BANKING AND FINANCE
Ambriz Trading Corp. v. Malbourne Invest & Finance S.A. (Final Award), SCC Case No. 047/2010, 15 December 2010
Claimant (Republic of Seychelles) and Respondent (British Virgin Islands) had concluded five agreements under which Respondent, a wholly owned subsidiary of URALSIB Financial Corporation (Russia), undertook to provide investment services to Claimant. For these purposes, Respondent opened five accounts for Claimant. Approximately half a year after the final account was opened, Claimant requested that its assets on the accounts be transferred to an account with Credit Suisse. Respondent did not promptly comply with these requests, leading Claimant to commence arbitration proceedings seated in Stockholm, Sweden, at the Stockholm Chamber of Commerce (SCC). Taking account of the position of trust into which a company undertaking financial services for a client is placed, the tribunal held that only a very narrow set of factors could justify more than a minimum delay in the release of funds. Claimant was awarded compensation for the damages incurred.