Genel electricity % has announced that its subsidiary, Genel power Miran Bina Bawi constrained (GEMBBL), has been ordered via the London court of worldwide Arbitration (LCIA) to pay the Kurdistan regional authorities (KRG) a total of $26.87 million in recoverable charges.
The ruling follows a claim added through the KRG in December 2021, with the Tribunal issuing its very last Award on fees below the LCIA guidelines and the Arbitration Act 1996. The award consists of:
$26,868,905.29 in recoverable felony and arbitration-associated prices;
submit-Award hobby at a price of 1-month USD LIBOR (or SOFR) plus 2%, compounded monthly, from the date of the very last Award.
The presented quantity is less than the $36 million first of all claimed by means of the KRG, as disclosed in Genel’s January 2025 trading update.
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