Emmerson approaches ICSID for arbitration over Morocco project
Aim-listed Emmerson has submitted a request for arbitration (RFA) to World Bank arm the International Centre for Settlement of Investment Disputes (ICSID) regarding what it says are breaches by the Moroccan government and its agents of the agreement between the UK and Morocco governments for the Promotion and Protection of Investments, which was signed on October 30, 1990, and entered into force on February 14, 2002.
Emmerson is bringing a claim for full compensation in respect of its Khemisset potash project, which it had internally valued at $2.2-billion.
The legal costs in relation to the matter, as well as a significant portion of general and administrative costs, are to be funded through the $11.2-million litigation funding facility confirmed in January.
Emmerson, through its legal advisers Boies Schiller Flexner (BSF), is working on the formation of the arbitral tribunal and preparing a formal memorial submission.
The lodging of the RFA with the ICSID is the first formal step in the arbitration process.
Once the RFA is received by the ICSID, copies are to be sent to all relevant parties in the case, being the appropriate people within the Moroccan government.
The RFA itself is a document that lays out the general background and details of the case in relation to Morocco’s expropriation of the project.
Emmerson says it will, in due course, make further announcements concerning the constitution of the arbitral tribunal; the filing of written submissions, including a substantiated damages figure; and the evidentiary hearing, which the company understands will take about two years from the submission of the RFA.
“The completion and lodgement of the RFA with the ICSID is a significant step and marks the formal commencement of the litigation process. The company is working closely with our lawyers at BSF and, as a group, we remain confident in the merits of this case,” Emmerson MD Graham Clarke says.
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