• Follow Us On : 

DP World Will Continue To Pursue All Legal Means To Defend Its Rights As Shareholder And Concessionaire In Doraleh Container Terminal


Redaksi | Sabtu,15 September 2018 - 03:22:55 WIB
Dibaca: 91 kali 
DP World Will Continue To Pursue All Legal Means To Defend Its Rights As Shareholder And Concessionaire In Doraleh Container Terminal

UNITED ARAB EMIRATES - EQS - 14 September 2018 - DP World said today that it will continue to pursue all legal means to defend its rights as a shareholder and concessionaire in Doraleh Container Terminal SA (DCT) in the face of Djibouti's blatant disregard for the rule of law and respect for commercial contracts.

On 9 September the President of Djibouti enacted a decree which purportedly transferred the shareholding of Port de Djibouti SA (PDSA) in Doraleh Container Terminal SA (DCT) to the Government of Djibouti. PDSA is 23.5% owned by China Merchants Port Holdings Company Ltd of Hong Kong ("China Merchants").

DP World said the transfer appears to have been made in an attempt to flout an injunction of the English High Court which restrains PDSA from using its shareholding to take control of DCT. This is the latest step in the Government of Djibouti's five-year campaign to take the 2006 Concession Agreement away from DCT, through which DP World operated, and part owns the Doraleh Container Terminal.

"Investors across the world must think twice about investing in Djibouti and reassess any agreements they may have with a government that has no respect for legal agreements and changes them at will without agreement or consent," a DP World spokesperson said.

On 31 August, the High Court of England & Wales issued an injunction against PDSA, as shareholder in DCT, ordering that it:

  • Shall not act as if the joint venture agreement with DP World has been terminated
  • Shall not appoint new directors or remove DP World's nominated directors without its consent
  • Shall not cause the DCT joint venture company to act on the "Reserved Matters" without DP World's consent.
  • Shall not instruct or cause DCT to give instructions to Standard Chartered Bank in London to transfer funds to Djibouti.

In an apparent attempt to circumvent the injunction, on 9 September 2018, the Government of Djibouti transferred PDSA's shares in DCT to itself. The new decree was accompanied by a press release replete with untrue statements. It also refers to DP World being paid fair compensation in accordance with international law.

The 2006 Concession Agreement, which is governed by English law, provides that disputes relating to the Agreement are to be resolved through binding arbitration in the London Court of International Arbitration. Such arbitration proceedings are ongoing. To date the Government has not made any offer to compensate DP World.


Akses Wahanariau.com Via Mobile m.Wahanariau.com
Untuk Berbagi Berita / Informasi / Peristiwa
Silahkan SMS ke nomor HP : 085271472010
atau email ke alamat : [email protected]
Harap camtumkan detail data diri Anda
Pengutipan Berita dan Foto, Cantumkan Wahanariau.com Sebagai Sumber Tanpa Penyingkatan
TULIS KOMENTAR
BERITA TERKAIT
Kamis,06 September 2018 - 03:18:01 WIB

High Court of England & Wales restrains Djibouti’s Port Company From Terminating Joint Venture With DP World

Port Company also prohibited from replacing DP World directors in joint venture company DUBAI - EQS

Jumat,23 Maret 2018 - 01:37:05 WIB

After 6.9% GDP: Field Market Research (FMR) by M Channel Digital Media gears up for more business research in the Philippines

LEYTE, PHILIPPINES - Media OutReach - 21 March 2018 - After beating China in terms of economic growt

BERITA LAINNYA
Senin,24 September 2018 - 19:36:37 WIB

Bertindak Sebagai Inspektur Upacara, Suyatno Puji BPN Rohil

BAGANSIAPIAPI - Bupati Rokan Hilir (Rohil) H Suyatno AMp bertindak selaku pembina upacara pada perin

Senin,24 September 2018 - 03:02:25 WIB

Hong Kong Launches First High Speed Rail Service

Fast train link puts Hong Kong within easy reach of cities across China CHINA - Media OutReach

Minggu,23 September 2018 - 02:59:07 WIB

Hong Kong’s Housing Challenges Under The Spotlight at The Hong Kong Institute of Surveyors Annual Conference 2018

Guest of honour Dr Raymond So Wai-man addresses more than 300 industry leaders on the theme: "D

BERGABUNG DI SINI
KABAR POPULER
IKUTI BERITA KAMI