DHAKA: The International Centre for Settlement of Investment Disputes (ICSID) has given its verdict in favour of Bangladesh in a case against Niko.

Dr Hossain Mansur, chairman of the state-owned energy company Petrobangla, confirmed the matter to banglanews.

The verdict was passed on Sunday and “we got the copy of the verdict on Monday”, he added.

Dr Hossain Mansur also said the ICSID passed its sentence in a case out of two about ‘gas bills’ and ‘compensation in Tengratila gas explosion at Chhatok gas field’ that were filed by Niko in 2010 challenging a case filed by Bangladesh seeking stay order on paying gas bills and to realise compensation.

He also said there is no bar now to realise compensation from Canadian company Niko.

Niko’s main claim was that they owe US $27.31 million to the Government of Bangladesh which the government is not paying and sought for bill payment directions or bank guarantee of same amount of money.

The second claim was about selling all their moveable and immoveable properties in Bangladesh.

He also said further hearing will take place on the first case in December while ICSID dismissed the second case. Niko cannot sell their property without government order.

Petrobangla chairman also said there is no more bar now to run the legal procedure about seizing Niko’s property.

On January 7 and June 24, 2005, two explosions caused a huge damage of property and environment in the adjacent areas of Chhatok Gas Field due to Niko’s negligence while digging pits.

Petrobangla filed a case against Niko seeking Tk 746.50 crore as compensation while Bangladesh Environment Lawyers Association (Bela) filed a case against the Canadian company challenging the deal.

On June 15, 2008, Petrobangla went to the High Court as Niko did not respond the compensation demand.

BDST: 1840 HRS, JUL 07, 2014