{"id":336999,"date":"2017-07-17T08:30:04","date_gmt":"2017-07-17T08:30:04","guid":{"rendered":"http:\/\/citifmonline.com\/?p=336999"},"modified":"2017-07-17T08:30:04","modified_gmt":"2017-07-17T08:30:04","slug":"balkan-energy-case-govt-pushes-for-out-of-court-settlement","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2017\/07\/balkan-energy-case-govt-pushes-for-out-of-court-settlement\/","title":{"rendered":"Balkan Energy case: Gov’t pushes for out of court settlement\u00a0"},"content":{"rendered":"
Government has formally written to Balkan Energy in a move to settle out of court, a twelve million dollar judgment debt against the state.<\/p>\n
The company won the judgment against government in 2013 at the International Court of Arbitration.<\/p>\n
In 2007, government entered a 20-year lease agreement with the company, Balkan Energy Ghana, to refurbish and operate the Osagyefo power barge.<\/p>\n
The company was expected to initially operate the facility with diesel fuel and later switch to gas to be delivered by the West African Gas Pipeline.<\/p>\n
Also they were expected to increase the generation capacity of the barge by 60 Megawatts and to begin operations in 90 days after the signing of the agreement.<\/p>\n
But government through the Supreme Court annulled the agreement because it was not approved by Parliament among other reasons.<\/p>\n
Balkan Energy proceeded to the International Court of Arbitration for wrongful termination of contract and was awarded a judgment debt of twelve million dollars.<\/p>\n
The company currently has sued government in a South African court ,claiming damages for nonpayment of the judgment debt.<\/p>\n
But a source close to the situation told\u00a0Citi News<\/strong> that the government has written to the company indicating its decision to pay its debt without interest.<\/p>\n –<\/p>\n By; Franklin Badu Jnr\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":" Government has formally written to Balkan Energy in a move to settle out of court, a twelve million dollar judgment debt against the state. The company won the judgment against government in 2013 at the International Court of Arbitration. In 2007, government entered a 20-year lease agreement with the company, Balkan Energy Ghana, to refurbish […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[10,11],"tags":[9369,3,2809],"yoast_head":"\n