Crescendo Maritime Co. and another v Bank of Communications Company Ltd and others; Alpha Bank A.E. v Bank of Communications Company Ltd and others

Shipbuilding contract – Arbitration clause. The Commercial Court granted the first claimant company, a buyer of a vessel under a shipbuilding contract, a final anti-suit injunction restraining a bank from continuing to pursue in China a claim against it alleging fraud where the parties had chosen London arbitration as a neutral forum and where the first claimant had obtained an arbitration award in London in which the allegations of fraud had been considered and dismissed. The court ruled that it would be vexatious and oppressive for the first claimant to have to face the same charge in two different tribunals. The court did not grant an anti-suit injunction restraining the bank's pursuit of proceedings against the second claimant bank (Alpha), which had loaned the first claimant money towards the purchase of the vessel, but was not a party to the shipbuilding contract. Alpha was, however, granted a declaration of non-liability.