OMV Petrom SA v Glencore International AG [2017]

OMV Petrom SA v Glencore International AG [2017] EWCA Civ 195 — 27 March 2017 (The Chancellor of the High Court)

“Petrom claimed against Glencore in respect of the latter's sale of 'counterfeit' crude oil cargoes. Glencore had relied on untruthful testimony and had declined to engage in settlement attempts, including a 'Part 36' offer by Petrom, which was significantly bettered by the Court's award. Although the Court awarded enhanced interest, Petrom appealed, seeking the maximum allowable amount, namely 10.5% both on damages and on costs. Despite warning that appeals against the exercise of the judge's discretion are to be rare, the Chancellor agreed, explaining that such interest was not just compensatory but could reflect the Court's disapproval of a party's conduct (here described as 'deplorable if not outrageous') and its encouragement of settlements.”

Antonino Cordopatri
E. G. Arghyrakis & Co.