Contract analysis

From: Leila Hatem <l.hatem@alrashidhatem.ae> To: Hannah Brinkley <h.brinkley@calderwoodharkness.com> Cc: Tariq Al-Rashid <t.alrashid@alrashidhatem.ae> Date: Wed, 20 Nov 2024 16:42:00 -0000 Subject: RE: Thalassa Shipping & Logistics SA v. Korinthian Maritime Holdings Ltd. — UAE Enforcement — Case No. 1893/2024 — Enforcement Order Granted

I am writing to confirm the outcome of this morning's hearing before the Dubai Court of First Instance.

I am pleased to report that the Dubai Court of First Instance has today, 20 November 2024, granted the enforcement order in Case No. 1893/2024. The court recognised LCIA Award No. 224718 dated 28 June 2024 issued in favour of our client, Thalassa Shipping & Logistics SA, against Korinthian Maritime Holdings Ltd. (Cyprus Registration No. HE 387421). The award is now enforceable in the UAE as a judgment of the Dubai Co

The court was satisfied that all requirements under UAE Federal Law No. 6 of 2018 (the UAE Arbitration Law) and the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 1958) were met. I can confirm that the order was granted without substantive opposition — neither Korinthian DMCC nor KMH filed any objections in the enforcement proceedings.

The enforcement order covers the full amount of the LCIA award, being £96,450,000 in principal plus £12,150,000 in costs, totalling £108,600,000, together with post-award interest at 5.25% per annum simple from 29 June 2024 on the unpaid award amount.

As you will recall, the precautionary attachment over accounts of Korinthian DMCC (Unit 3407, Almas Tower, JLT, Dubai) held at Emirates Gulf Commercial Bank PJSC (Gate Village 3, DIFC, Dubai) was granted on 28 August 2024. With the enforcement order now in hand, that precautionary attachment will automatically convert to an execution attachment under the UAE Civil Procedure Law. This means we are able to proceed dire

1. **Execution request:** We will file the execution request with the Dubai Execution Court promptly to commence the formal execution process against the attached accounts at Emirates Gulf Commercial Bank PJSC. We expect the Execution Judge to process the request within the coming weeks, and execution against the bank accounts should proceed relatively swiftly given that the enforcement order is now final.

2. **Additional receivables:** As previously discussed, we will also seek to identify and attach any additional receivables owed to Korinthian DMCC by trade counterparties in the UAE, in order to maximise recovery prospects within this jurisdiction.

3. **Credit for prior recoveries:** We are conscious that recoveries already obtained in other jurisdictions will need to be credited against the total amount to avoid over-recovery. Could you please provide us with an updated schedule of amounts recovered to date across all jurisdictions so that we can ensure execution here is pursued only for the outstanding balance?

We will keep you informed of all developments and will report as soon as funds are released by EGCB.

A certified copy of the enforcement order (Case No. 1893/2024) will be couriered to your London office at 45 Moorgate, London EC2R 6AR, and will also be sent to you by secure email as a scanned copy. Please note that the order is in Arabic; we will arrange for a certified English translation, which will accompany the hard copy and be provided electronically at the same time. These will follow separately in the coming

This is a very welcome result and represents a significant step forward in the multi-jurisdictional enforcement campaign against KMH and its affiliates. We are pleased to have secured this order without opposition and to be in a position to move directly to execution.

I would welcome an opportunity to speak with you both to discuss execution strategy and coordination with the recoveries being pursued in other jurisdictions. Please let me know your availability for a call later this week or early next week.

**Leila Hatem** Partner — Dispute Resolution Al-Rashid Hatem & Associates Office 1802, Emirates Financial Towers (South Tower) DIFC, Dubai, UAE T: +971 4 512 8800 M: +971 50 644 2190 E: l.hatem@alrashidhatem.ae W: www.alrashidhatem.ae

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