• About
  • Advertise
  • Privacy & Policy
  • Contact
The Herald Ghana
Advertisement
  • Home
  • General
  • Entertainment
  • Politics
  • Editorial
  • Business
  • Sports
  • Feature
  • Health
  • World
No Result
View All Result
  • Home
  • General
  • Entertainment
  • Politics
  • Editorial
  • Business
  • Sports
  • Feature
  • Health
  • World
No Result
View All Result
The Herald Ghana
No Result
View All Result

University of Ghana wins $165 million judgement debt case

August 17, 2022
Reading Time: 2 mins read
0 0

A District Court in the United States of America has turned down a request to compel the University of Ghana (UG) to pay ACE American Insurance Company an amount of $165,000,000.

This is judgement debt the school was to pay the company for allegedly breaching its obligation under a construction project.

The project is a public-private partnership agreement UG entered into with CPA Ghana in 2015.

The University was required to lease land and grant a concession to CPA to finance, construct, operate and maintain various new infrastructure projects on its campus.

RelatedPosts

Old Vandals amass at Commonwealth, Mensah Sarbah halls to protest ejection of students

We will not kowtow to your knee-jerk approach – Residents of Mensah Sarbah, C’wealth Halls to UG Management

374 academic programmes at UG unaccredited – Auditor-General’s report

In 2016, CPA alleged UG had not procured the necessary letters of credit as required under the agreement. It, therefore, exercised its right to terminate the agreement and further exercised the option of having an independent expert determine the Termination Value of the contract.

The Expert in 2018 pegged the value at $165million. UG had prior to the announcement of this value, indicated its preference for an arbitration process to resolve the dispute.

CPA however opted not to permit this arbitration insisting UG had not met the necessary requirements. CPA in 2019 tasked the ACE American Insurance Company to recover the $165million from UG.

The insurance company then initiated this action against the University at the US District Court, Southern District of New York. UG however filed processes urging the Court to dismiss the case. It contended that the court lacked jurisdiction to hear the matter. The Court presided over by Naomi Reice Buchwald on August 15, 2022 upheld UG’s arguments and dismissed the case.

The Court noted that the construction agreement had stated in clear terms that “the place of arbitration shall be in London, UK”.

This, it explained, meant any such arbitration in the US was only permissible if it was impossible to conduct the arbitration in the UK.

It also upheld UG’s view that such an action cannot be initiated against it because the school is not “alter ego of the Republic of Ghana”.

This was UG’s response to the Insurance company insisting it can take action against the University because the Foreign Sovereign Immunities Act permits it to do so.

It was for these reasons that the court dismissed the case against UG.

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
Previous Post

July Producer Price Inflation was 41.2% – GSS

Next Post

OWASS students arrested for robbery granted bail

RelatedPosts

Old Vandals amass at Commonwealth, Mensah Sarbah halls to protest ejection of students

Old Vandals amass at Commonwealth, Mensah Sarbah halls to protest ejection of students

1 month ago
We will not kowtow to your knee-jerk approach – Residents of Mensah Sarbah, C’wealth Halls to UG Management

We will not kowtow to your knee-jerk approach – Residents of Mensah Sarbah, C’wealth Halls to UG Management

1 month ago

374 academic programmes at UG unaccredited – Auditor-General’s report

5 months ago

Razak Kojo Opoku writes to Dr. Kobby Mensah

1 year ago
UG SRC President-elect sues Vice-Chancellor and three others

UG SRC President-elect sues Vice-Chancellor and three others

1 year ago
UG-UTAG rejects $1,600 research allowance, declares January 3 strike

UG-UTAG rejects $1,600 research allowance, declares January 3 strike

1 year ago
Next Post
OWASS students arrested for robbery granted bail

OWASS students arrested for robbery granted bail

Kwesi Arthur features in EA Sports Madden 23 soundtrack list alongside Kendrick Lamar and others

Kwesi Arthur features in EA Sports Madden 23 soundtrack list alongside Kendrick Lamar and others

Review Free SHS and include Private Schools – Mahama to Akufo-Addo

Leave Comment
No Result
View All Result

Recent Posts

  • George Krobea Asante Congratulates Bryan Achemapong
  • KT Hammond and Asamoah-Boateng finally get ministerial appointments from Akufo-Addo
  • Haruna Iddrisu accepts changes in Minority leadership
  • Renewed conflict in Bawku
  • How Black History Month came to be
  • About
  • Advertise
  • Privacy & Policy
  • Contact

Copyright © 2022 The Herald Ghana. All Rights Reserved

No Result
View All Result
  • Home
  • General
  • Entertainment
  • Politics
  • Editorial
  • Business
  • Sports
  • Feature
  • Health
  • World

Copyright © 2022 The Herald Ghana. All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist