The Dubai World Tribunal has ordered Penguin Marine Boat Services, the company in charge of sea transport logistics for The World islands, to pay Dh10 million to a Nakheel subsidiary.
In their judgment, passed on December 6, Sir Anthony Evans and Sir John Chadwick, two members of the special tribunal, said: “The tribunal holds that the claimant (The World) is entitled to judgment for the amount… Dh7.5 million, together with the further installment that became due on April 2011, making a total of Dh10 million.”
Penguin Marine had applied to the Tribunal in January 2011 for injunctions restraining The World from obtaining payment under two guarantees: a performance guarantee limited to Dh5 million and an advance payment guarantee of Dh1.86 million. Their application was dismissed in May 2011.
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