Ghana has secured a resounding victory in an international investment arbitration case in London, after an arbitral tribunal dismissed all claims brought forward by Tullow Ghana Limited.
The tribunal fully upheld the Ghana Revenue Authority's (GRA) tax assessment of US$393,091,993.70, ruling that the assessment did not breach petroleum agreements and that enforcement actions were lawful.
The Ministry of Finance, in a press release signed by Minister Dr. Cassiel Ato Forson, noted that the ruling vindicates the state's position that every corporate entity operating in Ghana is fully subject to local laws. Despite the legal victory, the government emphasized that Tullow remains a vital partner and key player in the nation's energy sector, operating the Jubilee and TEN fields.
Read the full judgement of the case between Ghana and Tullow Oil in London below:
Source: 3news.com
