FR EA
1044-00001 · Client 1044 · documents
final-fee-summary-invoice-memo.xlsx DOCUMENT Finance & Banking
27 / 73 ← → ✕
Contract analysis Extract to table

[sheet: Summary]

CategoryDescriptionCurrencyAmount (Local Currency)GBP EquivalentNotes
Calderwood & Harkness LLP — Professional FeesEnforcement phase fees billed to date (against £4,200,000 fee cap)GBP38700003870000Fee cap: £4,200,000; remaining headroom: £330,000; utilization: 92.14%
Calderwood & Harkness LLP — Success Fee2.5% of amounts recovered in excess of £80,000,000GBP4147504147502.5% × (£96,590,000 − £80,000,000) = 2.5% × £16,590,000
Calderwood & Harkness LLP — DisbursementsCourt fees, travel, expert fees, translation/legalization, service costsGBP412000412000Breakdown on Disbursements sheet
Subtotal — Calderwood & Harkness LLPProfessional Fees + Success Fee + DisbursementsGBP46967504696750£3,870,000 + £414,750 + £412,000
Kyprianos Makrides & Partners — Cyprus Local CounselCyprus enforcement proceedings feesEUR285000243000Converted at EUR/GBP 0.8526 on payment date
Straits Meridian LLP — Singapore Local CounselSingapore enforcement and vessel arrest feesSGD480000283200Converted at SGD/GBP 0.5900 on payment date
Al-Rashid Hatem & Associates — UAE Local CounselUAE enforcement proceedings feesAED620000133300Converted at AED/GBP 0.2150 on payment date
Subtotal — Local Counsel FeesSum of all local counsel fees (GBP equivalent)GBP659500£243,000 + £283,200 + £133,300
Hartwell Pemberton LLP — Forensic AccountantsAsset tracing, forensic analysis, and interest calculationsGBP345000345000Engagement throughout enforcement campaign
Northcape Maritime Advisory Ltd. — Shipping ValuationsVessel valuation for M/V Crimson Horizon (IMO 9801334)GBPIncluded within C&H disbursements total above (£35,000); not double-counted
GRAND TOTAL — ALL PROFESSIONAL FEES & COSTSSum of all categories (GBP equivalent)GBP5701250£4,696,750 + £659,500 + £345,000
Cost-to-Recovery RatioGrand Total / Total Recovered (£96,590,000)5.90% — £5,701,250 / £96,590,000

[sheet: C&H Fee Detail]

TimekeeperRoleHourly Rate (GBP)Estimated HoursTotal Fees (GBP)Percentage of Total C&H Fees
Samuel EklundResponsible Partner85070660010015.51%
Linda OseiBilling Partner82587271940018.59%
Hannah BrinkleyLead Associate5402445132030034.12%
Patrick GallagherWorking Associate4202929123020031.78%
TOTAL69523870000100.00%
Fee Cap (Enforcement Phase)4200000
Remaining Under Cap330000
Fee Cap Utilization92.14%

[sheet: Success Fee Calculation]

Line ItemAmount (GBP)Reference / Notes
Total Amount Recovered (all jurisdictions)96590000Per Multi-Jurisdictional Recovery Tracker as of 2025-03-10
Recovery Threshold for Success Fee80000000Per Engagement Letter dated 2024-09-12, clause 7.3
Excess Recovery above Threshold16590000£96,590,000 − £80,000,000 = £16,590,000
Success Fee Percentage2.5% per Engagement Letter dated 2024-09-12, clause 7.3
Success Fee Payable4147502.5% × £16,590,000 = £414,750
Payment TermsDue within 30 days of final invoice date per Engagement Letter clause 8.1

[sheet: Disbursements]

Item No.DateDescriptionJurisdictionCurrencyAmount (Local Currency)GBP EquivalentCategory
12024-07-15Court filing fee — s. 66 application (CL-2024-000487), Commercial CourtEngland & WalesGBP1000010000Court Fees
22024-07-16Court fee — WFO application (ex parte), Commercial CourtEngland & WalesGBP50005000Court Fees
32024-07-22Court fee — return date hearing (inter partes WFO continuation), Commercial CourtEngland & WalesGBP35003500Court Fees
42024-08-02Court fee — Third-Party Debt Order (interim), Commercial CourtEngland & WalesGBP25002500Court Fees
52024-08-09Court filing fee — recognition application (Case No. 2247/2024), Nicosia District CourtCyprusEUR85007247Court Fees
62024-08-12Court fee — freezing injunction application, Nicosia District CourtCyprusEUR52004431Court Fees
72024-08-14Court filing fee — Originating Summons (OS 872/2024), Singapore High CourtSingaporeSGD120007080Court Fees
82024-08-20Sheriff's fees — arrest of M/V Crimson Horizon (IMO 9801334)SingaporeSGD2500014750Court Fees
92024-08-22Court filing fee — enforcement application (Case No. 1893/2024), Dubai Court of First InstanceUAEAED180003870Court Fees
102024-08-28Court fee — precautionary attachment application, Dubai Court of First InstanceUAEAED125002688Court Fees
112024-09-05Court fee — garnishee order application (Pinnacle Bank), Singapore High CourtSingaporeSGD85005015Court Fees
122024-09-15Court fee — forced sale application, Oceangate Ventures Ltd. shares, Nicosia District CourtCyprusEUR68005798Court Fees
132024-10-01Court fee — judicial sale application, M/V Crimson Horizon, Singapore Admiralty CourtSingaporeSGD150008850Court Fees
142024-10-10Court fee — execution application against EGCB accounts, Dubai CourtUAEAED95002043Court Fees
152024-07-10Certified Arabic translation of LCIA Award No. 224718 (428 pages)England & Wales / UAEGBP1850018500Translation & Legalization
162024-07-11Certified Arabic translation of charter-party agreements and addendaEngland & Wales / UAEGBP95009500Translation & Legalization
172024-07-12FCO legalization and UAE Embassy attestation of award documentsEngland & Wales / UAEGBP45004500Translation & Legalization
182024-07-14Certified Greek translation of award for Cyprus proceedingsEngland & Wales / CyprusGBP62006200Translation & Legalization
192024-07-18Apostille certification (Hague Convention) — award and supporting documentsEngland & WalesGBP28002800Translation & Legalization
202024-08-05Notarization of witness statements and supporting affidavits (multiple jurisdictions)England & WalesGBP32003200Translation & Legalization
21VariousTravel — London to Nicosia (S. Eklund, H. Brinkley) — hearing attendance and local counsel coordination (3 trips)CyprusGBP2200022000Travel
22VariousTravel — London to Singapore (S. Eklund, H. Brinkley, P. Gallagher) — OS hearing, arrest coordination, judicial sale (4 trips)SingaporeGBP3850038500Travel
23VariousTravel — London to Dubai (L. Osei, P. Gallagher) — enforcement hearing and DIFC coordination (2 trips)UAEGBP1850018500Travel
24VariousAccommodation and subsistence — Nicosia, Singapore, DubaiMulti-jurisdictionalGBP60006000Travel
25VariousNorthcape Maritime Advisory Ltd. — vessel valuation fee (M/V Crimson Horizon, IMO 9801334)England & WalesGBP3500035000Expert Fees
262024-09-18Marine surveyor fees — pre-arrest condition survey, M/V Crimson Horizon, Port of SingaporeSingaporeSGD1800010620Expert Fees
272024-11-05Independent valuers — Oceangate Ventures Ltd. shares, Cyprus forced saleCyprusEUR1500012789Expert Fees
28VariousTarrant & Co./Crowne Albany Group — service of documents across jurisdictions (London, Nicosia, Singapore, Dubai)Multi-jurisdictionalGBP72007200Service & Courier
29VariousProcess server fees — personal service on KMH, Korinthian entities, and Andrei VolkovMulti-jurisdictionalGBP48004800Service & Courier
30VariousPhotocopying, printing, and document production (enforcement bundles, hearing bundles)England & WalesGBP35003500Miscellaneous
31VariousVirtual data room (Thackeray Solutions) — document management for multi-jurisdictional proceedingsEngland & WalesGBP28002800Miscellaneous
32VariousCalderon Systems/Westmark Data Systems and foreign law research database subscriptions (allocated to matter)England & WalesGBP17001700Miscellaneous
SUBTOTAL — Court Fees82772Court Fees
SUBTOTAL — Translation & Legalization44700Translation & Legalization
SUBTOTAL — Travel85000Travel
SUBTOTAL — Expert Fees58409Expert Fees
SUBTOTAL — Service & Courier12000Service & Courier
SUBTOTAL — Miscellaneous8000Miscellaneous
Rounding / FX adjustment121119Adjustment
TOTAL DISBURSEMENTS412000

[sheet: Local Counsel Fees]

Law FirmJurisdictionAddressKey PersonnelScope of WorkCurrencyAmount (Local Currency)Exchange Rate to GBPGBP EquivalentInvoice Status
Kyprianos Makrides & PartnersCyprus15 Grivas Digenis Avenue, Nicosia 1066, CyprusAndreas Kyprianos (Senior Partner); Nadia Makrides (Partner)Cyprus enforcement proceedings — recognition of award under New York Convention / Cap. 4; freezing injunction over Oceangate Ventures Ltd. shares (HE 401293) and KMH accounts; forced sale of Oceangate shares; recovery of £22,350,000EUR2850000.8526243000Final invoice received
Straits Meridian LLPSingapore1 Raffles Place, #44-01 One Raffles Place Tower 2, Singapore 048616David Teo Wei Lin (Partner); Priya Subramaniam (Senior Associate)Singapore enforcement — IAA application (OS 872/2024); garnishee proceedings against Pinnacle Bank (Singapore) Ltd.; arrest and judicial sale of M/V Crimson Horizon (IMO 9801334); recovery of £36,780,000 (garnishment £18,450,000 + vessel sale £18,330,000)SGD4800000.59283200Final invoice received
Al-Rashid Hatem & AssociatesUAE (DIFC)Office 1802, Emirates Financial Towers (South Tower), DIFC, Dubai, UAETariq Al-Rashid (Managing Partner); Leila Hatem (Partner)UAE enforcement — application under UAE Federal Law No. 6 of 2018 and New York Convention (Case No. 1893/2024); precautionary attachment over Korinthian DMCC accounts at Emirates Gulf Commercial Bank PJSC; recovery of £11,340,000 (AED 53,400,000)AED6200000.215133300Final invoice received
TOTAL — Local Counsel Fees659500

[sheet: Third-Party Expert Fees]

FirmRoleAddressKey PersonnelScope of WorkCurrencyAmountInvoice Status
Hartwell Pemberton LLPForensic Accountants — Asset Tracing and Forensic Analysis25 Old Broad Street, London EC2N 1HN, United KingdomRebecca Saunders (Partner, Forensic Services); Mark Huxley (Director)Global asset tracing of KMH and related entities (Korinthian Bulkers (Singapore) Pte. Ltd., Dnepr Shipholding Inc. (BVI Co. No. 2014876), Korinthian DMCC, Oceangate Ventures Ltd.); mapping corporate structure; identifying bank accounts across jurisdictions; tracing post-award asset movements; evidence of dissipation for WFO; interest calculation (pre-award and post-award)GBP345000Final invoice received
Northcape Maritime Advisory Ltd.Shipping Valuation Experts3 Thomas More Square, London E1W 1WY, United KingdomCaptain Ian Forsyth (Managing Director)Independent valuation of M/V Crimson Horizon (IMO 9801334, Handymax Bulk Carrier, 37,500 DWT, Liberian flag) for Singapore judicial sale purposes; fair market value and forced sale value assessmentsGBP35000Included within C&H Disbursements (see Disbursements sheet, Item 25)
TOTAL — Third-Party Expert Fees (excl. amounts in Disbursements)GBP345000Northcape fee of £35,000 captured in Disbursements; not double-counted