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Taking into account the early termination of the concession contract, Port de Djibouti SA (PDSA), which is the majority shareholder in DCT (66.66%), terminated the shareholder agreement (joint venture) with DP World on 27 July 2018.
This shareholder agreement granted all powers to the minority shareholder and the majority shareholder was converted into an observer. The termination was done in strict compliance with Djiboutian law, which governs the joint venture and the statutes of DCT.
In practice, DCT was managed through the shareholders' agreement for the sole purpose of serving the interests of DP Word. DP World Group is involved in a judicial and media guerrilla war against the Republic Djibouti, in an attempt to return to Doraleh at any cost.
In a press release from September 5, 2018, DP World stated that the High Court of England and Wales had enforced the shareholders' agreement and PDSA had forbidden to dismiss the directors of DCT.
This decision was obtained by DP World without PDSA being warned in advance of the start of this legal procedure and without any discussion about contradictions.
However, in the press release from DP World it is not emphasized that the decision of the English Court is only a provisional and definitive measure, which has no res judicata and is therefore not conclusive.
Following the Order of the President of the Republic dated September 9, 2018, the Republic Djibouti, has decided to nationalize with immediate effect all shares and corporate rights of PDSA in the DCT company to protect the basic interests of the nation and the legitimate interests of its partners, and to ensure that the situation of the DCT company – what is no longer responsible for the container terminal of Doraleh since the termination of the contract – tailored to the reality.
A fair compensation resolution is the only possible option for DP World, in accordance with the principles of international law.
PDF – https://mma.prnewswire.com/media/741771/State_of_Djibouti_full_release.pdf
Contact: 35 ° Nord, press relations agency, Nicolas Teisserenc, [email protected]
SOURCE Government of the Republic of Djibouti