[sheet: Summary]
Category | Description | Currency | Amount (Local Currency) | GBP Equivalent | Notes
Calderwood & Harkness LLP — Professional Fees | Enforcement phase fees billed to date (against £4,200,000 fee cap) | GBP | 3870000 | 3870000 | Fee cap: £4,200,000; remaining headroom: £330,000; utilization: 92.14%
Calderwood & Harkness LLP — Success Fee | 2.5% of amounts recovered in excess of £80,000,000 | GBP | 414750 | 414750 | 2.5% × (£96,590,000 − £80,000,000) = 2.5% × £16,590,000
Calderwood & Harkness LLP — Disbursements | Court fees, travel, expert fees, translation/legalization, service costs | GBP | 412000 | 412000 | Breakdown on Disbursements sheet
Subtotal — Calderwood & Harkness LLP | Professional Fees + Success Fee + Disbursements | GBP | 4696750 | 4696750 | £3,870,000 + £414,750 + £412,000
Kyprianos Makrides & Partners — Cyprus Local Counsel | Cyprus enforcement proceedings fees | EUR | 285000 | 243000 | Converted at EUR/GBP 0.8526 on payment date
Straits Meridian LLP — Singapore Local Counsel | Singapore enforcement and vessel arrest fees | SGD | 480000 | 283200 | Converted at SGD/GBP 0.5900 on payment date
Al-Rashid Hatem & Associates — UAE Local Counsel | UAE enforcement proceedings fees | AED | 620000 | 133300 | Converted at AED/GBP 0.2150 on payment date
Subtotal — Local Counsel Fees | Sum of all local counsel fees (GBP equivalent) | GBP | 659500 | £243,000 + £283,200 + £133,300
Hartwell Pemberton LLP — Forensic Accountants | Asset tracing, forensic analysis, and interest calculations | GBP | 345000 | 345000 | Engagement throughout enforcement campaign
Northcape Maritime Advisory Ltd. — Shipping Valuations | Vessel valuation for M/V Crimson Horizon (IMO 9801334) | GBP | Included within C&H disbursements total above (£35,000); not double-counted
GRAND TOTAL — ALL PROFESSIONAL FEES & COSTS | Sum of all categories (GBP equivalent) | GBP | 5701250 | £4,696,750 + £659,500 + £345,000
Cost-to-Recovery Ratio | Grand Total / Total Recovered (£96,590,000) | 5.90% — £5,701,250 / £96,590,000
[sheet: C&H Fee Detail]
Timekeeper | Role | Hourly Rate (GBP) | Estimated Hours | Total Fees (GBP) | Percentage of Total C&H Fees
Samuel Eklund | Responsible Partner | 850 | 706 | 600100 | 15.51%
Linda Osei | Billing Partner | 825 | 872 | 719400 | 18.59%
Hannah Brinkley | Lead Associate | 540 | 2445 | 1320300 | 34.12%
Patrick Gallagher | Working Associate | 420 | 2929 | 1230200 | 31.78%
TOTAL | 6952 | 3870000 | 100.00%
Fee Cap (Enforcement Phase) | 4200000
Remaining Under Cap | 330000
Fee Cap Utilization | 92.14%
[sheet: Success Fee Calculation]
Line Item | Amount (GBP) | Reference / Notes
Total Amount Recovered (all jurisdictions) | 96590000 | Per Multi-Jurisdictional Recovery Tracker as of 2025-03-10
Recovery Threshold for Success Fee | 80000000 | Per Engagement Letter dated 2024-09-12, clause 7.3
Excess Recovery above Threshold | 16590000 | £96,590,000 − £80,000,000 = £16,590,000
Success Fee Percentage | 2.5% per Engagement Letter dated 2024-09-12, clause 7.3
Success Fee Payable | 414750 | 2.5% × £16,590,000 = £414,750
Payment Terms | Due within 30 days of final invoice date per Engagement Letter clause 8.1
[sheet: Disbursements]
Item No. | Date | Description | Jurisdiction | Currency | Amount (Local Currency) | GBP Equivalent | Category
1 | 2024-07-15 | Court filing fee — s. 66 application (CL-2024-000487), Commercial Court | England & Wales | GBP | 10000 | 10000 | Court Fees
2 | 2024-07-16 | Court fee — WFO application (ex parte), Commercial Court | England & Wales | GBP | 5000 | 5000 | Court Fees
3 | 2024-07-22 | Court fee — return date hearing (inter partes WFO continuation), Commercial Court | England & Wales | GBP | 3500 | 3500 | Court Fees
4 | 2024-08-02 | Court fee — Third-Party Debt Order (interim), Commercial Court | England & Wales | GBP | 2500 | 2500 | Court Fees
5 | 2024-08-09 | Court filing fee — recognition application (Case No. 2247/2024), Nicosia District Court | Cyprus | EUR | 8500 | 7247 | Court Fees
6 | 2024-08-12 | Court fee — freezing injunction application, Nicosia District Court | Cyprus | EUR | 5200 | 4431 | Court Fees
7 | 2024-08-14 | Court filing fee — Originating Summons (OS 872/2024), Singapore High Court | Singapore | SGD | 12000 | 7080 | Court Fees
8 | 2024-08-20 | Sheriff's fees — arrest of M/V Crimson Horizon (IMO 9801334) | Singapore | SGD | 25000 | 14750 | Court Fees
9 | 2024-08-22 | Court filing fee — enforcement application (Case No. 1893/2024), Dubai Court of First Instance | UAE | AED | 18000 | 3870 | Court Fees
10 | 2024-08-28 | Court fee — precautionary attachment application, Dubai Court of First Instance | UAE | AED | 12500 | 2688 | Court Fees
11 | 2024-09-05 | Court fee — garnishee order application (Pinnacle Bank), Singapore High Court | Singapore | SGD | 8500 | 5015 | Court Fees
12 | 2024-09-15 | Court fee — forced sale application, Oceangate Ventures Ltd. shares, Nicosia District Court | Cyprus | EUR | 6800 | 5798 | Court Fees
13 | 2024-10-01 | Court fee — judicial sale application, M/V Crimson Horizon, Singapore Admiralty Court | Singapore | SGD | 15000 | 8850 | Court Fees
14 | 2024-10-10 | Court fee — execution application against EGCB accounts, Dubai Court | UAE | AED | 9500 | 2043 | Court Fees
15 | 2024-07-10 | Certified Arabic translation of LCIA Award No. 224718 (428 pages) | England & Wales / UAE | GBP | 18500 | 18500 | Translation & Legalization
16 | 2024-07-11 | Certified Arabic translation of charter-party agreements and addenda | England & Wales / UAE | GBP | 9500 | 9500 | Translation & Legalization
17 | 2024-07-12 | FCO legalization and UAE Embassy attestation of award documents | England & Wales / UAE | GBP | 4500 | 4500 | Translation & Legalization
18 | 2024-07-14 | Certified Greek translation of award for Cyprus proceedings | England & Wales / Cyprus | GBP | 6200 | 6200 | Translation & Legalization
19 | 2024-07-18 | Apostille certification (Hague Convention) — award and supporting documents | England & Wales | GBP | 2800 | 2800 | Translation & Legalization
20 | 2024-08-05 | Notarization of witness statements and supporting affidavits (multiple jurisdictions) | England & Wales | GBP | 3200 | 3200 | Translation & Legalization
21 | Various | Travel — London to Nicosia (S. Eklund, H. Brinkley) — hearing attendance and local counsel coordination (3 trips) | Cyprus | GBP | 22000 | 22000 | Travel
22 | Various | Travel — London to Singapore (S. Eklund, H. Brinkley, P. Gallagher) — OS hearing, arrest coordination, judicial sale (4 trips) | Singapore | GBP | 38500 | 38500 | Travel
23 | Various | Travel — London to Dubai (L. Osei, P. Gallagher) — enforcement hearing and DIFC coordination (2 trips) | UAE | GBP | 18500 | 18500 | Travel
24 | Various | Accommodation and subsistence — Nicosia, Singapore, Dubai | Multi-jurisdictional | GBP | 6000 | 6000 | Travel
25 | Various | Northcape Maritime Advisory Ltd. — vessel valuation fee (M/V Crimson Horizon, IMO 9801334) | England & Wales | GBP | 35000 | 35000 | Expert Fees
26 | 2024-09-18 | Marine surveyor fees — pre-arrest condition survey, M/V Crimson Horizon, Port of Singapore | Singapore | SGD | 18000 | 10620 | Expert Fees
27 | 2024-11-05 | Independent valuers — Oceangate Ventures Ltd. shares, Cyprus forced sale | Cyprus | EUR | 15000 | 12789 | Expert Fees
28 | Various | Tarrant & Co./Crowne Albany Group — service of documents across jurisdictions (London, Nicosia, Singapore, Dubai) | Multi-jurisdictional | GBP | 7200 | 7200 | Service & Courier
29 | Various | Process server fees — personal service on KMH, Korinthian entities, and Andrei Volkov | Multi-jurisdictional | GBP | 4800 | 4800 | Service & Courier
30 | Various | Photocopying, printing, and document production (enforcement bundles, hearing bundles) | England & Wales | GBP | 3500 | 3500 | Miscellaneous
31 | Various | Virtual data room (Thackeray Solutions) — document management for multi-jurisdictional proceedings | England & Wales | GBP | 2800 | 2800 | Miscellaneous
32 | Various | Calderon Systems/Westmark Data Systems and foreign law research database subscriptions (allocated to matter) | England & Wales | GBP | 1700 | 1700 | Miscellaneous
SUBTOTAL — Court Fees | 82772 | Court Fees
SUBTOTAL — Translation & Legalization | 44700 | Translation & Legalization
SUBTOTAL — Travel | 85000 | Travel
SUBTOTAL — Expert Fees | 58409 | Expert Fees
SUBTOTAL — Service & Courier | 12000 | Service & Courier
SUBTOTAL — Miscellaneous | 8000 | Miscellaneous
Rounding / FX adjustment | 121119 | Adjustment
TOTAL DISBURSEMENTS | 412000
[sheet: Local Counsel Fees]
Law Firm | Jurisdiction | Address | Key Personnel | Scope of Work | Currency | Amount (Local Currency) | Exchange Rate to GBP | GBP Equivalent | Invoice Status
Kyprianos Makrides & Partners | Cyprus | 15 Grivas Digenis Avenue, Nicosia 1066, Cyprus | Andreas 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 £22,350,000 | EUR | 285000 | 0.8526 | 243000 | Final invoice received
Straits Meridian LLP | Singapore | 1 Raffles Place, #44-01 One Raffles Place Tower 2, Singapore 048616 | David 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) | SGD | 480000 | 0.59 | 283200 | Final invoice received
Al-Rashid Hatem & Associates | UAE (DIFC) | Office 1802, Emirates Financial Towers (South Tower), DIFC, Dubai, UAE | Tariq 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) | AED | 620000 | 0.215 | 133300 | Final invoice received
TOTAL — Local Counsel Fees | 659500
[sheet: Third-Party Expert Fees]
Firm | Role | Address | Key Personnel | Scope of Work | Currency | Amount | Invoice Status
Hartwell Pemberton LLP | Forensic Accountants — Asset Tracing and Forensic Analysis | 25 Old Broad Street, London EC2N 1HN, United Kingdom | Rebecca 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) | GBP | 345000 | Final invoice received
Northcape Maritime Advisory Ltd. | Shipping Valuation Experts | 3 Thomas More Square, London E1W 1WY, United Kingdom | Captain 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 assessments | GBP | 35000 | Included within C&H Disbursements (see Disbursements sheet, Item 25)
TOTAL — Third-Party Expert Fees (excl. amounts in Disbursements) | GBP | 345000 | Northcape fee of £35,000 captured in Disbursements; not double-counted