Edition:
United Kingdom

Cairn Energy Updates On Ongoing Arbitration With Govt Of India Under UK-India Bilateral Investment Treaty


Monday, 9 Jul 2018 

July 9 (Reuters) - Cairn Energy PLC ::PROVIDING AN UPDATE ON ITS ONGOING ARBITRATION WITH GOVERNMENT OF INDIA UNDER UK-INDIA BILATERAL INVESTMENT TREATY.ALL OF WRITTEN SUBMISSIONS BY CAIRN AND GOVERNMENT OF INDIA HAVE NOW BEEN MADE.FINAL ARBITRATION HEARINGS FOR INDIA-UK BILATERAL INVESTMENT TREATY ARE SCHEDULED FOR TWO WEEKS COMMENCING ON 20 AUG 2018 IN HAGUE.IITD THAT IT HAS SOLD PART OF CAIRN'S SHAREHOLDING IN VL, REALISING AND SEIZING PROCEEDS OF US$216M.CAIRN'S RETAINED HOLDING IN VL IS NOW APPROXIMATELY 3%. IT IS POSSIBLE THAT IITD MAY MAKE FURTHER SALES.WILL WRITE DOWN CARRYING VALUE OF ITS INVESTMENT IN VL WHICH WILL RESULT IN AN IMPAIRMENT CHARGE AT HALF YEAR.SEEKING FULL RESTITUTION FOR LOSSES TOTALLING C.US$1.3 BILLION RESULTING FROM INDIA'S EXPROPRIATION OF ITS INVESTMENTS IN INDIA IN 2014.