The Tribunal's Award recognises that the 2006 Concession Agreement remains valid and binding, as has also been confirmed by another LCIA
Tribunal and the English courts.
As a result, the government is estimated to get a financial relief of about Rs11bn against the original cost of about Rs34bn awarded in favour of the IPPs by the LCIA
. The two sides are expected to sign the settlement agreement over the next couple of weeks.
In the application, Pakistan maintained that the tribunal had failed to conduct the proceedings in accordance with the procedures agreed by the parties and the LCIA
did not comply with the requirements of the award.
The National Accountability Bureau (NAB) had filed an appeal against LCIA
in London High Court under section 68 of the UK Arbitration Act on the basis of two grounds.
A press release from the company states that this comes after Court of Appeal gave them leave to take their dispute against the government over the 2014 equity sale to LCIA
Furthermore, though potentially well suited for addressing chemical impacts of specific products, LCIA
has, in practice, often omitted consumer exposure to chemical substances during product use, instead focusing on emissions to the environment during manufacturing and disposal (Fantke et al.
It provides that all disputes relating to the Agreement are to be resolved through binding arbitration at the LCIA
with two such LCIA
proceedings already completed.
The three-member London Court of International Arbitration (LCIA
) presided by David Midon on July 6 gave the partial award against the two embattled top officials of Nigeria's indigenous oil company.
According to the LCIA
ruling, Shah, Nyagah and Mwagiru were unable to demonstrate that they paid any money to either Rendeavour or to Socfinaf, the previous owner of over 10,000 acres of Kiambu land acquired by Rendeavour.
He has acted as arbitrator in various international arbitrations under the auspices of various bodies including International Chambers of Commerce (ICC) and the London Court of International Arbitration (LCIA
Dohmann is a member of the London Court of International Arbitration (LCIA
If the parties specify an arbitration institution such as the London Court of International Arbitration ('LCIA
') to administer the process, the rules of that institution would be incorporated.