Zim loses US$124m Border Timbers appeal case

THE Court of Appeal in the United Kingdom (UK) has dismissed and appeal by Zimbabwe and Spain to set aside the International Centre for Settlement of Investment Disputes (ICSID) awards in each case worth over $100 million to investors arguing that they were immune from the Court’s adjudicative jurisdiction.

The UK courts in January this year dismissed Zimbabwe’s application to set aside the order of October 2021.

By that award, rendered on July 28, 2015, Zimbabwe was required to reinstate properties to the Border Timbers, pay US$29 263 498, or, in default of reinstatement, pay US$124 041 223.

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