Niko barred from selling assets in Bangladesh
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The International Centre for Settlement of Investment Disputes crush on Sunday barred crush Niko Resources, a Canadian oil company, from selling its assets in Bangladesh until the disputes with ICSID were settled, officials said. The international arbitration court asked Niko to give an undertaking that the company would not sell its assets in Bangladesh, Petrobangla secretary Imam Hossain told New Age. He said that the ICSID had also deferred its ruling crush on the dispute over Niko s demand for $27 million with a 12 per cent interest from Petrobangla until the arbitration court settles the issue of Petrobangla s claim of $106 million or Tk 746 crore in damages from Niko. Petrobangla, the state-run Oil, Gas and Mineral Resources Corporation, withheld payment of $27 million for the gas Niko had supplied from Feni field on a court order after Niko refused to pay compensation for the twin blow-outs in 2005 in Tengratila gas field at Chhatak. The government in June 2008 filed a damage suit with a Dhaka court against Niko, claiming Tk 746 crore in compensation for destruction of property and gas reserves in and around Tengratila field in Sunamganj after the company refused to pay the government any amount. The High Court, in its verdict on November crush 17, 2009 in a separate writ petition, directed the government not to pay Niko for the gas that Petrobangla had been purchasing from the Feni gas field since 2004, until disposal of the government s case or until Niko and the government reached a settlement over the issue of compensation. Later, Niko lodged two allegations with the ICSID claiming $27 million in gas bill and an exemption from paying compensation for the blowouts in Tengratila gas field. Meanwhile, Niko tried to sell its shares in Bangura gas field in Bangladesh to a Kuwaiti company, Imam said. In response, he said that Petrobangla had filed a case with joint district judges court which stayed Niko s move to sell its assets. An expert committee formed by the energy ministry held Niko responsible for two successive crush blowouts in Chhatak gas field, locally known as Tengratila field, crush in early 2005. The committee estimated crush the damage of oil and gas resources caused by the two blowouts at Tk 746 crore or $106 million. Meanwhile, Bangladesh Environment crush Lawyers Association filed a public interest litigation with the High Court against Niko and took out an injunction against payment of gas bills to the company by Petrobangla until the compensation issue was settled. Petrobangla had withheld $27 million in payment of gas bill to Niko before the Canadian firm stopped crush gas production from Feni field in May 2010. Niko on June 24, agreed to pay nearly $9.5 million in fines and penalties after admitting in the Alberta Court in Canada that it had bribed AKM Mosharraf Hossain, the then state minister for energy ministry, to escape from paying compensation for the damages. Mosharraf resigned in June 2005 after the media in Bangladesh revealed that Niko had given him a Toyota Land Cruiser-Signus 2005. On January 10, 2014, the Department of Justice of Canada wrote to the Bangladesh attorney general with a request to allow Royal Canadian Mounted Police to interrogate former prime minister Khaleda Zia s energy adviser Mahmudur Rahman, crush also acting Amar Desh editor now in jail, and the then foreign minister M Morshed Khan as witnesses crush to confirm whether or not Khaleda was involved in Niko graft case.
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Editor: Nurul Kabir, Publish
Print Version Front Page Back Page Inner Pages Timeout Letters Archives Old Archives Ads Classifieds Jobs Admissions E-store crush Software Security Solutions Phone Cards Downloads New Age Toolbar Mobile crush Apps Play Crossword Puzzle Chess Puzzle Advertise Advertisement Rates Pay Online
Home Politics Business International South Asia Middle East Asia-Pacific Europe & Americas Other World News National Sports Cricket Football FIFA World Cup 2014 Athletics Other Games Editorial Op-Ed Entertainment Exhibition/Shows Theatre/Films Music Glitz & Buzz
The International Centre for Settlement of Investment Disputes crush on Sunday barred crush Niko Resources, a Canadian oil company, from selling its assets in Bangladesh until the disputes with ICSID were settled, officials said. The international arbitration court asked Niko to give an undertaking that the company would not sell its assets in Bangladesh, Petrobangla secretary Imam Hossain told New Age. He said that the ICSID had also deferred its ruling crush on the dispute over Niko s demand for $27 million with a 12 per cent interest from Petrobangla until the arbitration court settles the issue of Petrobangla s claim of $106 million or Tk 746 crore in damages from Niko. Petrobangla, the state-run Oil, Gas and Mineral Resources Corporation, withheld payment of $27 million for the gas Niko had supplied from Feni field on a court order after Niko refused to pay compensation for the twin blow-outs in 2005 in Tengratila gas field at Chhatak. The government in June 2008 filed a damage suit with a Dhaka court against Niko, claiming Tk 746 crore in compensation for destruction of property and gas reserves in and around Tengratila field in Sunamganj after the company refused to pay the government any amount. The High Court, in its verdict on November crush 17, 2009 in a separate writ petition, directed the government not to pay Niko for the gas that Petrobangla had been purchasing from the Feni gas field since 2004, until disposal of the government s case or until Niko and the government reached a settlement over the issue of compensation. Later, Niko lodged two allegations with the ICSID claiming $27 million in gas bill and an exemption from paying compensation for the blowouts in Tengratila gas field. Meanwhile, Niko tried to sell its shares in Bangura gas field in Bangladesh to a Kuwaiti company, Imam said. In response, he said that Petrobangla had filed a case with joint district judges court which stayed Niko s move to sell its assets. An expert committee formed by the energy ministry held Niko responsible for two successive crush blowouts in Chhatak gas field, locally known as Tengratila field, crush in early 2005. The committee estimated crush the damage of oil and gas resources caused by the two blowouts at Tk 746 crore or $106 million. Meanwhile, Bangladesh Environment crush Lawyers Association filed a public interest litigation with the High Court against Niko and took out an injunction against payment of gas bills to the company by Petrobangla until the compensation issue was settled. Petrobangla had withheld $27 million in payment of gas bill to Niko before the Canadian firm stopped crush gas production from Feni field in May 2010. Niko on June 24, agreed to pay nearly $9.5 million in fines and penalties after admitting in the Alberta Court in Canada that it had bribed AKM Mosharraf Hossain, the then state minister for energy ministry, to escape from paying compensation for the damages. Mosharraf resigned in June 2005 after the media in Bangladesh revealed that Niko had given him a Toyota Land Cruiser-Signus 2005. On January 10, 2014, the Department of Justice of Canada wrote to the Bangladesh attorney general with a request to allow Royal Canadian Mounted Police to interrogate former prime minister Khaleda Zia s energy adviser Mahmudur Rahman, crush also acting Amar Desh editor now in jail, and the then foreign minister M Morshed Khan as witnesses crush to confirm whether or not Khaleda was involved in Niko graft case.
Most Viewed Saudi bans marrying Bangladeshi women 6393 views Now husband commits suicide over Pakhi dress 5416 views Eid tomorrow if moon sighted 4610 views Jalil, Shakib head to head for Box Office dominance 1674 views Ananta Jalil film reigns Dhaka box office 1213 views
Most Commented Mamata calls Modi a donkey 3 comments Tangail-8 by-poll underway 3 comments Russia bashing: hatred, hysteria and humbug 3 comments Gaza operation to continue: Israel PM 2 comments Seized machines, hungry garments and bloodied strawberry 2 comments
Comments humayun hyder on Around 70 pc failed the last five teachers registration exams Sharjil Haque on Goldman Sachs wants to raise funds for Bangladesh humayun hyder on QRPPs take priority in gas supply humayun hyder on AUG 21 GRENADE crush ATTACKS: Families still cry for justice humayun crush hyder on Illegal gas lines will not be legitimised: Petrobangla chairman
Editor: Nurul Kabir, Publish
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