NIDCO, the National Infrastructure Development Company Limited, continues to await the outcome of High Court deliberations on its challenge to an arbitration award in favour of Construtora OAS S.A.
The company was ordered to pay US$126.3 million (approx TT$852 million) in compensation to the Brazilian firm by the London Court of International Arbitration, on 16 April 2022. That figure could increase further, as the international arbitration panel has not completed all its deliberations on the matter.
NIDCO released a statement on the issue today, reiterating that it is challenging the partial award granted to Construtora OAS S.A.
The full text of the statement follows…
THE PUBLIC IS HEREBY ADVISED:
● The National Infrastructure Development Company Limited (NIDCO) terminated its contract with Construtora OAS S.A. on the 21st June 2016.
● In consequence of this termination NIDCO obtained the value of securities inclusive of Performance Security and Retention, from the bankers of Construtora OAS S.A.
● The Partial Award from the Arbitral Tribunal is under challenge in the High Court of Trinidad and Tobago. The grounds for the challenge are set out in the proceedings before the Court.
● Therefore, NIDCO can make no further comment since the matter is subjudice.
Guardian Media reported last week that the arbitration panel had ruled that NIDCO was wrong to have terminated the contract based on the two main grounds it claimed
Get more of the background to the matter, here… https://www.guardian.co.tt/news/nidcos-decision-to-cancel-oas-highway-contract-to-cost-tt-near-1-billion-6.2.1497424.6f206f1809