Contract analysis

1. Executive Summary The purpose of this memorandum is to set out Calderwood & Harkness LLP's ("C&H") recommended strategy for the multi-jurisdictional enforcement of the Final Award dated 28 June 2024 (the "Award") issued by the LCIA tribunal in Case No. 224718 in the arbitration of Thalassa Shipping & Logistics SA v. Korinthian Maritime Holdings Ltd. This memorandum should be read in conjunction with the appendices

2. Background 2.1 The Parties 2.1.1 The Client: Thalassa Shipping & Logistics SA TSL is a Société Anonyme organised under the laws of the Hellenic Republic, registered at 14 Akti Miaouli, 4th Floor, Piraeus 185 35, Greece (Tax Identification Number: EL-801456729). TSL was founded in 1987 by the Papadimitriou family and has grown to become a significant player in the Mediterranean and regional shipping and logistics m

3. Asset intelligence and Preliminary Findings 3.1 Engagement of Hartwell Pemberton LLP In order to support the enforcement strategy, TSL has engaged the forensic accounting and asset-tracing firm Hartwell Pemberton LLP ("HP"), 25 Old Broad Street, London EC2N 1HN. The HP engagement is led by Rebecca Saunders, Partner (Forensic & Investigative Services), and Mark Huxley, Director. HP was initially instructed on an ur

4. Enforcement Strategy by Jurisdiction This section sets out the recommended enforcement strategy in each of the four target jurisdictions: England & Wales, Cyprus, Singapore, and the United Arab Emirates. For each jurisdiction, we address the current status of proceedings (where applicable), the relevant legal framework, the recommended enforcement actions, anticipated opposition from KMH, and the estimated recover

Section 68 provides that a party may challenge an award on the grounds of "serious irregularity" affecting the tribunal, the proceedings, or the award. The ground of challenge requires the applicant to show that the irregularity "has caused or will cause substantial injustice" to the applicant. The threshold for a successful section 68 challenge is deliberately high, as confirmed by the House of Lords in Lesotho High

Section 69 permits an appeal to the court on a question of law arising out of an award, but only with the leave of the court (or by agreement of all parties, which is not applicable here). Leave to appeal will not be granted unless the court is satisfied that, on the basis of the findings of fact in the award, the decision of the tribunal on the question of law is obviously wrong, or the question is one of general pu