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|Company Secures Award Of $2.7million Dollars Against Indorama Petrochemicals Ltd by brezzyfresh(m): 8:19pm On Sep 16, 2018|
COMPANY SECURES AWARD OF $2.7 MILLION DOLLARS AGAINST INDORAMA PETROCHEMICALS LIMITED
In a protracted dispute between a consulting company – Cutra and Indorama Petrochemicals Limited over a $5 million dollars agreed as consultancy services between both companies, an arbitration panel has finally awarded the sum of $2.7 million dollars in favour of Cutra against Indorama Petrochemicals.The consultancy services where rendered in favour of Toyo Japan to secure the release of officials detained over disputes between Indorama and Dangote group with regards to contractual services rendered by Toyo Japan to both companies in relation to their proposed fertiliser plants.
The panel sitting in Abuja – Nigeria found that there was actually a contract between both parties and amounts outstanding in favour of Cutra International and thus awarded the sum after a painstaking deliberation. Indorama Petrochemicals has filed an appeal against the decision of the panel to an Abuja High Court to frustrate the payment of the debt to Cutra.Cutra has already commenced garnishee proceedings to attach Indorama assets to enforce the decision of the arbitration panel.
It could be recalled that Cutra had earlier filed a criminal complaint to the Inspector General of Police against Indorama for forgery and concocted invoices issued to Toyo –Japan by Indorama in the name of Cutra without remitting same to Cutra. Cutra in the petition highlighted a instances where Indorama forged and inserted names in invoices issued to Toyo as a staff of Cutra when actually Cutra had no such staff. This case is currently been investigated by the Special Fraud Unit (SFU) of the Nigerian Police.
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