Global Telecom Holding (Naguib Sawiris) loses arbitration against Canadian government
The Egyptian tycoon argued that Canada’s trade policy was unfavourable to foreign investors in the telecom sector and claimed more than $1bn in damages from the authorities.
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▪ Global Telecom Holding (Naguib Sawiris) loses arbitration against Canadian government
▪ The Egyptian tycoon argued that Canada’s trade policy was unfavourable to foreign investors in the telecom sector and claimed more than $1bn in damages from the authorities.
▪ https://www.africabusinessplus.com/en/803969/global-telecom-naguib-sawiris-perd-son-arbitrage-contre-ottawa/
On 27 March, the International Centre for Settlement of Investment Disputes (ICSID) ruled in favour of the Investment Trade Policy Division and the Trade Law Bureau. Both bodies, representing the Canadian government, had been locked in a dispute since 2016 with Global Telecom Holding S.A.E., owned by businessman Naguib Sawiris, under the jurisdiction of the centre, a sub-organisation of the World Bank Group.
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