International Court of Arbitration withdraws Intangis claims on Mainstreet Bank

Intangis Holdings’ claims on Mainstreet Bank have been withdrawn by International Court of Arbitration, according to a statement from the secretariat of International Chamber of Commerce (ICC).

Intangis recently wrote to AMCON advisers on the ongoing divestment of its equity in Mainstreet Bank, stating that AMCON is procuring a breach on Intangis’ rights under confidentiality and non-circumvention agreement (CNCA) dated November 2, 2009 between Afribank plc and Intangis.

A statement from the secretariat of the ICC signed by Ziva Filipic Counsel, reads: “Dear Mesdames and Sirs, the secretariat refers to the letter of the Secretary General dated 16 June 2014 granting the parties a final time limit of 15 days pursuant to Article 30 (4) of the Rules to pay the balance of the advance on costs.

“To date, the requested payment has not been made. Consequently, since the time limit granted has expired on 4 July 2014 and no objection to the application Article 30 (4) of the Rules has been received by the secretariat, the claims are considered withdrawn”.