Happiness, relief and satisfaction.
Those were the emotions expressed by Herbert George, Chairman of the National Infrastructure Development Company (Nidco), after a High Court judge ruled against OAS SA, the Brazilian firm contracted to build the highway extension from Golconda to Point Fortin.
In an interview with the Newsday, George admitted: “We thought we had a case to argue and we carried it through, and today (Wednesday) we got word that the judge had set aside the judgement of the tribunal. So we are relieved to have that kind of a judgement.”
Under the People’s Partnership administration, Nidco contracted OAS to build the 43.5 kilometre highway for $5.3 billion in 2011. The contract, however, was terminated in 2016 and later on, a tribunal ruled that Nidco must pay OAS $857 million.
However, Nidco challenged the arbitration award on the grounds that the contract was rightfully terminated, and asked the court to return the partial final award to the tribunal for reconsideration.
Nidco got its retribution on Wednesday, when High Court judge Justice Frank Seepersad set aside an over-$850 million arbitration originally awarded to OAS.
George said their legal team pursued certain clauses and in the end, was able to get the results they wanted.
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