Nobu Su is awaiting the result of an appeal against UK shipbroker Clarksons, which was heard in the UK High Court this week.
Following a hearing on Tuesday, Court of Appeal Justices David Kitchin and Launcelot Henderson opted to reserve their judgment until a later date, which legal experts say could be a matter of days or weeks.
Su was appealing a judgment against him given in the UK in February 2017 where Justice Nigel Teare ruled that he had waited too long to pursue a claim against Clarksons Platou Futures and Clarksons Securities broker Vassilis Karakoulakis for alleged breach of warranty and negligence.
The court proceedings are connected to the 2014 Lakatamia case, which centred on a failed forward freight agreement (FFA) deal struck between Su and Monaco-based shipowner Polys Haji-Ioannou in July 2008. That left Su liable for $37.9m.
The Today Makes Tomorrow chairman is pursuing a two-part appeal. In the first part, which was heard this week, Su claimed he had never been onboarded as a client by Clarksons and had not known what Karakoulakis had said to Haji-Ioannou.
Su’s barrister told the court the situation was “like a prism” in that it depends on where someone is standing as to what they see.
The judges said Su knew he was being sued and had a freezing order on his assets so might have been expected to have investigated his position.
But they also referenced the evidence provided by business intelligence unit Black Cube, which Su commissioned.
Su’s lawyer, W Legal chief executive Nigel Kushner, described his client as “a fighter”.
Kushner refused to be drawn on Su’s comments last year that he may pursue private prosecutions in relation to Clarksons employees.
“There are a number of different avenues open to Nobu with respect to his grievances and the conduct of officers and employees at Clarksons. He fully expects to progress these,” he said.
Kushner said Su and his legal team expect to pursue the second part of their claim in which they argue Karakoulakis made “secret profit” by requesting and being granted commission from both himself and Haji-Ioannou
“As soon as judgement is given in this appeal we intend to fire on all cylinders,” he said.
Clarksons has previously declined to comment on the legal proceedings.
