ETG files $120 million claim against Mozambique

21-Oct-2024 04:44 PM

Maputo. Mitsui-backed company - ETG, a firm engaged in trading agricultural commodities, has started an arbitration process against Mozambique and has filed a claim of more than $120 million. In this regard, the company says that the government has played a role in evaluating and dissolving its assets.

According to the company, it has made several serious efforts to resolve the matter with the government at its level, but till now all its efforts have proved futile or unsuccessful.

According to a statement issued by the company, after all the efforts to resolve the matter with the government failed, it had no choice but to start investment arbitration against the Mozambique government. This was the only way left for it to recover the damages it suffered at the hands of the government.

At present, there has been no comment on this from the office of the Attorney General of Mozambique, while the company has filed an arbitration request in London.

In fact, this case started in the year 2022 when Indian authorities seized a cargo of ETG's Mozambique-based rival company - Royal Group.

That cargo (ship) was suspected to be loaded with GM products, while the import of GM products is banned in India.

Royal Group blamed the workers of ETG company for this and started a court case against the company in Mozambique.

The company rejected this allegation and said that it had no hand in this matter. The case remained stuck in the court for a long time and in June an order was issued in favor of Royal Group.