DIFC 075/2018 on 7/3/2019

Fimbank P.L.C. v Farlin Eenergy and Commodities Fze

This case involved a claim for a debt and interest.

Background

The Claimant filed a Part 8 Claim seeking USD 19,858,052.61 plus continuing interest at the default contractual rate from 31 October 2018 to the date of judgment. The case was heard at a hearing on 25 February 2019.

Decision

The judgment ruled in favour of the Claimant on the debt owed by the Defendant for USD 20,292,116.27 in total (USD 19,378,982.99 (excluding interest) plus interest of USD 913,133.28 as at 25 February 2019).

Interest would continue to accrue at the daily rate of 9% from the date of judgment until the date of payment. All such sums were to be paid by the Defendant within 28 days. The Defendant was to pay the Claimant's costs of the action, which would be assessed if not agreed.

This was an amended judgment as there had been a previous ruling on 28 February that had stated the Defendant would pay the total sum of USD 20,292,116.27 (USD 19,378,982.99 (excluding interest) plus interest of USD 913,133.28 as at 25 February 2019).