An arbitral decision on the case between SOCAR Overseas and Palmali was made at the London International Arbitration Court (LCIA) on November 5, 2020, Trend reports citing SOCAR.
According to the data, the decision was made in favor of SOCAR Overseas.
“SOCAR’s claims against Palmali Group of Companies were satisfied and compensation was set at about $49.5 million. Palmali’s multi-million dollar counterclaim has been completely dismissed,” the message said.
Earlier, SOCAR and Palmali had commercial relations. However, the parties never established a joint venture. In connection with Palmali’s failure to fulfill its obligations, companies belonging to the SOCAR group have begun arbitration proceedings in 2018 against companies belonging to the Palmali group and Mubariz Mansimov.
Thus, one of three international arbitration proceedings, which lasted more than two years, has been completed