Montero Secures US$2.32 Million Funding for Legal Proceedings Against the Government of Tanzania - Press release - 8 January 2021
Montero is pleased to advise that it has completed a Litigation Funding Agreement (the "Agreement") with Omni Bridgeway Canada Limited ("Omni Bridgeway") an affiliate of the Litigation Funder. The Agreement provides for funds to be drawn from a financing facility to meet all fees and expenses relating to the pursuit of certain claims against the Government of Tanzania for the illegal expropriation and loss of the Project, including all costs associated with legal proceedings and, if necessary, enforcement, of any awards. Montero has retained Mr Thierry Lauriol and his team at Jeantet AARPI ("Jeantet") as highly experienced legal counsel in international arbitration with a track record of success for its clients in Africa.
As background, on January 17th, 2020 Montero delivered a Notice of Intent to Submit a Claim to Arbitration ("Notice of Intent") to the Attorney General of Tanzania in accordance with the 2013 Agreement for the Promotion and Reciprocal Protection of Investments in the Bilateral Investment Treaty ("BIT") between Canada and the United Republic of Tanzania.
And on OGEL here Notice of Intent to Submit a Claim to Arbitration