Summary

Members of the Tribunal
Dr. Ucheora Onwuamaegbu, President of the Tribunal
Mr. Peter Rees KC, Arbitrator Professor Hélène Ruiz Fabri, Arbitrator.

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III. AWARD

55. Incorporating the Decision on Jurisdiction and Liability into this Award, and for the reasons set forth above and in that Decision, the Tribunal:

(1) REITERATING its Decision on Jurisdiction and Liability:

a. Rejects the objections of the Respondents to the jurisdiction of the Centre and of this Tribunal;

b. Finds that the Respondents have breached the Facility Agreement and are liable to the Claimant for damages;

c. Finds that the Claimant has not waived its right to full and immediate repayment of the outstanding balance under the Facility Agreement;

d. Finds that the Claimant is entitled to compensation for the Respondents' breach to be calculated in accordance with the provisions of the Facility Agreement for:

i. the outstanding Loan amount;

ii. interest on the Loan amount calculated in accordance with Clauses 8.1 and 8.3 of the Facility Agreement; and

iii. the Management Fee.

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DECISION ON JURISDICTION AND LIABILITY

5 January 2024

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X. DECISION OF THE TRIBUNAL AND DIRECTIONS TO THE PARTIES

350. For the reasons set forth above, the Tribunal decides as follows:

(1) The Tribunal rejects the objections of the Respondents to the jurisdiction of the Centre and of this Tribunal.

(2) The Tribunal finds that the Respondents have breached the Facility Agreement and are liable to the Claimant for damages.

(3) The Tribunal finds that the Claimant has not waived its right to full and immediate repayment of the outstanding balance under the Facility Agreement.

(4) The Tribunal finds that the Claimant is entitled to compensation for the Respondents' breach to be calculated in accordance with the provisions of the Facility Agreement for:

a. the outstanding Loan amount;

b. interest on the Loan amount calculated in accordance with Clauses 8.1 and 8.3 of the Facility Agreement; and

c. the Management Fee.

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