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Friday, 9 January 2015, 15:26 HKT/SGT

Source: TMT Co., Ltd.
Nobu Su Fights Back Against Lakatamia

HONG KONG, Jan 9, 2015 - (ACN Newswire) - Leading Taiwanese businessman and Chairman of TMT, Mr. Nobu Su has instructed a new group of lawyers to apply for permission to appeal against a November 2014 judgment made by the English Commercial Court pertaining to the long running dispute with Lakatamia Shipping and its related companies regarding a series of forward freight agreements. After the case was pending for several years, the Greek shipowner who has interests in Lakatamia and other interests, Polys Haji-Ioannou was belatedly added as a Claimant.

Mr. Justice Cooke found that there was a personal contract between Nobu Su and Polys Haji-Ioannou via an oral agreement. This Judgment could have a negative impact on any business owner who is involved in negotiating and signing a contract for a company he owns. In this case, the Judgment in its simplest form found that the same Clarksons broker who was working for both sides could effect an oral agreement between the two individuals without the two parties speaking directly and without defining the terms, even where a written contract between the companies was executed.

In the request for an appeal, one of Mr. Su's claims is that the Judgment made personally against him was erroneous. Only at a late stage did the Claimants allege an oral agreement existed between Mr. Su and Mr. Haji-Ioannou. Furthermore, the Claimants' filings in the US Bankruptcy Court for the TMT Procurement case also made no allegations that Mr. Su had a personal contract with Mr. Haji-Ioannou. Mr. Haji-Ioannou did not participate in the US Bankruptcy Court and only his companies, the Claimants, filed pleadings with the US Bankruptcy Court. The request for an appeal also asserts that the other Defendants should not be held liable.

Mr. Su instructed the new lawyers, W Legal, a boutique City law firm specializing in international trade, to review the judgment, together with the new counsel. Mr. Su commented today, "I am astonished by the Judgment. I feel that I have a duty to appeal and pursue justice. I place my faith in the justice system and continue to maintain the faith that what is right will prevail." He added, "If I do not appeal, it could impact on others. If the Judgment is not appealed, there is a real risk that under English law, directors and employees may find themselves in the firing line simply because they were involved in contract negotiations or spoke to a broker. This could wreak havoc on business operations and contract negotiations, as well as create a disincentive for anyone to agree to English law in their contracts in the future."

"Further information has come to light through investigations made by Black Cube which I consider to be pertinent to the application for permission to appeal but my solicitors have advised me not to comment further at this stage. I hope that justice ultimately prevails," Mr. Su concluded.

Topic: Press release summary
Source: TMT Co., Ltd.

Sectors: Daily Finance
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