Montero Press Release Regarding Damages for Expropriation of the Wigu Hill project - 28 July 2022
Country
Year
2022
Summary
Montero submitted its Memorial on the Merits ("Memorial") to the ICSID arbitral tribunal in May 2022 as per the time schedule agreed by the parties and the tribunal. The Memorial contains the basis for compensation to Montero for CAD$ 90 million including interest up until May 2022, which interest continues to accrue. The damages claimed are for Tanzania's unlawful expropriation and mistreatment of Montero's investment, this is in breach of the Agreement between the Governments of Canada and Tanzania for the Promotion and Reciprocal Protection of Investments ("BIT") signed in 2013.