James Cradick has acted on behalf of one of Russia’s largest mining companies on instructions received via their trading office in Switzerland in several linked LCIA arbitrations arising from the non-payment of shipments of coal to India.
Initial advice was provided to clients who authorised James to commence multi million dollar arbitration proceedings against the Indian Buyers in London.
During the extensive exchanges of submissions and evidence which followed, the Buyers alleged (amongst other issues) that:
- no contracts had been agreed
- if there were contracts agreed, the terms of the contracts were materially different from those asserted by our client
- that there were various faults in the testing procedures adopted at load port
- there were various issues with the letters of credit and execution of the documentary obligations which our client had with respect to the financing of the transactions.
- the Tribunals had no jurisdiction to determine the disputes
- that the Buyers in fact owed the Sellers significant sums in relation to other shipments and contracts (which they sought, unsuccessfully, to raise by way of counterclaims)
Working closely with senior management, traders and the client’s head of legal all of the arguments put forward by the Buyers were methodically dismantled after which they finally entered into negotiations shortly before the close of submissions.
Matters were eventually settled on favourable terms.