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Contact with chambers should be made through the Practice Management Team. They are happy to discuss client requirements and provide further information on such matters as the expertise and experience of individual members, fees, working practices and languages spoken. We have members able to work in French, German, Italian, Spanish, Dutch, Swedish, Greek and Chinese (Mandarin).

Outside working hours, a member of our team is always available to be contacted on matters of an urgent nature. Contact should be made using the Chambers main number or email.

To contact our Singapore office, please contact our BD Director, Asia, Rachel Foxton. Out of office hours calls will automatically be diverted to our clerking team in London.

London

Twenty Essex Street
London
WC2R 3AL

enquiries@twentyessex.com
t: +44 20 7842 1200
DX 0009 Lond/Chan Lane

Singapore

28 Maxwell Road
#02-03
Maxwell Chambers Suites
Singapore 069120

singapore@twentyessex.com
t: +65 62257230

Contact

Contact with chambers should be made through the Practice Management Team. They are happy to discuss client requirements and provide further information on such matters as the expertise and experience of individual members, fees, working practices and languages spoken. We have members able to work in French, German, Italian, Spanish, Dutch, Swedish, Greek and Chinese (Mandarin).

Outside working hours, a member of our team is always available to be contacted on matters of an urgent nature. Contact should be made using the Chambers main number or email.

To contact our Singapore office, please contact our BD Director, Asia, Rachel Foxton. Out of office hours calls will automatically be diverted to our clerking team in London.

London

Twenty Essex Street
London
WC2R 3AL

enquiries@twentyessex.com
t: +44 20 7842 1200
DX 0009 Lond/Chan Lane

Singapore

28 Maxwell Road
#02-03
Maxwell Chambers Suites
Singapore 069120

singapore@twentyessex.com
t: +65 62257230

21/07/2016

OMV PETROM SA v GLENCORE INTERNATIONAL AG

This is an archived article, and some links may not work. Contact us if you have any questions.

The Court of Appeal has today handed down judgment dismissing Glencore's appeal against the c.$ 100m damages ,interest and costs for deceit awarded by Flaux J to the Romanian oil company, Petrom.   Glencore had been found liable for selling counterfeit cargoes of crude oil, inferior and cheaper crudes having been blended to resemble recognised grades of "Iranian Heavy" and "Gulf of Suez Mix".  These were then sold into Romania with false documentation asserting that the cargoes were genuine Iranian Heavy and Gulf of Suez Mix and at a price referable to the market prices for those grades.  Glencore's appeal was confined to quantum, the thrust of its argument being that the counterfeit blends had not caused any damage to the Romanian refineries and the performance of the blends would not have been greatly inferior to the recognised grades they were passed off as.  The Court of Appeal rejected Glencore's arguments, upholding the Judge's conclusion that the market value for which Petrom had to give credit should  reflect the  risks and uncertainty surrounding the unfamiliar blend which the hypothetical purchaser would have taken into account as at the date of purchase.  What happened later did not affect the market value as at that date. The judgment contains a salutary reminder that in fraud damages cases everything will be assumed against the fraudster.

Duncan Matthews QC and Andrew Fulton appeared on behalf of OMV Petrom SA ,instructed by Withers  LLP


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