P&ID deserves only $250m in damages, says ex-AGF in dissenting decision
Development Limited , deserves more than $250 million in damages as against the $6.5billion initially awarded by a tribunal in the United Kingdom .
“This final award deals with the quantification of the damages for which the government is liable. The effect of the tribunal’s decisions on what P&ID’s expenditure and income would have been if the GSPA had been duly performed is that the net present value of the profits which would have been earned is $6,597,000,000. This is the measure of damages.
He held that P&ID deserved to be paid $250million in damages, to cover only three years – 2015 to 2017. Ojo was also of the view that the claimant was only entitled to damages for three years, not the entire duration of the agreement, as erroneously held in the majority decision. “Considering that the breach occurred in 20l3, and that the project could not have started yielding proceeds earlier than 2015, it means that the claimant had from 2013 to attempt the mitigation of its damage or loss. Therefore, a period of three years from 20l5 to 20l8 is reasonable.
“Again, as l earlier stated, assuming the claimant is paid for 20 years, does the respondent become subrogated to any income that claimant might earn from subsequent work within the 20-year period? “He, the respondent’s expert, testified to the fact that the claimant’s estimates, as contained in the Claimant’s expert’s report, were understated by about 40%. This was maintained by that witness throughout cross examination.
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