Shahid Law firm successfully obtained an order by the Chief Justice of the Court of Appeal recognizing an interim order by an ICC arbitral tribunal seated abroad, for the stay of liquidation of bonds, with a total value exceeding USD 18 million.
The Egyptian judge’s decision sets a precedent, as applications for interim measures issued by arbitral tribunals rarely succeed in Egypt (let alone by tribunal seated abroad), considering that, both Egyptian law and jurisprudence do not address the process of enforcing interim measures orders by arbitral tribunals in sufficient detail.
The Shahid Law team working on this matter was led by Partners Girgis Abd El-Shahid and Sameh Attia, whose team included Inji Fathalla and Terez Laban.
Global Arbitration Review – For what is believed to be the first time, an Egyptian court has recognized and enforced an interim measures order issued by a foreign arbitral tribunal – in an ICC dispute between a South Korean industrial group and the developer of Damietta port in northern Egypt that ended in a more than US$72 million award last week. For further information please visit GAR.
