As a result of the International Arbitration Courts decision, Sonangol will be reinstated as sole shareholder (100%) of Esperaza Holdings BV, the Netherlands-based offshore company
The litigation concerned the 40% stake held by Exem allegedly transferred by Sonangol EP in Esperaza Holdings BV, the vehicle through which the national oil company made, in 2006, a large and successful investment in the Portuguese oil and gas company Galp SA.
After analysing the documentary evidence and conducting a seven-day probationary hearing, the Arbitral Tribunal concluded that the transaction by which Exem Energy BV intended to acquire its stake in Esperaza Holdings BV was contaminated by illegality, allowing its owners to influence the direct control of the national oil company, to reap extraordinary financial advantages in its favor to the detriment of the former and, consequently, of the Angolan State.
The 40% of the disputed shares of Esperaza Holdings BV have a current market value of around US$700mn.
Exem Energy BV was also ordered to bear the total costs incurred by Sonangol in the course of the arbitration process.
