Breaking: London court orders Djibouti to pay $385m to DP World

[Ben Dover]

A London-based international court has ordered Djibouti to pay $385 million in compensation to UAE global ports operator DP World over a breach of contract, the Dubai government said on Thursday.

The London Court of International Arbitration also ordered the African nation to pay interest for unilaterally scrapping a 50-year concession contract with state-owned DP World to manage and develop Doraleh Container Terminal, a statement said.

The ruling gave DP World the right to claim further possible damages if Djibouti goes ahead with plans to develop the container port with any other operator, the statement said.

The Horn of African nation, which controlled a two-thirds stake in Doraleh, nationalised the joint venture in September after scrapping the concession agreement, claiming that the terminal had effectively come under the control of DP World.

The terminal is an essential facility for supplies to neighbouring landlocked Ethiopia.

It had been run by DP World since 2006, but in late February Djibouti cancelled the contract, saying its national sovereignty was being compromised.

Currently, Hong Kong-based China Merchants Port Holdings Company owns a 23.5-percent stake in the facility.

DP World operates some 80 terminals and logistics centres in around 40 countries and is involved in scores of terminal development projects.

The Dubai government said DP World is engaged in another legal battle with Djibouti over a free trade zone in the same area.

It said that China Merchants Co. operates the $3.5 billion free trade zone that DP World had developed under an agreement with Djibouti.

https://www.france24.com/en/20190404-lo ... rld?ref=tw

[Jabuutawi]

Old news. Djibouti offered DP World and their faggot leader Al-Maktoum $500 million to just go away. They refused.

They really want to get back to Doraleh. It aint gonna happen .

[Ben Dover]

Are you stupid?

The CEO of DP World made it clear they are not going back to Doralleh, but DP World is a global publicly traded company, they have fiduciary duty to their investors. Going after Djibouti in international courts does not mean they want back in on your port, they are protecting their investment via all legal channels. It is what any responsible company would do.

You are losing every single legal case, better pay up...

[Surprise]

Are you stupid?

The CEO of DP World made it clear they are not going back to Doralleh, but DP World is a global publicly traded company, they have fiduciary duty to their investors. Going after Djibouti in international courts does not mean they want back in on your port, they are protecting their investment via all legal channels. It is what any responsible company would do.

You are losing every single legal case, better pay up...

Are you on the side of Arabs instead of your own Somalis ? Are you a Somalidiid ?

[Ben Dover]

Fat IOG gambled by throwing a hissy fit when DP World partnered with Somaliland.

Seeing his stupid attempt backfire so badly is great. Are you a doofaar ismaacil midgaan to beg me using the Somalinimo card?

Where was IOG's Somalinimo when he protested other Somali ports getting much needed investment?

[Surprise]

Fat IOG gambled by throwing a hissy fit when DP World partnered with Somaliland.

Seeing his stupid attempt backfire so badly is great. Are you a doofaar ismaacil midgaan to beg me using the Somalinimo card?

Where was IOG's Somalinimo when he protested other Somali ports getting much needed investment?

You have a point

[Jabuutawi]

Fiduciary responsibility, I get it. If that was the only reason I would believe it. How do you not take a half-a-billion dollars on the table and go away. Unless, of course, you want to get back into managing Doraleh.

[Ben Dover]

Thats the thing, the 500 million was never offered by Djibouti, it was just a soundbite for the media, nothing was offered to DP World, the CEO was asked about it and made it clear they did not receive any offers from Djibouti.

[Jabuutawi]

And Mr. Dover was privy to all the back channel talks. Watahay, galab wanagsan.

[Ben Dover]

The onus is on you to substantiate your claim that Djibouti offered a sum of 500 million officially, in writing, to DP World.

[original dervish]

Is this bloody iidoor working for dp world?
What an embarrassment to Somalis the world over.

[Jabuutawi]

Djibouti would be prepared to pay DP World compensation of “more or less half a billion dollars . . . as early as next week” to settle a dispute over control of the city’s Doraleh container terminal.

In an interview with the Financial Times, Aboubaker Omar Hadi, chairman of Djibouti Ports & Free Zones authority, rejected talk of arbitration to settle a long-running dispute over the most modern port in east Africa, saying that DP World had to accept it was no longer involved in running the facility.

Aboubaker Omar Hadi didn't speak out of his ass without the consent of President Ismail Omar Gelle.

The offer is still on the table, even after almost a year removed from it. As I said before, they are desperate to get back to Dorale.

Go ahead and come back with semantics.

Source: https://www.ft.com/content/9f769694-881 ... 71d5404543

[Ben Dover]

What offer?

Did he also write in the contract the sum of "more or less half a billion dollars"? How much exactly is that?

I have specifically asked you to substantiate your claim that Djibouti made an official offer in writing, I made it clear I was not looking for a random media soundbite.

Here is the CEO of DP World on CNBC clearly stating that no offer was received from Djibouti:

https://www.cnbc.com/video/2018/08/02/d ... uling.html

Again, we are not looking for soundbites, nor semantics for that matter. The CEO of DP World stated on CNBC that no offer was received, the Djibouti side could have easily refuted him had they actually put anything in writing, but they didnt, because no offer was officially made.

[Nubis]

Wow, that is a lot.