An independent expert has estimated the losses to DP World at over USD 1 billion. As DP World said, the ruling by the Tribunal said Djibouti had acted illegally when it forcibly removed DP World from management of the terminal in February 2018. It specifically claimed that it had terminated the Concession Agreement and transferred the Terminal assets to a state-owned entity.
The latest tribunal ruling is the sixth substantive ruling in DP World’s favour in the London Court of International Arbitration and the High Court of England and Wales.
As of now, all have been ignored by Djibouti in spite of the original contract for the concession being written under and governed by English law.
If Djibouti does not comply with the ruling, the Tribunal has stated it will proceed to issue an award of damages.