Rusal wins $275mln arbitration against Tajik factory
MOSCOW, Ocotber 16 (RAPSI) – A three-member arbitral tribunal sitting in Switzerland ruled in favour of Hamer Investing, Ltd., a subsidiary of United Company Rusal Plc, against Tajik Aluminium Plant, also referred to as TadAZ and/or TalCo, says Rusal’s statement released on Wednesday.
The tribunal granted in full Hamer's claim that TalCo was in breach of two barter agreements concluded in 2003 under which Hamer supplied TalCo with certain raw materials, and ordered TalCo to pay Hamer damages of $112,7 million, interest of approximately $147 million, and costs, fees and expenses of the arbitration proceedings in the amount of approximately $14,6 million for a total of approximately $275 million plus post-award interest.
The tribunal also denied in full TalCo's amended counterclaims in the amount of almost $400 million (exclusive of interest), which were based on TalCo's assertions that the said contracts had been procured by corruption. The tribunal rejected such allegations.