The Minister of Justice, Abubakar Malami, on Wednesday, October 7, welcomed the judgment of a U.S.-based tribunal, which ordered InterOcean Oil Company to pay the Federal Government 660,129 dollars as reimbursement of its share of the arbitration costs.
1st News reports that the U.S.-Based International Centre for Settlement of Investment Dispute headed by Prof. William Park ordered InterOcean to pay the Federal Government 660,129 dollars.
The tribunal also absolved the Federal Government of Nigeria from any liability maintaining that Nigeria did not breach any of its obligations in the contract agreement with Interocean Development Company and Interocean Oil Exploration Company.
In a statement issued by Dr Umar Gwandu, Special Assistant on Media and Public Relations, Office of the Minister of Justice in Abuja, Malami described the judgment as an addition to the multiple success stories recorded in international litigations by the Federal Ministry of Justice.
Malami renewed commitment to patriotically and also relentlessly discharge his constitutional mandates; in the best interest of the nation and the general public.
He also said the era of connivance to deprive the nation of its resources; for gratifying ulterior motives of vested interest at the expense of the Nigerian populace is a thing of the past.
The tribunal held that the federal government of Nigeria did not breach its obligations towards the claimants under Nigerian law; or under international law.
1st News reports that the oil companies that has among its legal team, Olasupo Shasore, SAN requested; among others, relief from the Tribunal directing the Federal Government of Nigeria; its relevant privies and also instrumentalities to pay aggravated damages; in an amount to be proven during these arbitral proceedings which the claimants of 1.5 billion dollars.
“The tribunal finds no liability on the part of Respondent in connection with Claimants’ loss of control over their investment, Pan Ocean,” the Judgment reads in part.