US company McDermott drops ICSID claim against Colombia
Credit: Shutterstock/katyapulka
Texas-based engineering multinational McDermott has discontinued an International Centre for Settlement of Investment Disputes (ICSID) claim against Colombia over a troubled refinery project – weeks after a cross-border restructuring process discharged a billion-dollar International Chamber of Commerce (ICC) award and a US$718 million fine imposed on the company by a state agency.
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