Victoria suspends trading on $12.1mn arbitration penalty
- Date: 04-Apr-2022
- Source: Energy Voice
- Sector:Financial Markets
- Country:Gulf
Victoria suspends trading on $12.1mn arbitration penalty
Victoria Oil and Gas has been forced to suspend trading after a tribunal ruled against in relation to a dispute brought by a partner in Cameroon.
The International Chamber of Commerce (ICC) made a partial final award for $12.1 million plus interest against Victoria’s local unit, Gaz du Cameroun (GDC). A question around costs and fees for lawyers remains open, with the aim of reaching an agreement by June 30.
RSM Production had taken GDC to arbitration in October 2018.
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