Astron Seeks High Court Recognition of ICSID Award against The Gambia

MT Newswires Live

May 01

Astron (ASX:ATR) is pursuing recognition of an award issued by the International Center for Settlement of Investment Disputes (ICSID) against The Republic of The Gambia through the High Court of Justice in England, according to a Thursday filing with the Australian bourse.

The company is seeking to have the award recognized as a judgment of the High Court, the filing said.

The award, valued at about $20 million and 2.25 million pounds sterling, was granted in favor of the company's unit Carnegie Minerals, the filing added.

The High Court has ordered the service of the claim form on The Gambia, with recognition expected to be completed by the fourth quarter of the year, the company said.

If The Gambia defends the case, it is likely to focus on the recognition and interest aspects, rather than the decision in the award, the company added.

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