• News
    GALFAR ENGINEERING AND CON.

     Arbitration Award On Construction Contract of Al Ansab STP

    Jul 02, 2018 10:32 AM

    We would like to inform our esteemed Shareholders and Investors that an arbitration award in favour of Galfar has been issued on Thursday 28th June 2018 in the arbitration proceedings between Galfar Engineering and Contracting SAOG (Claimant) and Oman Wastewater Services Company SAOC / Haya Water (Defendant) in respect of the disputed claims between the parties in the Construction Contract of Al Ansab Sewage treatment plant, concluded on 25 December 2004. The operative portion of the Award reads as follows:-

     

    1. Defendant is obligated to refund OMR 2,074,331/560 ( ) to the Claimant.

       

    2. Defendant is obligated to pay the Claimant an amount of OMR 558,535/080 (  ) as bank interest at the rate of 6.5% on the entitled amount (OMR 2,074,331/560) from the date of 08/05/2014 up to the date of Award.

       

    3. Defendant shall bear the cost and fee of Arbitration proceedings. (Ended).

     

     

    The total awarded amount is OMR 2,635,866/640. This is a gain to the company, subject to receipt of money.

     

    Arbitration Award is a final ruling and not subject to appeal except in the cases provided for in Article 53 of the Arbitration Law of Oman.

     

     

    Hans Erlings

    Chief Executive officer


    X
    X