GB Auto has filed an arbitration case against the Algerian government for what it says are “severe damages and losses suffered” due to unspecified measures taken against GB Auto’s units and investments in the country. In an EGX disclosure (pdf), the company says its Algerian units — GBR Auto and GBR Services — have suffered at least USD 24 mn in losses due to actions taken by the Algerian government. GB Auto indirectly holds 54% of GBR Auto and 48.8% of GBR Services. GB Auto representatives declined to comment when approached by Enterprise yesterday.

The case: The company claims that the Algerian government’s actions were in breach of a 1997 investment treaty signed between the two countries, which enshrines the protection of investments.

GB Auto moved into Algeria in 2009 when it set up a JV to distribute trailers before going on to distribute car and tire brands in the country from 2013. Algeria later turned its back on foreign investors in the nation’s auto industry and GB Auto’s operations there have amounted to little more than a rounding error in its results since 2018.

What we don’t know: GB Auto’s statement does not get into details of its statement of claim against the Algerian government, including how much it is seeking in damages.

Misr Beni Suef Cement will appeal EGP 380 mn arbitration ruling:

Misr Beni Suef Cement has filed to appeal a September arbitration ruling by the Cairo Regional Centre for International Commercial Arbitration (CRCICA) that fined the company EGP 380 mn to settle a dispute with Qalaa Holdings’ unit ASEC, according to a disclosure to the EGX (pdf). The company filed the case with the Cairo Court of Appeal.

Background- The dispute dates back to October 2020, when Misr Beni Suef began procedures to let go of ASEC, leading ASEC to object and halt production. In turn, Misr Beni-Suef withheld funds from ASEC’s paycheck to prevent it from leaving the partnership with technical staff and engineers. ASEC has been managing Beni-Suef’s factory for over 20 years.