US$51.59 million damages granted to Hitachi, Ltd
A&G News 5 October 2018
Allen & Gledhill represented Hitachi, Ltd (“Hitachi”) in the arbitration proceeding initiated by POSCO ICT Company Ltd (“PICT”) against Hitachi under the SIAC rules. The dispute arises from the agreement (“Agreement”) executed between the parties in relation to the construction of new railway infrastructure in Ho Chi Minh City, Vietnam, whereby PICT had sued Hitachi for breach, termination of the Agreement and for damages. Hitachi filed a counterclaim against PICT for breach of the Agreement and damages. The case was decided in Hitachi’s favour by the arbitral tribunal on 20 July 2018, whereby PICT's claim was dismissed and Hitachi was granted damages in the sum of US$51.79 million, interests and costs against PICT. Allen & Gledhill jointly represented Hitachi together with Mori Hamada & Matsumoto. Partners Chong Yee Leong, Chua Kee Loon and Ng Si Ming represented Hitachi from Allen & Gledhill.