However, in the wake of the change of Government in 2017 followed by unsuccessful negotiations, the WAA’s proprietors referred the matter to the ICSID for arbitration. After almost six (6) years of deliberations, the tribunal ruled that former President Jammeh’s actions were unlawful and ordered The Gambia Government to compensate WAA, the sum of Eight Million, Seven Hundred Thousand, Two Hundred and Thirty-Three British Pounds Sterling (£8, 700, 233.00) for damages. In addition, an 8% interest on the said sum compounded annually from 3rd June, 2015 to the date of payment plus cost and legal fees. The total award stands at more than Twenty Million British Pounds Sterling (£20 million).
Crucially, this case exposes the consequences of former President Jammeh’s reckless disregard for the Rule of Law and his temperamental and arbitrary decisions that continue to negatively haunt the current administration. In light of this development, The Gambia Government is considering various options including, but not limited to appealing the tribunal’s decision.
Significantly, the Barrow Government is still paying damages for similar cases awarded by international tribunals against the Government among them, ALIMANTA S.A., former operators of The Gambia Groundnut Corporation whose foreign management were arbitrarily arrested and expelled by Mr. Yahya Jammeh in 1998.
As the Government acknowledges these colossal financial losses, President Adama Barrow, determined to guard against executive overreach particularly as they relate to operations of international businesses in The Gambia, reminds Government officials and Agencies to be always guarded by good faith, restraint and respect for the due process in the execution of their official duties.
Signed
Ebrima G. Sankareh
The Gambia Government Spokesperson & Presidential Diaspora Adviser
Source link : https://thepoint.gm/africa/gambia/headlines/govt-reveals-verdict-on-wafrican-aquaculture-ltd-vs-gambia
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Publish date : 2024-04-02 07:00:00
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