Ivanhoe Energy announces successful conclusion to the arbitration case with GAR Energy and Associates
Co announced a successful conclusion to the arbitration case with GAR Energy and Associates. The case arose out of GAR Energy's allegations related to an engagement for consulting work in Colombia and Ecuador. Ivanhoe defended the case vigorously from the beginning, asserting that it had acted in accordance with its contractual and other duties in dealing with GAR Energy. Ivanhoe is gratified that, after considering all of the evidence, the arbitration panel agreed with the Company's position and exonerated Ivanhoe completely on all of GAR Energy's claims.
The arbitration panel ruled on March 14th in favour of Ivanhoe on the merits, totally rejecting GAR Energy's claims. The arbitration decision is binding and non-appealable.