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Arbitration court quashes French co LDA's claim of $36mn: KoPT

Press Trust of India  |  Kolkata 

In a breather for the Port Trust (KoPT), the on Tuesday turned down French company LDA's claims amounting to USD 36.15 million in connection with a JV, which was engaged in a cargo handling contract at the dock.

"We have won the case filed by (LDA) in the claiming USD 36.15 million, alleging that the government failed to protect their investment under a treaty," KoPT said.

He said LDA's stake in that was awarded a contract for cargo handling in berths 2 and 8 was about 38 per cent, and KoPT had contested under the investment protection treaty that the same was not applicable, as its direct interest should have been more than 51 per cent.

The maintained the same stand in its verdict, he said.

The arbitration court has also directed LDA to pay over USD 7 million towards legal charges, port officials said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, September 11 2018. 23:20 IST