ICC orders Damietta Ports to pay Doosan USD 74 mn

Damietta Ports lasts USD 74 mn international arbitration case: The International Court of Arbitration has ordered the Damietta International Ports Company and Kuwait and Gulf Link Transport (KGL) to pay USD 74 mn in addition to interest and legal expenses to Doosan Heavy Industries. KGL is part of an international consortium that owns a 25% stake in Damietta Ports.The case relates to a 2006 dispute relating to building and operating container terminals in which the Damietta Ports Company claimed USD 1.2 bn in compensation. KGL says it will appeal the decision.