Tiago Duarte-Silva was engaged by a Korean state-owned bank in a HKIAC arbitration following the failure and bankruptcy of a commodity trading company. The latter argued for $1.4 billion in damages as a result of the alleged breach of a receivables purchasing agreement during the COVID-19 pandemic, meaning that the respondent allegedly failed to meet minimum commitments to purchase commodities from them.
The Tribunal found liability for the respondent, but awarded only $66.5 million to the claimant, or less than 5% of the amount claimed. The award in this arbitration was covered in Global Arbitration Review: Korean state-owned bank beats billion-dollar claim.
Dr. Duarte-Silva was supported in this matter by Allison Wiese.