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Frazer pursues Lesotho breaches - News for the Oil and Gas Sector
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Lesotho may see global assets seized after contract breach
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CORRECTION: Kingdom of Lesotho Faces Worldwide Enforcement Action Following 50 million Euros Damages Award
Independent South African arbitrator ruled Lesotho breached contract in 2018; awarded €50 million to Frazer Solar; Government of Lesotho has neither engaged in legal process nor paid damages owing; US action against assets owned by Lesotho forms part of a worldwide enforcement strategy. Lawyers acting for Frazer Solar GmbH (‘FSG’), a solar energy developer, have begun a worldwide enforcement… Read more on https://africa-newsroom.com/press/correction-kingdom-of-lesotho-faces-worldwide-enforcement-action-following-50-million-euros-damages-award?lang=en
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Kingdom of Lesotho Faces Worldwide Enforcement Action Following 50 million Euros Damages Award
Independent South African arbitrator ruled Lesotho breached contract in 2018; awarded €50 million to Frazer Solar; Government of Lesotho has neither engaged in legal process nor paid damages owing; US action against assets owned by Lesotho forms part of a worldwide enforcement strategy. Lawyers acting for Frazer Solar GmbH (‘FSG’), a solar energy developer, have begun a worldwide enforcement… Read more on https://africa-newsroom.com/press/kingdom-of-lesotho-faces-worldwide-enforcement-action-following-50-million-euros-damages-award?lang=en
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Lesotho faces having €50 million (about R855 million) of its assets seized around the world after breaching the terms of a contract with Frazer Solar GmBH.
Frazer Solar, which began legal action against the southern African nation in 2019 after what it said were a series of contractual breaches, won an arbitration proceeding in South Africa, in which it was awarded the damages, the company said in a statement on Tuesday.
A global enforcement action has now been filed in the District of Columbia in the US.
Frazer signed an agreement in 2018 with Lesotho to provide as many as 40 000 solar water-heating systems, 20 megawatts of solar photovoltaic capacity, 1 million LED lights and 350 000 solar lanterns, it said.
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