Great Lakes Energy Company NV Secures Major Victory Against Xsabo Power Limited

By BigEyeUg Team Great Lakes Energy Company NV (GLE) has secured a significant victory in its ongoing legal dispute with its local partners, Bryan Xsabo Strategy Consultants (Uganda) Limited, Mola Solar Systems (Uganda) Limited and Consicara Global Investors Limited over the Kabulasoke Solar Power Project in Uganda owned by Xsabo Power Limited. Following a protracted legal battle, the High Court Commercial Division of Uganda has ruled in favour of GLE. The ruling has recognised as binding and enforceable the final award made by the London Court of International Arbitration (LCIA) and has affirmed GLE’s right to enforce the final award in Uganda – a major boost to international investor confidence. In the final award, the LCIA found that GLE’s local partners were in breach of the project agreements by their failure to repay debt due to GLE of US$ 6.78 Million and further by GLE’s local partners’ wrongful misappropriation of substantial funds in excess of US$ 8.66 million belonging to Xsabo. The LCIA awarded GLE damages of US$ 1,188,730, as well as legal costs and the arbitration costs. GLE applied for recognition and enforcement of the final award in Uganda which was opposed by Xsabo and its partners. The High...