Axiata Investments (UK) Limited and Ncell Private Limited v Nepal - ICSID Case No. ARB/19/15 - Axiata, Ncell Confirms Receipt of ICSID's Arbitration Award - Press release - 12 June 2023
Country
Year
2023
Summary
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The tribunal [...] has on 9 June 2023 rendered an award dismissing the claims made by Axiata UK and Ncell (the "Award").
The Tribunal has indicated in the Award that Nepal should refrain from demanding any further tax, fees, penalties, or interests in relation to the Transaction.
Arising from Nepal's non-adherence to Tribunal orders during the early stage of the process, Nepal has also been ordered to pay certain sums to Axiata UK and Ncell, being a sum of approximately USD1.4 million to Axiata and to reimburse Ncell for the cost of a loan taken out by Ncell. No sums are payable by Axiata UK or Ncell under the Award.
Axiata respects the decision of the Tribunal and is consulting its legal advisors in relation to the Award. Further announcements will be made upon material developments arising from the matter. The Group thanks ICSID and all participants in the proceeding and will continue to engage with the Government of Nepal ("GoN") in a constructive manner.
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