The Court of Appeal has dismissed an application for stay of proceedings by International Finance Corporation (IFC) seeking to halt an ongoing case with Quantum Oil Terminals Limited at the High Court over damages as a result of breach of an agreement.
The three justices of the Court of Appeal, namely Justice PK Gyaesayor, Justice Agnes Dordzie and Justice Issifu Tanko Amadu, in their short ruling said they found no reason why they should stay proceedings at the High Court looking at the argument before them.
The local Ghanaian company Quantum is claiming $41,319,123 in total damages the international bodies for allegedly failing to provide it with a $16-million loan facility as agreed early on in their business transaction.
The loan was to be used by Quantum Oil Terminals to construct a petroleum storage facility in Tema in 2012 to help it meet a National Petroleum Authority (NPA) regulation that required bulk oil distribution companies to construct their own storage facilities.
Before the agreement, Quantum was storing its products in facilities at the Bulk Oil Storage and Transportation (BOST) Company Limited. BOST served Quantum Oil notice that it could no longer store its products from 2014, in line with the NPA directive.
According to Quantum, the amount includes fees and charges directly paid to IFC and OPEC Fund, fees and charges paid to various consultants at the direction of IFC and OPEC Fund and statutory fees paid by plaintiff to create charges for the benefit of IFC and OPEC Fund.
Pulse news understands that IFC is requesting the Arbitration Tribunal in London to ignore the High Court of Ghana’s decision for the case to be tried in Ghana.
Source: Pulse
