Summary

Arbitration Under the NAI Arbitration Rules 2015

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12. DECISION

FOR THE FOREGOING REASONS, the Tribunal decides as follows in accordance with the rules of law:

(1) All relief requested by Exem is rejected;.

(2) The Tribunal declares the SPA and the Deed of Transfer to be null and void ('nietig');

(3) The Tribunal declares that Sonangol has remained at all times the rightful owner of 100% of the shares in Esperaza;

(4) The Tribunal

- determines that Exem shall bear the costs of this arbitration fixed (according to Article 57(1) NAI Rules) at EUR 535,249.99;

- rules that these costs shall be paid out of the deposits of EUR 171,250.00 made by Exem and EUR 308,750.00 made by Sonangol and the administration costs of EUR 30,250.00 paid by Exem and EUR 25,000.00 paid by Sonangol;

- and orders Exem to pay to Sonangol by virtue thereof the amount of EUR 333,750.00, to be increased with statutory interest on the basis of Article 6:119 DCC as of 23 July 2021 up to the date of full payment;

(5) The Tribunal orders Exem to pay to Sonangol EUR 2,596,286.9689, USD 247,787.50 and GBP 27,635.00 on account of Sonangol's legal and other costs, to be increased with statutory interest on the basis of Article 6:119 DCC as of 23 July 2021 up to the date of full payment; and

(6) The Tribunal rejects any and all other relief sought by the Parties.

ARBITRAL TRIBUNAL

Professor A.S. Hartkamp, President
Professor F.J.M. De Ly, Co-arbitrator
Professor C.A. Schwarz, Co-arbitrator

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