Barings Plc (In Liquidation) and Another, Barings Futures (Singapore) Pte Ltd (In Liquidation) v Coopers and Lybrand (A Firm) and Others, Mattar and 36 Others: ChD 17 Oct 2003

BFS was a company incorporated in Singapore which conducted its internal affairs in Singapore Dollars. It was by statute required to render its accounts in that currency. It paid its staff in Singapore Dollars. It sought damages in Singapore dollars.
Held: The currency ‘which most truly expresses BFS loss’ was the Japanese Yen and any judgment for damages should be expressed in that currency. The rate of interest should be awarded as the rate of the currency of the award of damages.

The Hon Mr Justice Evans-Lombe
[2003] EWHC 2371 (Ch)
England and Wales
CitedMiliangos v George Frank (Textiles) Ltd HL 1975
The issue was whether an English court was able to award damages in Sterling only.
Held: The House distinguished clearly between the substance of the debtor’s obligations and the effect of English procedural law when a debt in a foreign . .
CitedThe Despina R, The Folias HL 1979
The House dealt with the issue of the proper currency for the award of damages. There had been a collision at sea. In The Folias, damages in contract were claimed by charterers of a ship against the owners to be recouped compensation that they had . .
MentionedThe Pacific Colocotronis CA 1981
. .
CitedThe Texaco Melbourne 1994
In deciding what should be the appropriate currency for a damages award, no account should be taken of fluctuations in the value of currencies between the date of breach and the date of judgment. . .
CitedKetteman v Hansel Properties Ltd HL 1987
Houses were built on defective foundations. The purchasers sued the builders and later the architects who designed them. The defendants argued that the houses were doomed from the start so that the cause of action accrued, not when the physical . .
CitedHelming Schiffahrts GMBH v Malta Drydocks Corporation 1977
A German ship owning company claimed in contract arising from a contract for the construction of two ships in Malta. The currency of account specified by the contract was Maltese Pounds. The court awarded interest on the judgment, although in . .

Cited by:
CitedBorealis Ab v Geogas Trading Sa ComC 9-Nov-2010
The parties had contracted for sale and purchase of butane for processing. It was said to have been contaminated. The parties now disputed the effect on damages for breach including on causation, remoteness, mitigation and quantum.
Held: The . .

Lists of cited by and citing cases may be incomplete.

Damages, Financial Services

Updated: 13 December 2021; Ref: scu.186811