Indian firm Fomento wins compensation from Pakistan Steel Mills

NEW DELHI: Goan mining firm Fomento says its won an arbitration claim of Canadian 8.99 million (Rs 48 crore)against state own Pakistan Steel Mills (PSM) after a five year long battle.

The Goan iron ore firm has successfully sued PSM for arbitrarily terminating a three year contract midway in 2008. But PSM had ignored the judgment of the International Court of Arbitration in London calling for a $10 million compensation in favour of Fomento.

In May last year the Goan firm took the battle to Canada. It moved the Supreme Court of British Columbia, Canada to arrest ship carrying coal and headed to Pakistan Steel Mills. The appeal was upheld and the vessel arrested, and PSM asked to pay the dues which could otherwise be recovered from the auction of the coal. PSM, has last week finally paid its dues.