Cairn says taking steps to realise arbitration award against India
London-listed Cairn Energy on May 11 said it is taking all necessary actions to protect the $1.2bn plus interest and costs it was awarded by an international arbitration tribunal in a six-year-old retrospective tax dispute with the Indian government.
“In December last year, the tribunal established to rule on our claim against the government of India found in Cairn's favour and awarded us damages of $1.2bn plus interest and costs. This ruling is binding and enforceable under international treaty law,” Cairn CEO Simon Thomson said during the company's annual general meeting.
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“Whilst India has sought to challenge the basis of the award through set-aside proceedings in the Dutch courts, we remain confident of our position and continue constructive engagement with the government of India whilst at the same time taking all necessary actions to protect our rights to the award and access the value of it as early as possible,” he added.
Indian media had reported in January that Cairn has told New Delhi that it plans to enforce the arbitration award through the seizure of India’s assets overseas.