The London Court of Arbitration has ruled that Ghana pays that Ghana pays a huge judgement debt of over 70 million dollars to West Africa Gas Limited.
The dispute came after the termination by the Claimant, West Africa Gas Limited of a Gas Sales Agreement dated 9 October 2015 between WAGL and the Republic of Ghana.
According to starrfmonline, the West Africa Gas Limited decided to terminate the contract after what they claim were impediments put in their way by the government of Ghana which made it difficult for them to execute the contract.
The ruling of the court, according to Starr fm online can be seen below:
i. The Respondent do pay to the Claimant the sum of US$ 68,584,623.37 as the
Recovery Fee under the GSA.
ii. The Respondent do pay the Claimant simple interest on the sum awarded in (i)
above from 22 April 2019 at the annual rate of 6.5% until payment.
iv. The Respondent do pay the Claimant’s Legal and Other Costs in the sum of
£200,000.
v. The Respondent do pay the Claimant the Arbitration Costs in the sum of
£153,108.88.
v. The Counterclaim is dismissed.
vi. All other claims, including the claim for a declaration and counterclaims are
rejected.
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