8 May 2006
MARUHA CORP AND ANOR V AMALTAL CORP LTD HC AK CIV 2002-404-1773
- Citation
- openlaw-838a37a9_81c5_4193_a070_625d20657d67.pdf
- Court
- High Court
The Court refused to make an equitable interest award and instead exercised its discretion under s87 to compensate for loss of use of money. The judge awarded interest on the overpayment component of $5,388,404 at 7.75% to 31 July 2002 and at 6% from 1 August 2002 to 6 December 2004; and awarded interest on the notional profit component of $732,042 at 3% from 1 October 1991 to 6 December 2002. Tax benefits to the plaintiff and the 17 months' delay were rejected as bases for reducing the interest award. Interest calculated from actual payment dates (or six weeks after invoice if payment date u…