GFE Expert part of PT Ventures’ successful ICC Arbitration team
GFE provided one of the experts for PT Ventures SGPS in its successful ICC arbitration claim. Working with White & Case LLPs London and Paris offices, GFE’s Expert provided expertise in foreign exchange, local debt and interest rates derivatives trading in emerging markets as well as in structured financial products, hedging and investment in local emerging markets.
We congratulate PT Ventures (a Portuguese telecommunications company ultimately majority owned by Oi SA, the Brazilian telecommunications company) and White & Case LLP for securing a substantial victory in an ICC arbitration related to PT Ventures’ shareholding in Unitel S.A., Angola’s largest telecommunications company. The dispute concerned alleged breaches of a Shareholders’ Agreement governed by Angolan law and is at the forefront of a battle for control of one of Africa’s leading GSM network operators. The tribunal ordered the other Unitel shareholders to pay PT Ventures an amount totaling more than US$650 million plus interest, along with arbitration fees and costs of over US$12 million. The tribunal also dismissed the counterclaim against PT Ventures. The matter was notable for being the first-ever ICC arbitration to be heard before a tribunal of five arbitrators.