Arbitration court quashes French co LDA's claim of $36mn: KoPT
In a breather for the Kolkata Port Trust (KoPT), the Permanent Court of Arbitration on Tuesday turned down French company LDA's claims amounting to USD 36.15 million in connection with a JV, which was engaged in a cargo handling contract at the Haldia dock.
"We have won the case filed by Louis Dreyfus Armatures (LDA) in the Permanent Court of Arbitration claiming USD 36.15 million, alleging that the government failed to protect their investment under a treaty," KoPT Chairman Vinit Kumar said.
He said LDA's stake in the JV that was awarded a contract for cargo handling in Haldia berths 2 and 8 was about 38 per cent, and KoPT had contested under the investment protection treaty that the same was not applicable, as its direct interest should have been more than 51 per cent.
The Permanent Court of Arbitration maintained the same stand in its verdict, he said.
The arbitration court has also directed LDA to pay over USD 7 million towards legal charges, port officials said.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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