very disappointing news this morning as the company announced that whilst the international tribunal had jurisdiction, the actual arbitration hearing would occur in Ghana - a most unexpected development given the facts as I understood
... Read more
<p>very disappointing news this morning as the company announced that whilst the international tribunal had jurisdiction, the actual arbitration hearing would occur in Ghana - a most unexpected development given the facts as I understood them. whilst granting jurisdiction is of course good, the main problem is the selection of Accra as the seat for the arbitration. it means, effectively, that any subsequent appeal/annulment hearing would be heard in local Ghanian courts – with obvious consequences for probabilities of collection. near term, it makes raising litigation financing very difficult, if not impossible, which in itself reduces odds of success here, substantially. frustratingly, the arbitration did not seem to give any reason for the selection of Ghana as opposed to a neutral seat (I spoke to the company and they seemed shocked this had happened).</p>
<p>i am taking my lumps here and simply moving on. there is some small chance they can muddle through and perhaps extract a settlement from Ghana - but it is the lack of ability now to source reasonable litigation financing which in my view makes this basically a hope rather than an investment at this point.</p>
|