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4-Traders Homepage  >  Shares  >  KOREA EXCHANGE  >  Samsung Engineering Co Ltd    028050   KR7028050003

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Samsung Engineering : ORPIC addresses arbitration complaint by Samsung

08/05/2015 | 12:01am US/Eastern

Orpic has responded to an international arbitration complaint against the Oman government over an oil refinery plant deal worth $1bn.

The construction unit of Samsung Group said it asked the International Centre for Settlement of Investment Disputes (ICSID) to arbitrate a refinery improvement project in which the company was chosen as a preferred bidder in 2013 by the state-run ORPIC.

"We were chosen as a preferred bidder for the project, but Orpic withdrew the project during the negotiations," a company official was quoted as saying. Orpic also withheld the bidder's deposit for the contract, he stated

But Orpic has responded, saying: "Orpic acknowledges recent media regarding Samsung Engineering approaching the International Centre for Settlement of Investment Disputes (ICSID) to arbitrate on a matter regarding Orpic's Sohar Refinery Improvement Project.

"In regards to this matter, Orpic has acted in accordance with applicable laws and confirms that it has proceeded with legal action against Samsung Engineering for failure to meet their obligations under the tender submitted for the above-mentioned project – resulting in damages being sustained by Orpic.

"As the matter is subject to litigious processes, no further comment can be made until the outcome of the matter is finalised."
 

(c) 2015 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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