of each overdue instalment payment included in said sum, starting on the respective due date and up to the date of full payment; ii. Interest at an annual rate of 5% on the sum of US$356,808.53 starting on 4 March 2001 and up to the date of full payment; and iii. Arbitration expenses in the amount of US$25,000 for ICC's administrative costs, US$215,880 for the fees of arbitrators and $168,000 as reimbursement for FG Hemisphere Associates LLC's defence, as provided for in the Second Arbitral Award. Defendants pay the plaintiff's costs as agreed or assessed on an indemnity basis.