Emmerson PLC (AIM:EML) said an arbitration tribunal has rejected Morocco’s attempt to have jurisdictional objections considered separately from the merits of the company’s US$1.215 billion compensation claim.
The tribunal will instead consider both issues together, following a hearing in June. Emmerson said the timetable for the next stages, including the main hearing, has yet to be confirmed.
The claim was filed with the International Centre for Settlement of Investment Disputes by subsidiaries Khemisset UK and Potasse de Khemisset.
They allege Morocco breached a UK-Morocco investment treaty through the expropriation of the Khemisset potash project and failures to provide fair and equitable treatment.
Emmerson cautioned that there remains no certainty over the outcome of the arbitration.
