SODIC Seeks International Arbitration Against Solidere

Six of October Development & Investment (SODIC) – (OCDI.CA) announced Wednesday that the company has started adopting the legal procedures against Lebanon’s Solidere International. SODIC has submitted a request to Cairo Regional Centre for International Arbitration (CRCICA) for terminating the contract signed with the Lebanese company.

SODIC said Solidere had not fulfilled its obligations as pursuant to the agreement signed between the two firms in June 2008 on Sheikh Zayed Project.

SODIC demands appropriate compensations from Solidere International for breaching its contract with the firm. The compensation would be for preserving SODIC as well shareholders’ interests.

SODIC noted that such actions would not affect its current and future projects.  Units shall be submitted in time, the firm added.