ICSID Orders Petrobangla To Immediately Pay $25M Award For Resource Company
(June 10, 2016, 2:16 PM EDT) -- WASHINGTON, D.C. — A tribunal for the International Centre for Settlement of Investment Disputes (ICSID) on June 8 released a decision ordering a Bangladesh oil and gas company to immediately pay a $25,312,747 arbitration award, plus 139,988,337 Bangladesh Taka and interest, despite any contrary orders issued by the courts of Bangladesh (Niko Resources [Bangladesh] Ltd. v. People's Republic of Bangladesh, et al., Nos. ARB/10/11 and ARB/10/18, ICSID).
(Decision available. Document #05-160628-007X).
Niko Resources (Bangladesh) Ltd. filed two requests for arbitration against the People's Republic of Bangladesh,...