BB clears Tk 90 lakh as legal fee in Niko case
BI Report || BusinessInsider
Niko Resources logo
Petrobangla is going to pay Tk 90 lakh in advance legal fees to an international law firm to conduct a case against Niko Resources in the International Court of Arbitration for the Settlement of Investment Disputes (ICSID) in London.
Bangladesh Bank has already approved the transfer of the money. US law firm Foley Hoag LLP is representing Bangladesh in the ICSID case against Niko.
On May 24, Bangladesh Bank Deputy Director Mohammad Hafizur Rahman Khan sent a letter to the head of the Kawran Bazar branch of IFIC Bank informing the approval of the money transfer.
In the letter, the central bank approved an outward remit of $1,00,000 in favour of International Bank for Reconstruction, USA, as payment for the case against Niko Resources.
