Gafta Arbitration Award
“In 2016 our law firm won an international arbitration award on the dispute between Jasper Financial Group Inc. for Trade House Ukrainian food AG, zug, Switzerland against international Co. for export & communications (PARFICO) Egypt.
However, respondents reserved their rights to seek remedy and damages against Grain And Feed Trade Association “Gafta” .
The dispute raised in respect of a contract dated 27 th September 2o11 entered into in between the above mentioned parties to export 100,000 tm of Ukrainian corn to PARFICO , whereas the claimants asked a compensation of 5,800,000 $ for the breach of the contract and damages incurred due to the failure of PARFICO “the respondents” who purposely failed in opening the due letter of credit to comply with terms and conditions of the said contract.
Thereupon the arbitration tribunal has given due care and consideration to the submissions of both parties but there were some irregularities that intertwined in the case but the tribunal has dealt with them carefully however some unexpected surprises raised such as a witness worked for one party but gave his statement in favor of the other party.
The tribunal hereby the findings awards that PARFICO shall pay to Claimants the sum of 5,800,000 $ this amount awarded as damages incurred by Sellers under the terms of the contract as a result of Buyers failure to open the contractually required Letter of Credit.
In respect of our main role in the enforcement of the Award our Office exert the due efforts and get a final judgment of enforcement issued from the Court of Appeal in Cairo, to compensate the seller by the execution on Buyers assets and the enforcement in the enforcing stage.
Again Your Legal Rights are our priorities.
31 Dec. 2016
