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Https://dockets.justia.com/docket/new-york/nysdce/1:2023cv07771/605569
https://globalarbitrationreview.com/article/chad-pipeline-dispute-reaches-new-york
Goodness....
Thanks for finding and posting this CYB.
A thickening plot laying bare all the opportunistic shenanigans to move SMIL aside........SAVE not going down without a fight!
When would we expect the injunction to given ?
If we win ICC i think we can say we would not continue doing business in Chad and Cameroon.
Sadly if we don't get this injuction that will be the end of any financial compensation hopes for Chad and a costly lesson to boot.
Attornies for each of the parties have submitted their notice of appearance which they have to do on or before they apopear in court, so suspect this will be heard fairly quickly.
LST - I know you’re not being negative, but I am a bit more positive - there will be other avenues / assets / funds to go after in the unlikely event we cannot obtain this- through the supply chain / financial chain. See other posts on Mareva injunctions.
Hey no probs Streets, just my observation from the court papers. Still upbeat and hopefull for a successful SS outcome.
Rocky Thanks for update
So it will be upto the judge ?
Personally I have forgotten about Chad/Cameroon assets for the time being, as we know the Exxon debt facility was amended to take into account the chad nationalisation so until we get an award for progress from parties on the assets.
Focus for the company for the time being seems to be Petronas South Sudan closure and other potential acquisitions, growth in the accugas business through additional gas contracts.
Yes, LST, both parties have now submitted their statements. The judge has given today for both parties to submit their responses and then they will make a decision. Hopefully won't take too long, but reading the Citibank document today, the Gabon court freeze on the assets is still in place. Citibank don't believe any further action is required though Savannah are saying it is because of Chad's attempts to unfreeze the Gabon court ruling. Won't be surprised to see the judge rule in favour of Citibank on this one, though there are numerous other ways Save can recoup monies if the arbitration finds in their favour, specifically through the international banking system which all monies have to go through.
Correct Komakino - If ICC award than there could be potential sanctions imposed on any buyers of Chadian crude if they continue to purchase from chad following award making it difficult to export it's crude through the port of Kribi in Cameroon I would assume that this can be done potentially making life very difficult for chad to continue to monetize it's oil once a firm arbitration decision is made
For info, oral argumanet set for 3pm New York time today before the presiding judge, so looks like there won't be too long to wait for the court's decision.
Judge's Order: 'Accordingly, the responsible managers of Respondents Citibank, N.A. and Citigroup, Inc. shall forthwith unequivocally instruct the managers of Citibank Gabon, S.A. to comply with the present order of the Libreville Commercial Court in Gabon, and to preserve the status quo by maintaining the present freeze of the COTCO funds until resolution of the COTCO shareholders' disputes, except for amounts necessary for the ordinary course of payment of COTCO's employees, taxes, and its existing subcontractors and suppliers essential to COTCO's operation of the pipeline. (Signed by Judge Louis L. Stanton on 9/15/2023)'
https://www.pacermonitor.com/public/case/50259183/Savannah_Midstream_Investment_Limited_v_Citibank_NA_New_York_et_al
Thanks, komakino: that is good news!
I am still of the view that Savannah will resort to Mareva injunctions to seize vessels and thus secure funds in the event that the ICC rules in its favour.
Good morning!
Am I right in thinking this stops the Chad government from taking money out of the pipeline and whilst not directly linked to our main case means it will be easier to get our cash assuming we win?
Thanks for any clarification from anyone, I’m finding some of the various legal procedures a little difficult to follow precisely
Yes, that's pretty much the gist PSB123
Thanks for sharing Komakino, certainly makes me feel more comfortable