Soeximex SAS v Agrocorp International PTE Ltd [2011] EWHC 2743 (Comm) (31 October 2011)

Soeximex SAS v Agrocorp International PTE Ltd [2011] EWHC 2743 (Comm) (31 October 2011)

The GAFTA Board of Appeal failed to address discrete and substantial arguments regarding the operation of US Burmese Sanctions Regulations and Article 14 of the EU Regulation, amounting to a serious irregularity under s68(2)(d) Arbitration Act 1996 and causing substantial injustice to the Buyers. Remission of the award is warranted.

Citation
[2011] EWHC 2743 (Comm)
Parties
Claimant/buyers: Soeximex SAS; Defendant/sellers: Agrocorp International Pte Limited
Jurisdiction
England and Wales
Judgment Date
31 October 2011
Procedural Posture
Application Under Arbitration Act 1996 S68 / High Court Review of GAFTA Board of Appeal Award
Outcome
Award remitted to GAFTA Board of Appeal for reconsideration on both points.
Legal Topics
Serious Irregularity Under Arbitration Act 1996 S68, Illegality in Contract Performance, Sanctions Compliance, Remission of Arbitral Award
Arbitration Commercial Law International Trade Serious Irregularity Under Arbitration Act 1996 S68 Illegality in Contract Performance Sanctions Compliance Remission of Arbitral Award

Case Brief

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Parties

Soeximex SAS

Claimant/buyers

Agrocorp International Pte Limited

Defendant/sellers

Procedural Posture

Application Under Arbitration Act 1996 S68 / High Court Review of GAFTA Board of Appeal Award

Legal Issues

  1. 1 Whether the GAFTA Board of Appeal failed to address all issues put to it, amounting to serious irregularity under s68 Arbitration Act 1996
  2. 2 Whether the Buyers' arguments regarding US Burmese Sanctions Regulations and EU Regulations were properly considered
  3. 3 Whether Article 14 of EU Regulation No 194/2008 provides a 'good faith' defence to liability for failure to open a letter of credit

Ratio Decidendi

The GAFTA Board of Appeal failed to address discrete and substantial arguments regarding the operation of US Burmese Sanctions Regulations and Article 14 of the EU Regulation, amounting to a serious irregularity under s68(2)(d) Arbitration Act 1996 and causing substantial injustice to the Buyers. Remission of the award is warranted.

Court Disposition

Award remitted to GAFTA Board of Appeal for reconsideration on both points.

Orders

  • Award remitted to Board of Appeal for reconsideration of arguments regarding US Regulations and Article 14 of EU Regulation.
  • Court to hear argument on consequential orders if not agreed.