Ocean Star Resort Pty Ltd v David Hokyoon Kwon & Anor (No. 2) [2012] NSWSC 897

Ocean Star Resort Pty Ltd v David Hokyoon Kwon & Anor (No. 2) [2012] NSWSC 897

Because Ocean Star's recovery was restitutionary, the judgment should reflect the benefit obtained by Soft Star, which consisted of payments in both Korean Won and Australian Dollars. Soft Star had held the monies since 2004 and Ocean Star claimed interest only from 1 January 2009, so interest should be awarded in the Court's discretion under Civil Procedure Act 2005 (NSW), s100(1). The appropriate interest rates were the rates corresponding to each currency component: Practice Note SC Gen 16 for Australian Dollars and the Korean commercial rate for Korean Won.

Jurisdiction
Australia
Judgment Date
31 July 2012
Procedural Posture
Consequential Orders / Second Judgment Concerning Currency of Judgment and Interest Following Principal Judgment
Outcome
Judgment to be expressed in Korean Won for the Korean Won component and Australian Dollars for the Australian Dollar component, with interest from 1 January 2009 to judgment; parties to calculate and bring in short minutes of order.
Legal Topics
['currency of Judgment' 'pre Judgment Interest' 'restitution of Monies Paid Under Abandoned Contract' 'foreign Currency Judgments']
['civil Procedure' 'restitution' 'contract'] ['currency of Judgment' 'pre Judgment Interest' 'restitution of Monies Paid Under Abandoned Contract' 'foreign Currency Judgments']

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Procedural Posture

Consequential Orders / Second Judgment Concerning Currency of Judgment and Interest Following Principal Judgment

Legal Issues

  1. 1 ['Whether the judgment should be expressed in Australian Dollars, Korean Won, or both currencies.' 'Whether Ocean Star should receive interest up to judgment on monies paid under the abandoned June 2004 agreement.' 'If interest should be awarded up to judgment, whether Australian or Korean interest rates should apply.']

Ratio Decidendi

Because Ocean Star's recovery was restitutionary, the judgment should reflect the benefit obtained by Soft Star, which consisted of payments in both Korean Won and Australian Dollars. Soft Star had held the monies since 2004 and Ocean Star claimed interest only from 1 January 2009, so interest should be awarded in the Court's discretion under Civil Procedure Act 2005 (NSW), s100(1). The appropriate interest rates were the rates corresponding to each currency component: Practice Note SC Gen 16 for Australian Dollars and the Korean commercial rate for Korean Won.

Court Disposition

Judgment to be expressed in Korean Won for the Korean Won component and Australian Dollars for the Australian Dollar component, with interest from 1 January 2009 to judgment; parties to calculate and bring in short minutes of order.

Orders

  • ['The judgment will be expressed in Korean Won in respect of the Korean Won paid under the June 2004 Agreement.' 'The judgment will be expressed in Australian Dollars in respect of the Australian Dollars paid under the June 2004 Agreement.' 'Interest should be paid from 1 January 2009 up to the date of judgment.'...