Harneys acted for ArcelorMittal USA.
The Cayman Islands Court of Appeal has dismissed an appeal by Essar Group against an order that they must disclose financial information to Essar’s commercial rival, ArcelorMittal, in connection with an unpaid US$1.3bn arbitration award. The ruling confirms that disclosure under the Norwich Pharmacal jurisdiction can be obtained in Cayman in support of proceedings in other jurisdictions.
This long-running case arises from a 2012 agreement between Essar and ArcelorMittal Group to supply ArcelorMittal with iron ore pellets in Minnesota for 10 years. Essar breached and ArcelorMittal terminated that agreement, and in December 2017, ArcelorMittal obtained an arbitral award against Essar for US$1.3bn plus interest (now at well over US$1.5bn).
The proceedings in the Cayman Islands commenced in January 2019, when ArcelorMittal filed an application against two Essar Group companies registered in Cayman: Essar Global Fund Limited (EGFL), the principal holding company of the Essar Group, and Essar Capital Limited (ECL), the investment manager of EGFL. ArcelorMittal sought an order requiring EGFL and ECL to provide information and documents to explain the disposal of ESL’s assets.
The Harneys team Partner Paul Smith (Picture) and Senior Associate Anya Park.
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