TLDR:
- A venture capital firm has enforced an HKIAC award in California worth over US$44 million in a real estate project financing dispute.
- The California court confirmed the award, despite the respondent’s refusal to be cross-examined on witness statements.
In a recent development, a California court has upheld an HKIAC award amounting to more than US$44 million in favor of a venture capital firm that provided financing for a real estate project in Shanghai. The tribunal’s decision to strike out witness statements that the respondent had declined to be cross-examined on was found to be fair by the court. This case highlights the importance of complying with arbitration procedures and the enforcement of arbitral awards internationally.
The venture capital firm’s successful enforcement of the HKIAC award in California showcases the global reach and enforceability of arbitral decisions. The court’s confirmation of the award sends a strong message about the importance of following arbitration procedures and cooperating with tribunals, even in cross-border disputes involving complex financial transactions.
