Shipbuilding project dispute with African state

Tiago Duarte-Silva was retained by counsel on behalf of a sovereign African state in an ICC arbitration launched by a provider of maritime equipment and services. This dispute was associated with an international fraud, bribery, and corruption scandal, with claimed damages of $2 billion. Dr. Duarte-Silva opined on the likelihood of success of the projects and the likelihood of obtaining financing, given changes in oil prices at the time. He also assessed damages, with a focus on the underlying forecasts’ leasing revenues, related costs, working capital, taxes, and time value of money. The arbitration was dismissed.