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24 Feb 2021
DaHui Lawyers recently received a resounding winning arbitral award for its client, securing the full claimed amount in excess of USD150 million while simultaneously fully defeating counterclaims of over USD 250 million.
DaHui commenced the HKIAC arbitration in December 2018 on behalf of a leading Chinese institutional investor, in December 2018 to seek repayment of a matured convertible note. Following delays due to procedural challenges related to the representative of the respondent, an international tribunal consisting of American, Australian and English arbitrators was constituted in mid-2019. During the proceedings, the counterparty raised counterclaims under multiple theories of New York law (the governing law of the note) requesting monetary damages of over twice the amount of the client’s original claims. Over a 2-year period, DaHui diligently represented the client to defend against the substantial counterclaims, raising a number of legal and factual defenses. The proceedings were further complicated by the COVID-19 pandemic,forcing the Tribunal to organize a fully online hearing.
Despite these challenges, DaHui was able to effectively represent its client to achieve a favorable award in which the client’s claims were supported in full and the counterparty’s counterclaims for monetary damages were dismissed.
DaHui partners Arthur Ma and Mark Young led the DaHui team in this case. Over the past five years, they have assisted clients to win numerous favorable awards in international arbitration cases under HKIAC, ICC, CIETAC and UNCITRAL Rules.