NOIC suffers blow in US$160K arbitration award

The High Court has ordered the National Oil Infrastructure Company of Zimbabwe (NOIC) to pay a contractor who supplied and installed instrumentation, control and electrical equipment for the Mabvuku Ethanol Storage Tanks Project.

The court ordered NOIC to pay US$164 631 after it had initially refused to honour the arbitration award.

NOIC had approached the court in a bid to stop payment to AC Controls Company insisting on settling the debt through US$1:1 Zimbabwean dollar.

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