The US-Based International Centre for Settlement of Investment Dispute headed by William Park has ordered InterOcean to pay the Federal Government of Nigeria USD 660,129.87 reimbursement of its share of the arbitration costs incurred in the proceedings.
The Tribunal also absolves 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.
This is contained in a Statement issued by Umar Gwandu, Special Assistant on Media and Public Relations, Office of the Attorney General of the Federation which was made available to newsmen in Abuja on Wednesday the 7th day of October 2020.
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 instrumentalities to pay aggravated damages in an amount to be proven during these arbitral proceedings which the Claimants estimate at being in excess of US$ 1.5 Billion (One Billion Five hundred Million United States Dollars).
According to the statement the judgment which was delivered yesterday, the Tribunal finds that the Federal of Government of Nigeria has not breached its obligations toward Claimants under Nigerian law or under international law.
“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.