English high court injuncts Djibouti’s Port Co from annulling JV

Dubai – Mubasher: The High Court of England and Wales has issued an injunction order restraining Djibouti’s Port de Djibouti S.A. (PDSA) company from treating its joint venture shareholders’ agreement with DP World as terminated.

The court has also prohibited PDSA from expelling directors of the Doraleh Container Terminal (DCT), who were hired by DP World, according to the Emirates News Agency (WAM).

“PDSA is not to interfere with the management of DCT until further orders of the Court or the resolution of the dispute by a London-seated arbitration tribunal,” it added.

The government of Djibouti is a majority owner in PDSA, whose CEO is the chairman of the Djiboutian Ports and Free Zones Authority.

“The High Court’s order follows the unlawful attempt by PDSA to terminate the JV agreement with DP World and the calling of an extraordinary shareholders’ meeting on 9 September by PDSA to replace DP World appointed directors of the DCT joint venture company,” WAM reported.

The English court has ordered PDSA to present its defence at another hearing on 14 September.

Mubasher Contribution Time: 05-Sep-2018 14:13 (GMT)
Mubasher Last Update Time: 05-Sep-2018 14:28 (GMT)