PRIVILEGED & CONFIDENTIAL — ATTORNEY WORK PRODUCT
Sam, Patrick,
Quick update on the UAE front. Tariq Al-Rashid at ARH has confirmed that the final tranche of UAE recoveries is now being processed. The total UAE recovery stands at AED 53,400,000 (approximately £11,340,000), drawn from the Korinthian DMCC accounts and receivables at Emirates Gulf Commercial Bank PJSC. Funds are being wired to TSL's recovery account at Ionian National Bank SA, 22 Stadiou Street, Athens — I've confirmed the wire instructions with Tariq directly.
ARH's final fee note is expected imminently. Running total is AED 620,000, which is right within the original estimate, so no issues there.
Separately, I've asked ARH whether they have any intelligence on the M/V *Volga Spirit* (IMO 9756892) — she was last reported at Fujairah anchorage. If the vessel remains in UAE waters, there may be an opportunity for arrest there, though we'd obviously need to think carefully about the beneficial ownership chain through Dnepr Shipholding Inc. (BVI Company No. 2014876) and Oceangate Ventures Ltd. (HE 401293) before moving on that. Sam — do you want us to instruct ARH to prepare an arrest application on a contingency basis, or would you rather wait until we have more certainty on the vessel's movements? Happy to go either way.
Linda — copying you as the UAE recovery is now essentially complete and we should update the multi-jurisdictional recovery tracker accordingly. Total recovered across all jurisdictions now stands at approximately £89,250,000 (before any voluntary payment from KMH), representing roughly 82% of the Award plus Costs figure of £108,600,000. Patrick can send you the latest version of the tracker.
Will circle back once we hear from ARH on the *Volga Spirit* position.
Best, Hannah
Hannah Brinkley Senior Associate Calderwood & Harkness LLP h.brinkley@calderwoodharkness.com
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From: Samuel Eklund To: Hannah Brinkley ; Patrick Gallagher Date: 22 January 2025, 09:15 GMT Subject: RE: TSL v KMH — Local Counsel Coordination [LCIA No. 224718] [PRIVILEGED & CONFIDENTIAL]
PRIVILEGED & CONFIDENTIAL — ATTORNEY WORK PRODUCT
Hannah, Patrick,
Thanks for the update on the Singapore proceeds, Hannah.
Worth pausing to note that with the vessel sale proceeds of USD $22,800,000 (approximately £18,330,000) from M/V *Crimson Horizon* now received (2 December) on top of the garnishee recovery of SGD $31,200,000 (approximately £18,450,000), Singapore has been the single most productive jurisdiction — total Singapore recovery of approximately £36,780,000. Priya Subramaniam at Straits Meridian has done excellent work on the judicial sale process. Their fees of SGD $480,000 are very reasonable given the complexity of that exercise.
Hannah — please ensure SM's final reconciliation letter confirms the net proceeds figure after deduction of Singapore court and Sheriff's costs. I want a clean paper trail on the distribution.
On the without-prejudice discussions with Harkness Whitford: Catherine Whitford has indicated that KMH may be willing to make a voluntary payment to reduce the outstanding balance, but they haven't put a figure on it yet. I'm not reading too much into that at this stage. In the meantime, please keep pressure on all enforcement fronts — we should not signal any willingness to ease up until money is actually in the account.
Sam
Samuel Eklund Partner Calderwood & Harkness LLP s.eklund@calderwoodharkness.com
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From: Hannah Brinkley To: Samuel Eklund ; Patrick Gallagher Date: 20 January 2025, 11:30 GMT Subject: RE: TSL v KMH — Local Counsel Coordination [LCIA No. 224718] [PRIVILEGED & CONFIDENTIAL]
PRIVILEGED & CONFIDENTIAL — ATTORNEY WORK PRODUCT
Sam, Patrick,
Reporting on the UAE position. Al-Rashid Hatem & Associates confirmed that the enforcement order was granted by the Dubai Court of First Instance (Case No. 1893/2024) on 20 November 2024, and the precautionary attachment over the Korinthian DMCC accounts at EGCB has now converted to an execution attachment. Recovery commenced 10 December 2024.
ARH is working through the execution of the attachment against both the bank accounts and certain receivables owed to Korinthian DMCC by sub-charterers. Tariq Al-Rashid reports good cooperation from EGCB, which is encouraging — these things can sometimes drag in the UAE.
I've sent ARH copies of the English WFO and the Singapore and Cyprus enforcement orders, as the Dubai court found it helpful to see that the award has been recognized in multiple Convention jurisdictions. That cross-jurisdictional evidence sharing strategy continues to pay dividends.
Patrick — can you please update the recovery tracker with the partial UAE collections received to date? I want to have current numbers for the next bi-weekly report to Ioanna.
Thanks, Hannah
Hannah Brinkley Senior Associate Calderwood & Harkness LLP h.brinkley@calderwoodharkness.com
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From: Patrick Gallagher To: Hannah Brinkley ; Samuel Eklund Date: 6 December 2024, 14:18 GMT Subject: RE: TSL v KMH — Local Counsel Coordination [LCIA No. 224718] [PRIVILEGED & CONFIDENTIAL]
PRIVILEGED & CONFIDENTIAL — ATTORNEY WORK PRODUCT
Hannah, Sam,
I've updated the multi-jurisdictional recovery tracker with the Singapore vessel sale proceeds. Summary as of today (6 December 2024):
- **England** (garnishment via final TPDO against Meridian Trust Bank Ltd., 50 Lombard Street, London): **£18,720,000** (received 3 September 2024) - **Cyprus** (forced sale of Oceangate Ventures shares + KMH bank accounts, per KM&P): **£22,350,000** (completed 8 November 2024) - **Singapore** (garnishee order absolute against Pinnacle Bank (Singapore) Ltd., 6 Battery Road): **£18,450,000** (SGD $31,200,000, received 18 October 2024) - **Singapore** (judicial sale of M/V *Crimson Horizon*, IMO 9801334, Handymax Bulk Carrier, 37,500 DWT, Liberian flag): **£18,330,000** (USD $22,800,000, proceeds received 2 December 2024) - **UAE**: pending (enforcement order granted 20 November 2024; execution in progress)
**Cumulative total: approximately £77,850,000** (approximately 71.7% of Award + Costs of £108,600,000)
Note that post-award interest continues to accrue at 5.25% per annum simple on the unpaid portion of the £96,450,000 award from 29 June 2024, so the true outstanding figure is somewhat higher than the headline gap.
Two billing items to flag:
1. Nadia Makrides at KM&P has sent their final fee note — €285,000. Should I send it to Linda for processing? 2. Straits Meridian's invoice is at SGD $480,000, consistent with their estimate.
Both are within budget. Happy to forward to Linda once you confirm.
Patrick
Patrick Gallagher Associate Calderwood & Harkness LLP p.gallagher@calderwoodharkness.com
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From: Hannah Brinkley To: Samuel Eklund ; Patrick Gallagher Date: 3 December 2024, 09:52 GMT Subject: RE: TSL v KMH — Local Counsel Coordination [LCIA No. 224718] [PRIVILEGED & CONFIDENTIAL]
PRIVILEGED & CONFIDENTIAL — ATTORNEY WORK PRODUCT
Sam, Patrick,
Good news on two fronts.
**Singapore:** Priya Subramaniam at Straits Meridian LLP has confirmed receipt of the M/V *Crimson Horizon* judicial sale proceeds — USD $22,800,000 — received into the court account on 2 December 2024 following the sale completed 15 November 2024. SM is processing the distribution and I've sent them wire instructions for TSL's recovery account at Ionian National Bank SA.
The sale price is right in line with the forced sale valuation provided by Captain Ian Forsyth at Northcape Maritime Advisory Ltd. — they had estimated the forced sale value at approximately USD $21–24 million for the Handymax vessel, so the actual sale price sits at the upper end of that range. Very satisfactory result.
**Cyprus:** Recoveries are now fully complete. Nadia Makrides at KM&P confirmed the total of £22,350,000 (GBP equivalent converted from EUR) from the forced sale of Oceangate Ventures shares and KMH's Cyprus accounts. The last tranche was received on 8 November 2024. We can close out the Cyprus workstream from a recovery perspective.
Patrick — can you compile an updated recovery tracker for the bi-weekly status report to TSL? Report #6 is due 6 December so we're tight on time.
Thanks, Hannah
Hannah Brinkley Senior Associate Calderwood & Harkness LLP h.brinkley@calderwoodharkness.com
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From: Samuel Eklund To: Hannah Brinkley ; Patrick Gallagher Date: 21 October 2024, 17:05 GMT Subject: RE: TSL v KMH — Local Counsel Coordination [LCIA No. 224718] [PRIVILEGED & CONFIDENTIAL]
PRIVILEGED & CONFIDENTIAL — ATTORNEY WORK PRODUCT
Hannah, Patrick,
Good news all round. Pleased to see the Singapore garnishee order went absolute on 18 October — SGD $31,200,000 from Pinnacle Bank is a significant recovery.
On the set-aside: as Hannah knows, Mr. Justice Ashworth dismissed KMH's application under ss. 68 and 69 on 11 October with costs on an indemnity basis. The judgment was robust — the court found that KMH's challenge was, in substance, an impermissible attempt to re-argue the merits. That's about as clear an endorsement of the award as we could have hoped for.
We should circulate that judgment to all three local counsel teams — it will be very useful supporting material for the enforcement proceedings in their respective jurisdictions. Hannah, please send copies of the set-aside dismissal order to:
- **Andreas Kyprianos** at Kyprianos Makrides & Partners (15 Grivas Digenis Avenue, Nicosia) — for use in Case No. 2247/2024 - **David Teo Wei Lin** at Straits Meridian LLP (1 Raffles Place, Singapore) — for use in OS 872/2024 - **Leila Hatem** at Al-Rashid Hatem & Associates (Emirates Financial Towers, DIFC, Dubai) — for use in Case No. 1893/2024
This is particularly important for the UAE proceedings, where the enforcement application (filed 22 August) is still pending before the Dubai Court of First Instance and the court may find the English court's endorsement of the award persuasive.
In the meantime, maintain full pressure across all fronts.
Sam
Samuel Eklund Partner Calderwood & Harkness LLP s.eklund@calderwoodharkness.com
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From: Hannah Brinkley To: Samuel Eklund ; Patrick Gallagher Date: 21 October 2024, 10:22 GMT Subject: RE: TSL v KMH — Local Counsel Coordination [LCIA No. 224718] [PRIVILEGED & CONFIDENTIAL]
PRIVILEGED & CONFIDENTIAL — ATTORNEY WORK PRODUCT
Sam, Patrick,
A few updates across jurisdictions.
**Singapore:** David Teo Wei Lin at Straits Meridian confirms the garnishee order against Pinnacle Bank (Singapore) Ltd. was made absolute on 18 October 2024 — SGD $31,200,000 (approximately £18,450,000) to be paid over. Excellent result. The M/V *Crimson Horizon* remains under arrest and SM is progressing the judicial sale application — they expect the sale process to take another 3–4 weeks from now. The vessel is at anchorage under the Sheriff's custody.
**Cyprus:** KM&P reports that Vassiliadis & Economou LLC's opposition to enforcement in Case No. 2247/2024 was dismissed and the enforcement order was granted on 30 September. Nadia Makrides is now proceeding with execution against the Oceangate Ventures shares and KMH's Cyprus bank accounts. She estimates the forced sale process for the shares will take 3–4 weeks. Recovery commenced 22 October.
One point I want to flag: it's critical that we coordinate the timing of recoveries carefully to ensure there's no double-recovery risk. We need to keep each jurisdiction's court informed of amounts recovered elsewhere, per the analysis in the conflict of laws memorandum. Patrick — can you also flag any reporting obligations to the English Commercial Court arising from the WFO? We need to update the court on amounts recovered under the freezing order's standard disclosure and notification provisions.
Hannah
Hannah Brinkley Senior Associate Calderwood & Harkness LLP h.brinkley@calderwoodharkness.com
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From: Patrick Gallagher To: Hannah Brinkley ; Samuel Eklund Date: 2 October 2024, 15:40 GMT Subject: RE: TSL v KMH — Local Counsel Coordination [LCIA No. 224718] [PRIVILEGED & CONFIDENTIAL]
PRIVILEGED & CONFIDENTIAL — ATTORNEY WORK PRODUCT
Hannah, Sam,
A few items on the operational side.
**Local counsel billing:** I've compiled a running schedule of local counsel fees and disbursements for Linda Osei's review:
- **Kyprianos Makrides & Partners:** €285,000 budgeted (invoices to date: approximately €180,000) - **Straits Meridian LLP:** SGD $480,000 budgeted (invoices to date: approximately SGD $310,000) - **Al-Rashid Hatem & Associates:** AED 620,000 budgeted (invoices to date: approximately AED 280,000)
All three firms are billing within their estimates. SM's fees are slightly front-loaded due to the vessel arrest work and garnishee proceedings, but that's to be expected given the volume of urgent applications in Singapore.
**Hartwell Pemberton update:** HP has delivered the updated asset tracing report (dated 1 October 2024) identifying further assets and evidence of dissipation. Rebecca Saunders' team has tracked post-award transfers from KMH accounts to entities connected to Andrei Volkov — some of these are quite brazen and will be useful if we need to go back to the English court on contempt or variation of the WFO. HP's fees to date are approximately £280,000 against the £345,000 engagement estimate.
I've shared relevant portions of the updated HP report with all three local counsel teams (with appropriate privilege protections in place) so they can use the asset intelligence in their respective proceedings.
**Cross-jurisdictional evidence bundle:** On the question of evidence-sharing across jurisdictions, I've compiled a master bundle of court orders and certified copies for circulation:
- **England:** WFO granted 16 July 2024 (continued 30 July), s. 66 permission granted 2 August 2024, final TPDO 3 September 2024 - **Cyprus:** Freezing injunction granted 12 August 2024 - **Singapore:** Leave to enforce granted 6 September 2024, arrest warrant for M/V *Crimson Horizon* executed 20 August 2024 - **UAE:** Precautionary attachment granted 28 August 2024
Each local counsel team has been provided with sealed/certified copies of all orders from the other jurisdictions to support their respective applications.
Happy to discuss any of the above.
Patrick
Patrick Gallagher Associate Calderwood & Harkness LLP p.gallagher@calderwoodharkness.com
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From: Hannah Brinkley To: Samuel Eklund ; Patrick Gallagher Date: 20 September 2024, 08:45 GMT Subject: RE: TSL v KMH — Local Counsel Coordination [LCIA No. 224718] [PRIVILEGED & CONFIDENTIAL]
PRIVILEGED & CONFIDENTIAL — ATTORNEY WORK PRODUCT
Sam, Patrick,
All four jurisdictional enforcement proceedings are now in motion. Here's where we stand:
**England & Wales (CL-2024-000487):** Permission to enforce granted 2 August; WFO in force; interim TPDO against Meridian Trust Bank Ltd. granted 5 August, awaiting final hearing (set for 3 September). KMH filed a set-aside application under ss. 68/69 on 19 August — I'm preparing the opposition skeleton argument now. Their grounds look thin, but we shouldn't take anything for granted.
**Cyprus (Case 2247/2024):** Application for recognition and enforcement filed 9 August by KM&P; freezing injunction over Oceangate Ventures shares and KMH accounts granted 12 August. Andreas Kyprianos reports that Vassiliadis & Economou LLC has now filed an opposition on behalf of KMH (his email of 18 September) — I'm reviewing their grounds and preparing a response memorandum for KM&P.
**Singapore (OS 872/2024):** Application for leave to enforce filed 14 August by Straits Meridian; leave granted 6 September. M/V *Crimson Horizon* arrested 20 August — vessel remains under arrest. Garnishee application against Pinnacle Bank pending.
**UAE (Case 1893/2024):** Application filed 22 August by ARH; precautionary attachment over Korinthian DMCC accounts at EGCB granted 28 August. Awaiting hearing on the enforcement application.
The critical coordination point right now is timing. The whole point of the simultaneous filings strategy is to maintain maximum pressure on KMH and prevent Andrei Volkov from moving assets ahead of enforcement in any one jurisdiction. The WFO disclosure order is helping on this front — KMH was required to disclose all assets exceeding £25,000 within 7 days of service. Harkness Whitford provided a disclosure affidavit, which Rebecca Saunders at Hartwell Pemberton is cross-referencing against their independent tracing. Early indications are that the disclosure is incomplete — not a surprise.
Patrick — can you set up a fortnightly coordination call with all three local counsel firms? I'd suggest Tuesdays at 15:00 GMT, which should accommodate time zones reasonably well (Cyprus GMT+2, Singapore GMT+8, Dubai GMT+4). Not perfect for Singapore but David Teo has said he's flexible.
Thanks, Hannah
Hannah Brinkley Senior Associate Calderwood & Harkness LLP h.brinkley@calderwoodharkness.com
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From: Samuel Eklund To: Hannah Brinkley ; Patrick Gallagher Date: 16 September 2024, 10:00 GMT Subject: TSL v KMH — Local Counsel Coordination [LCIA No. 224718] [PRIVILEGED & CONFIDENTIAL]
PRIVILEGED & CONFIDENTIAL — ATTORNEY WORK PRODUCT
Hannah, Patrick,
Now that the enforcement engagement is formally open (engagement letter with Thalassa signed 12 September 2024), I want to establish clear coordination protocols for the local counsel teams across the four jurisdictions.
As you know, our three local counsel firms are:
- **Cyprus:** Kyprianos Makrides & Partners (Andreas Kyprianos, Senior Partner; Nadia Makrides, Partner) — 15 Grivas Digenis Avenue, Nicosia - **Singapore:** Straits Meridian LLP (David Teo Wei Lin, Partner; Priya Subramaniam, Senior Associate) — 1 Raffles Place, #44-01, Singapore - **UAE:** Al-Rashid Hatem & Associates (Tariq Al-Rashid, Managing Partner; Leila Hatem, Partner) — Office 1802, Emirates Financial Towers, DIFC, Dubai
Hannah — you are the primary point of contact for all three firms on day-to-day matters. I'll be available for strategic questions and approvals, but routine coordination should run through you. Patrick — you handle document logistics, evidence bundles, translations, and billing coordination.
Key priorities for the next fortnight:
1. **Simultaneous filings:** All jurisdictions are now live (England filed 15 July, Cyprus 9 August, Singapore 14 August, UAE 22 August). The whole point of the simultaneous approach is to prevent KMH from playing whack-a-mole with its assets. No jurisdiction should be allowed to fall behind. If any local counsel team is encountering procedural delays, I want to know about it immediately so we can push.
2. **Sharing of evidence and court orders:** Every order obtained in one jurisdiction should be promptly shared with local counsel in the other three — certified/sealed copies where possible. This includes the English WFO (granted 16 July, continued 30 July), the Cyprus freezing injunction (granted 12 August), and the UAE precautionary attachment (granted 28 August). Courts in each jurisdiction will take comfort from seeing that the award is being enforced elsewhere.
3. **Asset intelligence:** Hartwell Pemberton's preliminary asset tracing report (dated 15 August) has been shared with all local counsel. As further intelligence comes in — particularly from the WFO disclosure process — it should be circulated promptly. Each local counsel team may identify local assets or information that feeds back into the global picture.
4. **Billing and reporting:** Each local counsel firm should submit monthly fee updates to Patrick, who will compile a consolidated report for Linda Osei. All firms have agreed budgets (KM&P €285,000; SM SGD $480,000; ARH AED 620,000) and should flag any risk of overrun early.
5. **Client reporting:** Hannah and Patrick to prepare bi-weekly status reports for Ioanna Christodoulou (General Counsel, TSL) with input from local counsel. First report due 27 September.
For context, the overall fee cap for C&H's enforcement work is £4,200,000 (excluding disbursements and local counsel), and we are tracking well within budget. The success fee of 2.5% on recoveries above £80,000,000 provides strong incentive to maximise collections — I expect the team to keep that firmly in mind.
Hannah — please schedule an initial all-hands call with all three local counsel teams this week to align on priorities. We need everyone pulling in the same direction from day one.
Sam
Samuel Eklund Partner Calderwood & Harkness LLP s.eklund@calderwoodharkness.com