We have recently received news regarding the outcome of the action filed by Eni & Vitol (Claimants) against the government of Ghana & Ghana National Petroleum Corporation (GNPC). The International Arbitration Tribunal has made its decision, denying the claimants their requested $7 billion dollars for breaches.
In its ruling, the Tribunal found that the "Unitisation Directives in the circumstances in which they were issued" were wrongful and subsequently dismissed the claim. As a result, the claimants were denied all claims to monetary damages or compensation. Initially seeking $7 billion, their claim was reviewed and reduced to $915 million, plus interest, by the end of the proceedings. This revised amount was also dismissed in its entirety.
Furthermore, the Tribunal also dismissed all of the Claimants’ claims against GNPC. In addition, regarding the allocation of fees and costs, the Tribunal held that all parties involved would be required to pay their own legal fees and costs.
In response to this decision, Attorney General Godfred Yeboah Dame issued a statement on Monday, July 8, providing clarity on the outcome of the case.
This ruling marks a significant development in this legal dispute and will undoubtedly have far-reaching implications for all parties involved. As we await further details and potential reactions to this decision, it is clear that the resolution of this case will continue to garner attention and analysis within the international business and legal communities.
-source Starrfm | curated by Aisha Yakubu | GhanaCrimes
