The International Chamber of Commerce in Paris has ruled in favor of Senelec, the Senegalese national electric company in the dispute between it and Liberty Power. The energy company had asked the courts to pay $ 250 million in reparations and $ 8.5 million in procedural costs for the failure to fulfill its obligation to issue a state guarantee under a contract purchase agreement signed in 2012.
Senelec for its part maintained that the procedure was abusive due to the non-entry into force of the contract. A fact which exempts from any execution, the investors having been informed of a litigation related to the contract.
An argument that convinced the chamber of commerce. The latter decided that the contract was not binding on Senelec and that the latter did not, therefore, breach any obligation. Likewise, each of the parties will bear the costs of the proceedings and the defense.
Source: Agence Ecofin