The arbitral award dated February 3, 2021, was issued by the arbitration tribunal acting in accordance with the arbitration rules of the United Nations Commission on International Trade Law (UNCITRAL) in favor of Azerbaijan (ACG) Limited, a company within SOCAR Group, Trend reports on Feb. 4 referring to SOCAR.
The London-seated tribunal awarded to Azerbaijan (ACG) Limited a monetary compensation exceeding $132 million in the third arbitration between companies, belonging to SOCAR Group and Palmali Group.
This was the last of three arbitration proceedings initiated by companies belonging to SOCAR Group against the companies of Palmali Group and Mubariz Mansimov due to the violation of commitments to SOCAR Group by Palmali Group and Mubariz Mansimov.
Thus, three independent litigations conducted in accordance with the arbitration rules of the London Court of International Arbitration, the London Maritime Arbitrators Association, and the United Nations Commission on International Trade Law (UNCITRAL) ended in favor of the SOCAR group.
Palmali’s mutual claims were rejected and a decision was made to pay compensation to SOCAR, the total amount of which exceeded $240 million.
Source: TREND News Agency