JSPL wins $22.5 mn in case against Bolivian firm

Jindal Steel Bolivia, an arm of Jindal Steel and Power, has won in excess of $22.5 million arbitration judgement against state-run mining company ESM.

“Jindal Steel Bolivia has been vindicated in connection with its investment in the El Mutun project in Bolivia by an international tribunal ordering payment to Jindal of more than $22.5 million by ESM,” JSPL said.

Jindal commenced arbitration before the International Chamber of Commerce  of Paris and sought recovery of $18 million principal, plus interest, related to the illegal encashment of the bank  guarantees.