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London court says former colony Zimbabwe is not immune to English courts
23 Jan 2024 at 15:23hrs | Views
The High Court in London has rejected the Zimbabwean government's attempt to evade paying a US$125 million arbitral award for grabbing land belonging to Border Timbers Ltd and Hangani Development Ltd.
Justice Julia Dias dismissed as "irrelevant" the Zimbabwean government's argument that it is immune to the jurisdiction of English courts.
The two companies were awarded US$124m plus interest and a further US$1m in "moral damages and costs" in 2015 by the International Centre for Settlement of Investment Disputes (ICSID).
Now that Zimbabwe's application to have the award annulled through the ICSID Convention has also been dismissed and the companies have successfully registered a claim via the High Court in London, the Zimbabwean government is under pressure to fork out the US$125m.
The judge said: "I am quite clear that the award is final and binding..."
Justice Julia Dias dismissed as "irrelevant" the Zimbabwean government's argument that it is immune to the jurisdiction of English courts.
Now that Zimbabwe's application to have the award annulled through the ICSID Convention has also been dismissed and the companies have successfully registered a claim via the High Court in London, the Zimbabwean government is under pressure to fork out the US$125m.
The judge said: "I am quite clear that the award is final and binding..."
Source - newshawks
