Did the CNL Board get it wrong?, page-2

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Jshawks

121 Posts.

01/10/15

20:51

Post #: 16100882
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Originally posted by Fergus ↑

While not knowing the detail of the Chektma JV Agreement between CNL and TMS, in my experience of other JV agreement Arbitration is the first step in resolving issues NOT court action.

Reading the various limited announcements put out by CNL they have been very disparaging of the Tunisian courts, not the best strategy to adopt particularly when you have turned to them for redress. Two judgements in a few months is pretty efficient. CNL withdrawing from the main case before the main hearing commence cannot be blamed on the Tunisians. Nor can the fact that earlier judgements that are also presumably based on Tunisian law have gone against CNL.

Presumably the agreement is subject to Tunisian law and so in any case they will need Tunisian legal experts to facilitate the arbitration.

Readers should look at Nic Clift's history in relation to handling disputes with JV partners in Algeria. He has a poor track record.

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Thanks for bringing Nic Clift's previous record to our attention, I didn't realise he had a similar experience at Terramin in Algeria, he should have a lot of experience at arbitration by now. At the very least Arbitration should get a result, don't know why they didn't do it to start with? I think from looking at Terramin it seems it took two or three years to make some progress in arbitration, Nic Clift had left by then. Celamin's weakness will be cash, and whether it can hang on. Looks like Lion is in trouble having lost half its fund in a year so they may not be able to support.

CNL Price at posting: 1.0¢ Sentiment: Sell Disclosure: Held
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0 Great analysis

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