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Court orders OPEC, IFC to open defense in Quantum oil suit

  • POSTED ON: August 25, 2017
  • SOURCE: Pulseonline
  • CATEGORY:

According to the presiding judge Justice Doreen Boakye Agyei, the application lacked merit hence her decision.

The International Finance Cooperation IFC and OPEC Fund for International Development have been ordered by an Accra Hight Court to open their defense in the suit brought against them by Quantum Oil Terminals.

This follows the dismissal of an application by the IFC and OPEC seeking to quash a ruling by the court early on asking the two to open their defense.

According to the Judge Justice Doreen Boakye Agyei, the application by OPEC and IFC lacked merit hence her decision.

Background

The local Ghanaian company Quantum is claiming $41,319,123 in total damages the international bodies for allegedly failing to provide it with a $16-million loan facility as agreed early on in their business transaction.

The loan was to be used by Quantum Oil Terminals to construct a petroleum storage facility in Tema in 2012 to help it meet a National Petroleum Authority (NPA) regulation that required bulk oil distribution companies to construct their own storage facilities.

Before the agreement , Quantum was storing its products in facilities at the Bulk Oil Storage and Transportation (BOST) Company Limited. BOST served Quantum  Oil notice that it could no longer store its products from 2014, in line with the NPA directive.

According to Quantum, the amount includes fees and charges directly paid to IFC and OPEC Fund, fees and charges paid to various consultants at the direction of IFC and OPEC Fund and statutory fees paid by plaintiff to create charges for the benefit of IFC and OPEC Fund.

Quantum Oil said rather than assisting it to develop and grow its business, IFC and OPEC Fund rather worsened Quantum Oil’s business fortunes and rendered Quantum Oil poorer than before.

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