FROM PAGE b4

The dispute shall be adjudicated before the arbitration tribunal under the UNCITRAL, LafargeHolcim said in the disclosure.

The arbitration proceedings are presently continuing, it said. The Appellate Division of the Supreme Court of Bangladesh ordered LafargeHolcim to make the payments in instalments.

The court instructed it to pay as per the BERC rate going forward, which is approximately Tk 4.20 crore per month.

The order came after LafargeHolcim appealed to the higher court seeking interim protection so that the gas supply is not stopped during the arbitration proceeding.

The dispute will be determined by the arbitration tribunal, and the court’s order will have no impact on the merits of the dispute that will be adjudicated by the tribunal, LafargeHolcim said.

If the arbitration tribunal passes an award in favour of LafargeHolcim, it will be entitled to recover the entire disputed amount paid to Jalalabad Gas. Accordingly, the payment to Jalalabad Gas would be treated as advance or deposit paid pending disposal of the arbitration, it said.