Ocean Star Resort Pty Ltd v David Hokyoon Kwon (No. 2)

Ocean Star Resort Pty Ltd brought an action against David Hokyoon Kwon in the Supreme Court of New South Wales, seeking the restitution of monies paid under a contract that was later abandoned. The case involved complex issues of currency conversion and interest calculations relating to the amount owed to Ocean Star Resort Pty Ltd. The court had to decide whether the restitution should be made in Korean Won or Australian Dollars, considering the nature of the contract and the circumstances surrounding its abandonment. Additionally, the court needed to determine the appropriate interest rate and whether interest should be calculated up to the date of the judgment or a different date.

The court examined the contractual obligations and the principles of restitution to address the first issue. It found that the restitution should be made in Australian Dollars, as the contract was denominated in that currency and the parties had intended for the transaction to be completed in Australia. The court then turned to the question of interest, analysing the terms of the contract and relevant legal precedents. It decided that interest should be paid up to the date of the judgment, applying a rate that reflected the statutory interest rate in New South Wales at the relevant time.

The Supreme Court of New South Wales ruled that the restitution owed to Ocean Star Resort Pty Ltd should be in Australian Dollars. It further determined that interest should be calculated up to the date of the judgment, at a rate consistent with the statutory interest rate applicable in New South Wales. The court's decision provided clarity on the currency and interest aspects of the restitution, bringing a resolution to the financial disputes arising from the abandoned contract.