2 contractors go after Nidco for OAS arbitration award $$$

The content originally appeared on: Trinidad and Tobago Newsday

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GARNISHEE proceedings have been initiated against the National Infrastructure Development Company (NIDCO) by at least two contractors for money they are claiming they are owed by Brazilian firm Construtora OAS SA.

So far, at least one company, Ansad Services Ltd, has received provisional garnishee orders against NIDCO for payment from the billion-dollar arbitration award of $857 million in favour of OAS.

In April, an arbitration panel ruled that Nidco must pay OAS a total of US$126 million ($857 million) to the Brazilian firm for the termination of the contract for the Point Fortin highway project.

The partial award to OAS was made on April 16 and revealed a month later by Opposition MP Dr Roodal Moonilal in Parliament.

In separate applications, Ansad Services is seeking sums of TT$$2,934,011.50, US$1,663,032.61, TT$32,135,397.42, and US$2,554,719.78 while Unisure Ltd is asking for TT$11,731,924.87.

The garnishee proceedings are before two masters of the High Court and notices were published in the daily newspapers, the latest on Monday.

Immediately after the arbitration award was made in April, Nidco appealed the decision. That matter comes up for hearing on Friday before Justice Frank Seepersad.

The judge has been asked to set aside the billion-dollar award.

Nidco has also asked the court to find, among other things, that its contract with the Brazilian construction firm was validly terminated. The limited-liability state company has also asked the court to send back the partial final arbitral award to the tribunal for reconsideration, as well as an order staying the enforcement of the award until the claim is determined and one preventing the arbitrators from continuing any hearing until the appeal is decided.