arbitration / adr news
Champion Holding Co. loses $500 million claim against Egyptian state1 March 2020
CAIRO – 1 March 2020: An independent Egyptian judicial body mandated by the law to protect public funds on Friday saved the state from paying $500 million as a value of harm the state allegedly caused to the investments of the US-based Champion Holding. A claim by Champion Holding, a privately owned management and acquisition company, was brought to the Washington-based International Centre for Settlement of Investment Disputes against the Egyptian state in 2016. It accused Egypt of failing to fulfill its international commitment to the bilateral investment agreement between Egypt and the US, by taking measures that caused harm to the company’s investments in Egypt, particularly the Cotton processing and trading activities. The Egyptian State Lawsuits Authority managed to gain victory in this arbitration battle which could cost the state what is equivalent to LE 7.8 billion. It is the eleventh legal case for the authority to win within seven years. The State Lawsuits Authority is the oldest independent judicial body in Egypt, based on the protection of the rights and public money, according to its official website. The authority is entrusted with the settlement of disputes, in which the state is a party, technical supervision of the legal affairs departments of the State administrative apparatus, and the preparation and drafting of State contracts. In August last year, Abu Bakr al-Seddiq Amer was sworn in as new head of the authority, in the presence of President Abdel Fatah al-Sisi. Amer, who served as deputy head of the independent judicial authority, has succeeded legal expert Hussein Abdo Khalil who reached retirement age. Sources: Egypt Today; ahmramonline |
