PRIVILEGED & CONFIDENTIAL — SUBJECT TO LEGAL PROFESSIONAL PRIVILEGE
SUPPORTING DOCUMENTATION PACKAGE
Enforcement Application Before the Dubai Court of First Instance
Case No. 1893/2024
COVER MEMORANDUM AND INDEX OF SUPPORTING DOCUMENTATION
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1. INTRODUCTION AND PURPOSE
This cover memorandum accompanies the supporting documentation package assembled by Calderwood & Harkness LLP ("C&H") for the application for recognition and enforcement of LCIA Award No. 224718 (the "Award") before the Dubai Court of First Instance (Case No. 1893/2024), filed on behalf of Thalassa Shipping & Logistics SA ("TSL" or the "Applicant") against Korinthian Maritime Holdings Ltd. ("KMH" or the "Respondent").
The enforcement application is brought under the provisions of UAE Federal Law No. 6 of 2018 on Arbitration (the "UAE Arbitration Law"), and in particular Articles 53 through 57 thereof, which govern the recognition and enforcement of foreign arbitral awards within the United Arab Emirates. The application is further brought under and in reliance upon the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, signed at New York on 10 June 1958 (the "New York Convention"), to which the United Arab Emirates is a signatory, having acceded to the New York Convention on 21 August 2006 with effect from 19 November 2006. The UAE made a reciprocity reservation and a commercial reservation upon accession, both of which are satisfied in the present case: the Award was rendered in the United Kingdom (a fellow contracting state), and the underlying disputes arise out of commercial shipping charter-party arrangements.
The purpose of this memorandum is threefold:
1. To serve as a master index and description of all documents included in the supporting documentation package, organized by numbered Tab references (Tabs A through L), with a full description of the nature, provenance, and relevance of each document;
2. To confirm the authentication, legalization, and translation status of each document in the package, demonstrating that all documents have been properly certified, apostilled, legalized by the Embassy of the United Arab Emirates, and translated into Arabic by certified legal translators, in compliance with UAE court filing requirements; and
3. To provide guidance to our instructed UAE counsel, Al-Rashid Hatem & Associates ("ARH"), on the assembly, presentation, and filing of these materials before the Dubai Court of First Instance, including instructions regarding the concurrent precautionary attachment application.
In addition to the enforcement application itself, the documentation package supports a concurrent application for precautionary attachment (حجز تحفظي) over accounts and receivables held by Korinthian DMCC (Unit 3407, Almas Tower, Jumeirah Lakes Towers, Dubai, UAE) at Emirates Gulf Commercial Bank PJSC (Gate Village 3, DIFC, Dubai, UAE). As described more fully in Section 4.12 below, there is substantial evidence of a pattern of asset dissipation by the Respondent and its connected entities following the issuance of the Award, which warrants the urgent imposition of precautionary measures to preserve assets within the UAE jurisdiction for the satisfaction of the Award.
It should be noted that parallel enforcement proceedings are underway in three additional jurisdictions: England & Wales (Commercial Court, Claim No. CL-2024-000487), Cyprus (Nicosia District Court, Case No. 2247/2024), and Singapore (Singapore High Court, Originating Summons No. 872/2024). A summary of the status of those parallel proceedings is set out at Section 8 below and is provided for the UAE Court's information as required by principles of comity and applicable procedural rules. No amounts have been recovered in any jurisdiction as of the date of this filing.
This memorandum and the accompanying documentation package should be read together with the Arabic-language enforcement petition and precautionary attachment application prepared by ARH for filing with the Dubai Court of First Instance.
2. PARTIES TO THE ENFORCEMENT APPLICATION
2.1 Applicant / Award Creditor
Thalassa Shipping & Logistics SA was founded in 1987 by the Papadimitriou family and is one of the leading independent shipping and logistics operators in the Eastern Mediterranean and wider international markets. TSL operates a diversified fleet of thirty-four (34) vessels, comprising bulk carriers, product and crude oil tankers, and container feeder vessels. The company reported annual revenues of approximately €620 million for the financial year ended 31 December 2023.
The ownership structure of TSL is as follows: approximately 72% of the issued share capital is held by the Papadimitriou Family Trust (a trust established under Greek law for the benefit of the Papadimitriou family), and the remaining 28% is held by Aegean Capital Partners SA, a private investment vehicle also based in Piraeus, Greece. The company is led by Nikolaos Papadimitriou, who serves as Chairman and Chief Executive Officer.
TSL is the award creditor under LCIA Award No. 224718, having been the successful claimant in the arbitration proceedings. The company's interest in these enforcement proceedings is to obtain prompt recognition and enforcement of the Award in the UAE, and to secure precautionary attachment over assets of the Respondent's UAE-based subsidiary, Korinthian DMCC, in order to satisfy the substantial sums awarded by the Tribunal.
2.2 Respondent / Award Debtor
Korinthian Maritime Holdings Ltd. is a Cyprus-incorporated holding company that serves as the parent entity of a group of companies engaged in international dry-bulk shipping operations. The ultimate beneficial owner of KMH is Andrei Volkov, a Russian-Ukrainian national who acts as the de facto director of the KMH group, although he does not appear on the Cyprus corporate registry as a formally appointed director. The registered directors of KMH include Sergei Volkov (son of Andrei Volkov), who also serves as the de jure managing director of the company.
The KMH group controls approximately eighteen (18) dry-bulk carriers through a network of single-purpose vehicle ("SPV") subsidiaries incorporated in various jurisdictions, including Cyprus, the marshall Islands, Liberia, and the UAE (through Korinthian DMCC). The estimated pre-dispute net asset value of the KMH group was approximately USD $280,000,000, although there is evidence that significant asset dissipation has occurred since the commencement of the arbitration and, in particular, since the issuance of the Award.
KMH is the respondent to the enforcement application and the award debtor under LCIA Award No. 224718. KMH participated fully in the LCIA arbitration proceedings through its English solicitors, Harkness Whitford & Co., and its co-arbitrator, Dr. Henrik Dalmqvist.
2.3 UAE Target Entity
Korinthian DMCC is a wholly-owned subsidiary of Korinthian Maritime Holdings Ltd. and operates as the KMH group's regional commercial hub for the Arabian Gulf, handling chartering arrangements, bunker procurement, port agency coordination, and freight receivables collection for the group's vessels trading in the region. As set out in the asset tracing evidence at Tab L, Korinthian DMCC holds substantial operational funds and receivables in bank accounts maintained at Emirates Gulf Commercial Bank PJSC. These accounts constitute a significant pool of assets available for satisfaction of the Award within the UAE jurisdiction and are the subject of the concurrent precautionary attachment application.
2.4 Legal Representatives
Applicant's Lead Counsel (England):
Calderwood & Harkness LLP 45 Moorgate London EC2R 6AR United Kingdom
Samuel Eklund — Responsible Partner Hannah Brinkley — Lead Associate Patrick Gallagher — Working Associate
Applicant's UAE Counsel:
Al-Rashid Hatem & Associates Office 1802, Emirates Financial Towers (South Tower) DIFC, Dubai, UAE
Tariq Al-Rashid — Managing Partner Leila Hatem — Partner, Dispute Resolution
Respondent's Lead Counsel (England):
Harkness Whitford & Co. 12 Fetter Lane London EC4A 1JP United Kingdom SRA No. 614823
Catherine Whitford — Partner, International Arbitration
The Respondent's UAE legal representation has not, as of the date of this memorandum, been formally notified to the Applicant or to the Dubai Court. It is anticipated that KMH will instruct local UAE counsel upon service of the enforcement application and precautionary attachment application.
3. SUMMARY OF THE ARBITRAL AWARD
3.1 Arbitral Institution and Procedural Framework
The arbitration arose out of three related time charter-party agreements entered into between TSL (as charterer) and KMH (as disponent owner) in respect of the vessels M/V Aegean Fortuna (IMO 9784521), M/V Crimson Horizon (IMO 9801334), and M/V Volga Spirit (IMO 9756892). Each charter-party contained an arbitration clause (Clause 45 in each case) providing for the resolution of disputes by arbitration under the LCIA Rules, with London as the seat of arbitration and English law as the governing law of the contract.
3.2 Tribunal Composition
The Tribunal was constituted as follows:
Presiding Arbitrator: Sir Malcolm Fenton-Clarke (appointed by the LCIA Court)
Co-Arbitrator (Claimant-nominated): Professor Athena Drakopoulos
Co-Arbitrator (Respondent-nominated): Dr. Henrik Dalmqvist
Tribunal Secretary: Ms. Fiona Beckett
The Tribunal was constituted on 8 February 2023, following the nomination of co-arbitrators by the respective parties and the appointment of the Presiding Arbitrator by the LCIA Court. No challenge was made to the constitution or jurisdiction of the Tribunal, and KMH participated fully in the proceedings at all stages.
3.3 Key Procedural Dates
The principal procedural milestones in the arbitration were as follows:
The evidentiary hearing spanned ten full hearing days at the International Dispute Resolution Centre (IDRC) in London, during which the Tribunal heard testimony from factual and expert witnesses presented by both parties. Both TSL and KMH were represented by counsel throughout the hearing. The Tribunal received extensive written submissions, witness statements, and expert reports from both parties prior to and following the hearing, in accordance with the procedural timetable agreed by the parties and set by the Tribunal in its Procedural Order No. 1.
3.4 Award Amounts
The Tribunal issued its Final Award on 28 June 2024. The Award contains a detailed statement of the Tribunal's reasoning across all heads of claim and defense, and the dispositif awards the following sums in favour of TSL:
The approximate US dollar equivalent of the Total Award, calculated at the prevailing exchange rate as of 28 June 2024 (£1 = USD $1.2441), is approximately USD $120,000,000.
3.5 Costs Allocation
The Tribunal further ordered costs in favour of TSL as follows:
3.6 Grand Total and Post-Award Interest
The Tribunal further ordered that post-award interest shall accrue on all unpaid sums at the rate of 5.25% per annum simple from 29 June 2024 (the day following the date of the Award) until the date of full payment. As of the date of this filing (22 August 2024), no voluntary payment has been received from KMH. A detailed calculation of the outstanding balance, including accrued post-award interest, is set out in the schedule at Tab K.
4. INDEX OF SUPPORTING DOCUMENTS
The supporting documentation package comprises twelve (12) Tabs, designated Tab A through Tab L. Each Tab is described in detail below, including a description of the document, its original language, its authentication and legalization status, and the availability of a certified Arabic translation.
4.1 Tab A — Certified Copy of LCIA Award No. 224718
Description: Complete certified copy of the Final Award dated 28 June 2024 issued by the Tribunal in LCIA Arbitration No. 224718 (Thalassa Shipping & Logistics SA v. Korinthian Maritime Holdings Ltd.). The Award comprises the Tribunal's full written reasons, findings of fact, analysis of legal issues, and the dispositif setting out the sums awarded as summarised in Section 3 above. The Award awards TSL the total sum of £96,450,000 in damages and pre-award interest, plus costs of £12,150,000, together with post-award interest at 5.25% per annum simple on all unpaid sums from 29 June 2024.
Original Language: English
Number of Pages: To be confirmed by ARH upon receipt of the physical package.
Certification: The copy of the Award enclosed at Tab A has been certified by the LCIA Registrar as a true and complete copy of the original Final Award in LCIA Arbitration No. 224718, in accordance with Article IV(1)(a) of the New York Convention, which requires the production of a "duly authenticated original award or a duly certified copy thereof."
Legalization: The certified copy has been apostilled by the United Kingdom Foreign, Commonwealth and Development Office ("FCDO") in accordance with the Hague Convention Abolishing the Requirement of Legalization for Foreign Public Documents of 5 October 1961 (the "Apostille Convention"). Following apostille, the document has been further legalized by the Embassy of the United Arab Emirates in London, as required for submission to UAE onshore courts.
Arabic Translation: A certified Arabic translation of the Award has been prepared and is enclosed at Tab G as part of the master Arabic translation set. The translation has been prepared by a certified legal translation firm and bears the translator's certification of accuracy and completeness, notarized in accordance with UAE court requirements.
Note: This document is the primary document required for any enforcement application under both the New York Convention and the UAE Arbitration Law. Article 53(2) of UAE Federal Law No. 6 of 2018 requires the production of a certified copy of the arbitral award, and Article IV(1)(a) of the New York Convention requires the production of the duly authenticated original award or a duly certified copy thereof.
4.2 Tab B — LCIA Registrar's Certificate
Description: Certificate issued by the LCIA Registrar confirming the following matters:
(a) The authenticity of LCIA Award No. 224718 dated 28 June 2024;
(b) That LCIA Arbitration No. 224718 was conducted in accordance with the LCIA Arbitration Rules (version in force as of 14 November 2022);
(c) That the Tribunal was duly constituted in accordance with the LCIA Rules, with the appointment of Sir Malcolm Fenton-Clarke as Presiding Arbitrator by the LCIA Court, Professor Athena Drakopoulos as co-arbitrator nominated by the Claimant, and Dr. Henrik Dalmqvist as co-arbitrator nominated by the Respondent;
(d) That the Award is final and binding upon the parties in accordance with Article 26.8 of the LCIA Rules; and
(e) That no application to set aside, vary, or correct the Award has been made to the LCIA or notified to the LCIA Registrar as of the date of the certificate.
Date of Certificate: To be inserted upon receipt from the LCIA. The certificate has been requested concurrently with the preparation of this filing package and is expected to be available prior to the filing date.
Original Language: English
Legalization: Apostilled by the UK FCDO and further legalized by the Embassy of the United Arab Emirates in London.
Arabic Translation: A certified Arabic translation is enclosed at Tab G.
Note: While the LCIA Registrar's Certificate is not strictly required under Article IV of the New York Convention, it is a customary and prudent inclusion in enforcement applications to provide the enforcing court with authoritative confirmation of the regularity of the arbitral proceedings and the finality of the award. UAE courts have in practice expected production of such institutional certificates in support of enforcement applications.
4.3 Tab C — Charter-Party Agreements (Containing Arbitration Clauses)
Tab C comprises three sub-tabs, each containing one of the three time charter-party agreements that gave rise to the disputes resolved in the arbitration. These agreements constitute the "arbitration agreement" for the purposes of Article IV(1)(b) of the New York Convention, which requires the production of "the original agreement referred to in article II, or a duly certified copy thereof," and Article 53(2)(b) of UAE Federal Law No. 6 of 2018, which requires production of a copy of the arbitration agreement.
Tab C-1: Time Charter-Party Agreement for M/V *Aegean Fortuna*
Description: Time Charter-Party Agreement dated 15 March 2019 entered into between Thalassa Shipping & Logistics SA (as Charterer) and Korinthian Maritime Holdings Ltd. (as Disponent Owner) in respect of the motor vessel Aegean Fortuna (IMO 9784521). The charter-party comprises the main terms, rider clauses, and standard NYPE form addenda.
Arbitration Clause: Clause 45 of the charter-party provides for the resolution of all disputes arising out of or in connection with the charter-party by arbitration under the rules of the London Court of International Arbitration (LCIA). The seat of arbitration is London, England. The governing law of the contract is English law. The clause further provides for the appointment of a three-member tribunal.
Original Language: English
Legalization: Apostilled by the UK FCDO and legalized by the Embassy of the UAE in London.
Arabic Translation: A certified Arabic translation is enclosed at Tab G.
Tab C-2: Time Charter-Party Agreement for M/V *Crimson Horizon*
Description: Time Charter-Party Agreement dated 22 January 2020 entered into between Thalassa Shipping & Logistics SA (as Charterer) and Korinthian Maritime Holdings Ltd. (as Disponent Owner) in respect of the motor vessel Crimson Horizon (IMO 9801334). The charter-party is in substantially the same form as the M/V Aegean Fortuna charter-party at Tab C-1.
Arbitration Clause: Clause 45 contains an LCIA arbitration clause in substantially identical terms to that in the M/V Aegean Fortuna charter-party, providing for LCIA arbitration seated in London under English law.
Original Language: English
Legalization: Apostilled by the UK FCDO and legalized by the Embassy of the UAE in London.
Arabic Translation: A certified Arabic translation is enclosed at Tab G.
Tab C-3: Time Charter-Party Agreement for M/V *Volga Spirit*
Description: Time Charter-Party Agreement dated 10 June 2021 entered into between Thalassa Shipping & Logistics SA (as Charterer) and Korinthian Maritime Holdings Ltd. (as Disponent Owner) in respect of the motor vessel Volga Spirit (IMO 9756892). The charter-party is again in substantially the same form as the preceding charter-parties.
Arbitration Clause: Clause 45 contains an LCIA arbitration clause in substantially identical terms, providing for LCIA arbitration seated in London under English law.
Original Language: English
Legalization: Apostilled by the UK FCDO and legalized by the Embassy of the UAE in London.
Arabic Translation: A certified Arabic translation is enclosed at Tab G.
Note regarding Tab C generally: These three charter-party agreements, and the arbitration clauses contained therein, together constitute the arbitration agreement upon which the LCIA Tribunal's jurisdiction was founded. The production of these agreements satisfies the requirements of Article IV(1)(b) of the New York Convention and Article 53(2)(b) of the UAE Arbitration Law. The Respondent did not at any stage of the arbitration challenge the validity or applicability of the arbitration clauses, and the Tribunal confirmed its jurisdiction in its Award.
4.4 Tab D — LCIA Arbitration Rules (Applicable Version)
Description: Copy of the LCIA Arbitration Rules in the version in force as of the date of the Request for Arbitration (14 November 2022). These are the procedural rules that governed the conduct of the arbitration from commencement through to the issuance of the Final Award. The rules include provisions regarding the constitution of the tribunal, the conduct of proceedings, the making of awards, and the finality and binding nature of awards.
Original Language: English
Legalization: Apostilled by the UK FCDO and legalized by the Embassy of the UAE in London.
Arabic Translation: A certified Arabic translation is enclosed at Tab G.
Note: While the LCIA Rules are publicly available, the inclusion of a legalized and translated copy in the filing package ensures that the Dubai Court has immediate access to the procedural framework under which the arbitration was conducted, and facilitates the Court's assessment of the regularity of the proceedings as contemplated by Article V of the New York Convention.
4.5 Tab E — Request for Arbitration and Notice of Arbitration
Description: This Tab contains two documents:
(a) TSL's Request for Arbitration dated 14 November 2022, as filed with the LCIA. The Request for Arbitration sets out the parties to the arbitration, the underlying contracts (the three charter-party agreements), the nature of the disputes, the claims advanced by TSL, and the relief sought.
(b) The LCIA's formal notice to KMH of the commencement of the arbitration proceedings, transmitted by the LCIA Registrar to KMH at its registered address in Cyprus and to KMH's English solicitors, Harkness Whitford & Co.
Purpose: The inclusion of these documents is intended to demonstrate that KMH was given proper notice of the arbitration proceedings from the outset, in accordance with the requirements of Article V(1)(b) of the New York Convention, which provides that enforcement may be refused if the party against whom the award is invoked was not given proper notice of the appointment of the arbitrator or of the arbitration proceedings, or was otherwise unable to present its case. The documents at Tab E establish the commencement of the arbitration and the notification thereof to the Respondent.
Original Language: English
Legalization: Apostilled by the UK FCDO and legalized by the Embassy of the UAE in London.
Arabic Translation: A certified Arabic translation is enclosed at Tab G.
4.6 Tab F — Evidence of Service and Participation by KMH
Description: Tab F contains a compilation of correspondence, procedural orders, and hearing records demonstrating that KMH was properly served with the Request for Arbitration, was at all times represented by experienced international arbitration counsel, and participated fully and actively in all stages of the arbitral proceedings. The documents at Tab F include, without limitation, the following:
(a) Correspondence from the LCIA Registrar to KMH and its counsel confirming service of the Request for Arbitration and all subsequent procedural communications;
(b) KMH's Response to the Request for Arbitration, confirming its participation in the proceedings;
(c) KMH's nomination of Dr. Henrik Dalmqvist as its co-arbitrator;
(d) The Tribunal's Procedural Order No. 1, dated shortly after the constitution of the Tribunal, confirming the parties' legal representation (TSL represented by Calderwood & Harkness LLP; KMH represented by Harkness Whitford & Co., 12 Fetter Lane, London EC4A 1JP, United Kingdom, through Catherine Whitford, Partner, International Arbitration), the agreed procedural timetable, and the procedural rules applicable to the conduct of the arbitration;
(e) Attendance records for the ten-day evidentiary hearing (11–22 September 2023, IDRC, London), confirming the active participation of KMH and its counsel throughout the hearing, including the cross-examination of witnesses and the presentation of closing submissions; and
(f) Selected procedural correspondence confirming KMH's engagement in the proceedings at all material stages.
Purpose: The primary purpose of Tab F is to forestall any defense by KMH under Article V(1)(b) of the New York Convention, which permits refusal of enforcement where the party against whom the award is invoked was not given proper notice of the arbitration proceedings or was otherwise unable to present its case. The documents at Tab F demonstrate conclusively that KMH received proper notice, participated fully through experienced counsel, nominated its own co-arbitrator, filed extensive responsive pleadings and evidence, and participated in the evidentiary hearing. There is no basis for any defense under Article V(1)(b).
Legalization: Apostilled by the UK FCDO and legalized by the Embassy of the UAE in London.
Arabic Translation: A certified Arabic translation is enclosed at Tab G.
4.7 Tab G — Certified Arabic Translations
Description: Tab G contains the master set of certified Arabic translations of all documents at Tabs A through F. The translations are organized in the same Tab order as the original English-language documents and are clearly cross-referenced to each original document.
Translation Prepared by: The certified Arabic translations have been prepared by a certified legal translation firm to be identified and engaged by Al-Rashid Hatem & Associates in Dubai, in accordance with the requirements of the Dubai Court of First Instance for certified translations of foreign-language documents.
Certification: Each translation bears the translator's certification confirming that the translation is a true, accurate, and complete rendering of the original English-language document into Arabic. Each translator certification has been notarized in accordance with UAE court requirements.
A separate confirmatory letter from Calderwood & Harkness LLP to Al-Rashid Hatem & Associates is enclosed within Tab G, confirming that the translations were arranged and coordinated in consultation with C&H, that C&H has reviewed the translations against the original documents to the extent practicable, and that the translations are understood to meet all applicable UAE court requirements (the "Arabic Translation Certification Letter").
Note: UAE courts require certified Arabic translations of all foreign-language documents submitted in evidence. This requirement is mandatory and non-waivable. All translations in the present package have been prepared in full compliance with this requirement, and all necessary notarial certifications have been obtained. Where any query arises as to the accuracy of a translation, the original English-language document shall be the authoritative version for interpretive purposes, although the Arabic translation is the document of record before the Dubai Court.
4.8 Tab H — Power of Attorney / Wakalah
Description: Tab H contains the power of attorney (وكالة / wakalah) executed by Thalassa Shipping & Logistics SA authorizing Al-Rashid Hatem & Associates to act on TSL's behalf in the following proceedings before the courts of the United Arab Emirates:
(a) The enforcement application in respect of LCIA Award No. 224718 before the Dubai Court of First Instance (Case No. 1893/2024);
(b) The concurrent application for precautionary attachment (حجز تحفظي) over accounts and receivables of Korinthian DMCC at Emirates Gulf Commercial Bank PJSC; and
(c) Any related applications, appeals, or ancillary proceedings arising out of or in connection with the foregoing.
Executed by: Nikolaos Papadimitriou, Chairman and Chief Executive Officer of Thalassa Shipping & Logistics SA, in his capacity as the duly authorized representative of the company.
Corporate Authorization: The power of attorney is accompanied by a certified copy of the resolution of the Board of Directors of Thalassa Shipping & Logistics SA, dated prior to the execution of the power of attorney, confirming that Nikolaos Papadimitriou is duly authorized to execute powers of attorney on behalf of the company in connection with the enforcement of LCIA Award No. 224718 and related proceedings.
Legalization: The power of attorney was notarized in Greece before a competent Greek notary, apostilled by the competent Greek authority (the Hague Apostille authority for the Hellenic Republic), and further legalized by the Embassy of the United Arab Emirates in Athens, Greece.
Arabic Translation: A certified Arabic translation of the power of attorney, the corporate authorization, and the accompanying notarial and legalization certificates is enclosed at Tab H.
4.9 Tab I — Certificate of Incorporation and Good Standing — TSL
Description: Tab I contains a certified copy of the certificate of incorporation of Thalassa Shipping & Logistics SA, confirming that TSL is a Société Anonyme duly organized and existing under the laws of the Hellenic Republic, registered with the General Commercial Registry (GEMI) in Piraeus, Greece. Tab I also includes a certificate of good standing (or its Greek law equivalent), confirming that TSL is in good standing and has not been dissolved, struck off, or subject to any winding-up or insolvency proceedings.
Tax Identification Number (AFM): EL-801456729
Legalization: The certificates have been issued by the competent Greek authority, apostilled by the Greek Apostille authority, and legalized by the Embassy of the United Arab Emirates in Athens, Greece.
Arabic Translation: A certified Arabic translation is enclosed.
Note: The production of the Applicant's corporate documentation serves to establish TSL's legal personality, capacity to sue, and standing to bring the enforcement application before the Dubai Court of First Instance.
4.10 Tab J — Corporate Documentation for Korinthian Maritime Holdings Ltd.
Description: Tab J contains publicly available corporate registry extracts and documents relating to the Respondent and the UAE target entity, as follows:
(a) Korinthian Maritime Holdings Ltd. (Cyprus): An extract from the Cyprus Department of Registrar of Companies and Official Receiver confirming:
• Full legal name: Korinthian Maritime Holdings Ltd.
• Registration Number: HE 387421
• Registered address: 28 Themistokli Dervi Avenue, Suite 601, Nicosia 1066, Cyprus
• Directors as registered: Sergei Volkov and such other directors as appear on the register
• Status: Active (not struck off or dissolved)
(b) Korinthian DMCC (UAE): A registry extract from the Dubai Multi Commodities Centre (DMCC) confirming the registration of Korinthian DMCC as a free zone company at Unit 3407, Almas Tower, Jumeirah Lakes Towers, Dubai, UAE, and confirming its corporate relationship to Korinthian Maritime Holdings Ltd. as its parent company and sole shareholder.
Arabic Translation: Certified Arabic translations of all corporate registry extracts are enclosed.
Purpose: The production of these corporate documents serves to establish the identity and legal status of the Respondent (KMH) and the UAE target entity (Korinthian DMCC) before the Dubai Court. The corporate registry extracts further establish the corporate relationship between KMH and Korinthian DMCC, which is relevant both to the enforcement application and to the precautionary attachment application.
4.11 Tab K — Evidence of Non-Payment and Outstanding Balance
Description: Tab K contains a detailed financial schedule prepared by Calderwood & Harkness LLP, with input from Hartwell Pemberton LLP (forensic accountants, 25 Old Broad Street, London EC2N 1HN, United Kingdom), confirming the following:
The schedule includes a calculation of post-award interest accrued from 29 June 2024 through the date of filing (22 August 2024) and a projected calculation of interest through an estimated enforcement date, for the information of the Dubai Court.
Tab K also includes the following supporting correspondence:
Pre-Enforcement Demand Letter: Letter from Calderwood & Harkness LLP (Samuel Eklund, Responsible Partner) to Harkness Whitford & Co. (Catherine Whitford, Partner) dated 8 July 2024, formally demanding payment of the full amount of the Award (£108,600,000 plus accruing post-award interest) within fourteen (14) days of the date of the demand letter. The demand letter was sent by email, courier, and recorded delivery post to Harkness Whitford & Co. at 12 Fetter Lane, London EC4A 1JP.
Response (or Absence Thereof): No compliant response was received from KMH or its counsel within the fourteen-day period or at any time thereafter. A short acknowledgment of receipt was received from Harkness Whitford & Co. on 10 July 2024, but no substantive response addressing payment was provided, and no voluntary payment has been made.
Arabic Translation: A certified Arabic translation of the schedule and all supporting correspondence is enclosed.
Purpose: The production of this evidence establishes that KMH has failed and refused to satisfy the Award voluntarily, that a formal demand for payment has been made and has gone unheeded, and that the full amount of the Award plus costs and post-award interest remains outstanding, thereby necessitating enforcement proceedings.
4.12 Tab L — Evidence Supporting Precautionary Attachment
Description: Tab L contains the materials supporting the concurrent application for precautionary attachment (حجز تحفظي) over accounts and receivables held by Korinthian DMCC at Emirates Gulf Commercial Bank PJSC (Gate Village 3, DIFC, Dubai, UAE). The materials at Tab L include the following:
(a) Asset Tracing Summary: A summary report prepared by Hartwell Pemberton LLP (forensic accountants, 25 Old Broad Street, London EC2N 1HN) setting out the findings of their asset tracing investigation into the KMH group's financial arrangements. The report identifies Korinthian DMCC as a significant holder of operational funds and receivables connected to KMH's shipping operations in the Arabian Gulf, including freight receivables, demurrage claims, and bunker procurement funds. The report identifies specific accounts at Emirates Gulf Commercial Bank PJSC and estimates the aggregate value of funds and receivables passing through those accounts.
(b) Evidence of Asset Dissipation: Documentary evidence demonstrating KMH's pattern of asset dissipation following the issuance of the Award on 28 June 2024. This evidence includes records of transfers of funds and assets from KMH and its subsidiaries to entities controlled by the Volkov family that are not parties to the arbitration, changes of ownership in certain vessel-owning SPVs, and restructuring transactions that appear designed to place assets beyond the reach of TSL's enforcement efforts. The evidence has been compiled by Calderwood & Harkness LLP in coordination with Hartwell Pemberton LLP and is presented in chronological order with supporting documentation.
(c) English Worldwide Freezing Order: A certified copy of the worldwide freezing order granted by Mr. Justice Ashworth in the Commercial Court of England and Wales on 16 July 2024, freezing the assets of KMH worldwide up to the value of £108,600,000. The freezing order was granted on an urgent ex parte basis following evidence of asset dissipation, and was continued on the return date of 30 July 2024 following a contested hearing at which KMH was represented by Harkness Whitford & Co. The order remains in full force and effect as of the date of this filing. The inclusion of this order demonstrates that the Commercial Court of England and Wales has independently assessed the evidence of asset dissipation risk and concluded that a worldwide freezing order is justified.
(d) Cyprus Freezing Injunction: Reference to the freezing injunction granted by the Nicosia District Court on 12 August 2024, freezing the shares of Oceangate Ventures Ltd. (a KMH subsidiary in Cyprus) and KMH's bank accounts in Cyprus.
Purpose: The materials at Tab L are intended to establish, for the purposes of the precautionary attachment application under UAE Civil Procedure Law, that:
(i) TSL holds a substantial and well-founded claim against KMH, evidenced by the Award;
(ii) Korinthian DMCC holds assets within the UAE jurisdiction that are connected to KMH and available for the satisfaction of the Award;
(iii) There is a real and demonstrated risk that KMH and its connected entities will dissipate assets in an attempt to frustrate enforcement of the Award; and
(iv) Courts in other jurisdictions (England and Wales and Cyprus) have independently assessed the evidence of dissipation risk and granted freezing relief.
Arabic Translation: A certified Arabic translation of all materials at Tab L is enclosed.
5. AUTHENTICATION AND LEGALIZATION PROCESS
The authentication and legalization of documents included in this package has been carried out in accordance with the requirements of UAE law and international conventions applicable to the submission of foreign documents before UAE courts. The process applied to each category of document is described below.
5.1 Documents Originating in England and Wales
All documents originating in England and Wales — including the certified copy of the Award (Tab A), the LCIA Registrar's Certificate (Tab B), the LCIA Arbitration Rules (Tab D), the Request for Arbitration and Notice of Arbitration (Tab E), the evidence of service and participation (Tab F), the financial schedules and demand correspondence (Tab K), and the asset tracing and dissipation evidence (Tab L) — have been subjected to the following legalization process:
(a) Apostille: Each document has been apostilled by the United Kingdom Foreign, Commonwealth and Development Office ("FCDO") in accordance with the Hague Convention Abolishing the Requirement of Legalization for Foreign Public Documents of 5 October 1961 (the "Apostille Convention"). The United Kingdom and the United Arab Emirates are both contracting states to the Apostille Convention. However, because the UAE onshore courts (as distinct from the DIFC Courts) have in practice required full embassy legalization in addition to apostille, the documents have been subjected to the further legalization step described below.
(b) Embassy Legalization: Following apostille, each document has been further legalized by the Embassy of the United Arab Emirates in London, United Kingdom. The embassy legalization stamp confirms that the apostille and the underlying document are recognized for use in proceedings before UAE courts.
5.2 Documents Originating in Greece
Documents originating in Greece — including TSL's corporate documents and certificate of good standing (Tab I) and the power of attorney / wakalah (Tab H) — have been subjected to the following legalization process:
(a) Notarization: Where applicable, documents have been notarized before a competent Greek notary public.
(b) Apostille: Each document has been apostilled by the competent Greek authority designated under the Apostille Convention.
(c) Embassy Legalization: Following apostille, each document has been legalized by the Embassy of the United Arab Emirates in Athens, Greece.
5.3 Charter-Party Agreements
The original charter-party agreements at Tab C (C-1, C-2, and C-3) are private commercial contracts and are not, in their original form, "public documents" within the meaning of the Apostille Convention. Accordingly, certified copies of the charter-parties have been prepared by Calderwood & Harkness LLP and notarized by a notary public in England, following which the notarized copies have been apostilled by the UK FCDO and legalized by the UAE Embassy in London, in the manner described in Section 5.1 above.
5.4 Certified Arabic Translations
Certified Arabic translations of all documents at Tabs A through F (and as applicable at Tabs H through L) have been prepared in accordance with UAE court requirements. Each translation has been prepared by a certified legal translator, bears the translator's sworn certification confirming the accuracy and completeness of the translation, and has been notarized as required by the Dubai Court of First Instance. The translations are compiled at Tab G and are also included within the relevant individual Tabs where indicated.
5.5 Chain of Custody
Calderwood & Harkness LLP has maintained a comprehensive chain-of-custody log for all original and certified documents throughout the legalization process. The log records the date of preparation or receipt of each document, the date of submission for apostille, the apostille reference number, the date of submission to the UAE Embassy for legalization, the date of return from legalization, and the date of dispatch to Al-Rashid Hatem & Associates. The chain-of-custody log is available for inspection by ARH and, if required, by the Dubai Court.
6. CHECKLIST OF DOCUMENT STATUS
The following table summarises the status of each Tab in the supporting documentation package as of the date of this memorandum (22 August 2024):
Confirmation: As of the date of this memorandum (22 August 2024), all documents listed above are confirmed as complete and ready for filing with the Dubai Court of First Instance. Four (4) copies of each document have been prepared — one original set for filing with the Court, one copy for service on the Respondent/Korinthian DMCC, one copy to be retained by ARH, and one copy to be retained by Calderwood & Harkness LLP. The number of copies required by the Dubai Court should be confirmed by ARH prior to filing, and additional copies will be prepared if necessary.
7. FILING INSTRUCTIONS TO AL-RASHID HATEM & ASSOCIATES
Calderwood & Harkness LLP respectfully requests that Al-Rashid Hatem & Associates proceed as follows with respect to the filing and prosecution of the enforcement application and precautionary attachment application: