ATTORNEY GENERAL v. SHIMIZU CORPORATION

ATTORNEY GENERAL v. SHIMIZU CORPORATION

Section 22A of the Arbitration Ordinance, read in its statutory and commercial context, permits an arbitrator to award compound interest; the arbitrator's award of compound interest was within his discretion and the appeal was dismissed.

Citation
ATTORNEY GENERAL v. SHIMIZU CORPORATION
Parties
Applicant; Respondent in Arbitration: The Attorney General; Respondent; Claimant in Arbitration: Shimizu Corporation (formerly Shimizu Construction Co. Ltd.)
Court
Court of First Instance
Jurisdiction
Hong Kong
Judgment Date
29 July 1996
Case Number
HCMP1169/1995
Procedural Posture
Appeal From Arbitration Under the Arbitration Ordinance / High Court Hearing on Appeal; Judgment Handed Down
Outcome
Appeal dismissed with costs to the Respondent
Legal Topics
Compound Interest, Interest Awards, Interpretation of 'interest', Arbitrator's Discretion, Restitutio in Integrum, Unjust Enrichment, Remoteness (hadley V. Baxendale)
Source Language
EN
Arbitration Contract Equity Civil Procedure Statutory Interpretation Remedies Compound Interest Interest Awards +5 more

Case Brief

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Parties

The Attorney General

Applicant; Respondent in Arbitration

Shimizu Corporation (formerly Shimizu Construction Co. Ltd.)

Respondent; Claimant in Arbitration

Procedural Posture

Appeal From Arbitration Under the Arbitration Ordinance / High Court Hearing on Appeal; Judgment Handed Down

Legal Issues

  1. 1 Whether s.22A of the Arbitration Ordinance empowers an arbitrator to award compound interest
  2. 2 Whether the word 'interest' in s.22A should be construed as meaning simple interest only
  3. 3 Whether equitable or common law principles permit awards of compound interest in the absence of statutory limitation

Ratio Decidendi

Section 22A of the Arbitration Ordinance, read in its statutory and commercial context, permits an arbitrator to award compound interest; the arbitrator's award of compound interest was within his discretion and the appeal was dismissed.

Court Disposition

Appeal dismissed with costs to the Respondent

Orders

  • Appeal dismissed with costs to the Respondent