Haribo Asia Pacific v Aquarius Corp: Correction of Contractual Interest Rate in Damages Claim
In a supplemental judgment, the High Court of Singapore, General Division, corrected an error in its original decision in *Haribo Asia Pacific Pte Ltd v Aquarius Corporation*. The court, presided over by Lee Seiu Kin J, addressed an incorrect contractual interest rate applied to the damages owed by Aquarius Corporation to Haribo Asia Pacific Pte Ltd. The court amended the judgment to reflect the correct interest rate of 7.12% and adjusted the final award accordingly, also clarifying the set-off and currency conversion issues.
1. Case Overview
1.1 Court
General Division of the High Court1.2 Outcome
Judgment amended to reflect the correct contractual interest rate and its impact on the final award.
1.3 Case Type
Civil
1.4 Judgment Type
Supplemental Judgment
1.5 Jurisdiction
Singapore
1.6 Description
Supplemental judgment correcting the contractual interest rate applied to damages owed by Aquarius Corp to Haribo Asia Pacific. The court adjusts the interest calculation.
1.7 Decision Date
2. Parties and Outcomes
| Party Name | Role | Type | Outcome | Outcome Type | Counsels |
|---|---|---|---|---|---|
| Aquarius Corporation | Defendant, Plaintiff in Counterclaim | Corporation | Counterclaim allowed in part | Partial | |
| Haribo Asia Pacific Pte Ltd | Plaintiff, Defendant in Counterclaim | Corporation | Claim allowed in full | Partial |
3. Judges
| Judge Name | Title | Delivered Judgment |
|---|---|---|
| Lee Seiu Kin | Judge of the High Court | Yes |
4. Counsels
4. Facts
- The Defendant's counsel clarified that an incorrect contractual interest rate had been applied in the Judgment.
- The Plaintiff pleaded that the base interest rate prescribed by section 247 of the Bürgerliches Gesetzbuch is -0.88%.
- The Defendant did not dispute that the Plaintiff is entitled to 8% over the rate of -0.88% (ie, 7.12%).
- The court initially applied a rate of 8% over 7.12%, ie, 15.12%, which was erroneous.
- The correct rate of interest which should have been applied was 7.12%.
5. Formal Citations
- Haribo Asia Pacific Pte Ltd v Aquarius Corp, Suit No 331 of 2018, [2021] SGHC 291
6. Timeline
| Date | Event |
|---|---|
| Defence and Counterclaim filed | |
| Trial began | |
| Trial continues | |
| Trial continues | |
| Trial continues | |
| Trial continues | |
| Trial continues | |
| Trial continues | |
| Trial continues | |
| Trial continues | |
| Trial continues | |
| Reply submissions tendered | |
| Written closing submissions tendered | |
| Judgment issued | |
| Supplemental judgment issued |
7. Legal Issues
- Incorrect Contractual Interest Rate
- Outcome: The court acknowledged the error in applying the incorrect contractual interest rate and amended the judgment to reflect the correct rate of 7.12%.
- Category: Substantive
8. Remedies Sought
- Monetary Damages
- Interest
9. Cause of Actions
- Breach of Contract
10. Practice Areas
- Commercial Litigation
11. Industries
- No industries specified
12. Cited Cases
| Case Name | Court | Affirmed | Citation | Jurisdiction | Significance |
|---|---|---|---|---|---|
| Haribo Asia Pte Ltd v Aquarius Corporation | High Court | Yes | [2021] SGHC 278 | Singapore | This is the original judgment that the supplemental judgment corrects. |
13. Applicable Rules
| Rule Name |
|---|
| No applicable rules |
14. Applicable Statutes
| Statute Name | Jurisdiction |
|---|---|
| Section 247 of the Bürgerliches Gesetzbuch | Germany |
| s 12(1) of the Civil Law Act (Cap 43, 1999 Rev Ed) | Singapore |
15. Key Terms and Keywords
15.1 Key Terms
- Contractual Interest Rate
- Base Interest Rate
- Set Off
- Currency Conversion
- Bürgerliches Gesetzbuch
- Judgment Debt
15.2 Keywords
- contractual interest
- damages
- supplemental judgment
- set off
- currency conversion
17. Areas of Law
| Area Name | Relevance Score |
|---|---|
| Civil Procedure | 75 |
| Damages | 75 |
| Interest | 60 |
| Contract Law | 30 |
16. Subjects
- Contract Law
- Civil Procedure
- Damages
- Interest