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Article summary

Arbitration analysis: This decision concerns the plaintiffs’ (Company A and Company B) request for injunctive relief under section 45 of the Arbitration Ordinance (Cap 609) against the defendant (Company C) and its wholly owned subsidiary (D/WOS) in aid of an ongoing arbitration at the International Centre for Dispute Resolution of the American Arbitration Association (ICDR-AAA) (the Tribunal). Further to an announcement on the Shanghai Stock Exchange made by D/WOS that it intended to dispose of its equity interest in the defendant, the plaintiffs asserted that the defendant intended to transfer its assets fraudulently such that it would render any arbitration award meaningless. The plaintiffs first applied to the Tribunal for emergency relief, and with the Tribunal’s agreement then applied to the Hong Kong Court for equivalent injunctive relief to restrain the defendant from transferring its assets to D/WOS and a Mareva injunction to prevent the defendant...