DPA loses its appeal against USD 494 mn fine
Damietta Port Authority loses appeal of USD 494 mn arbitration ruling: The Cairo Court of Appeals has upheld the International Court of Arbitration’s (ICC) ruling ordering the Damietta Port Authority (DPA) to pay over USD 494 mn in compensation to the Damietta International Ports Company (DIPCO), according to Youm7. The ICC tribunal had slapped the DPA with the fine earlier this year for a five-year-old dispute over the termination of a contract to construct a container terminal at Damietta Port. DIPCO was awarded in 2006 the contract, which was annulled in 2015 by DPA, which claimed DIPCO failed to adhere to the agreed time frame.
Advisors: Cairo-based Youssef & Partners and US-based Crowell & Moring represented DIPCO in the arbitration, while Sarie ElDin & Partners represented DPA. MAS law firm also acted for DIPCO in the litigation, while Sarie El Din & Partners acted for DPA.