Court considers correct currency of judgment and issues
relating to freezing order
Various issues fell to be considered by the judge in this case,
including the following:
1) What currency should the judgment be made in? Reference was
made to the decision of The Despina R [1979], in which it
was said that a claimant "who normally conducts his business
through a particular currency, and who, when other currencies are
immediately involved, uses his own currency to obtain those
currencies, can reasonably say that the loss he sustains is to be
measured not by the immediate currencies in which the loss first
emerges but by the amount of his own currency, which in the normal
course of operation, he uses to obtain those currencies".
However, it was held that there is no hard and fast rule to that
effect. In this case, although the claimant generally used the
Kazakhstani Tenge, the monies which it had lost were borrowed in US
Dollars and Euros and so those were
