GERMAN energy company, Frazer Solar claims that a Belgium court has recognised GmbH's €50 million arbitration award against the Government of Lesotho and says it has been issued an order allowing the company to seize the Kingdom's assets in Belgium, including the bank accounts of Lesotho Embassy in Brussels.
Nov. 7, 2022
2 min read
Frazer Solar claims to have seized Lesotho assets
Former Prime Minister Dr Moeketsi Majoro
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Global media reports show that this directive followed an international arbitration ruling against Lesotho, concerning a series of contractual breaches related to a renewable energy project developed by Frazer Solar.
“In January 2020, the independent arbitrator awarded the company €50 million in damages. In May 2021, Frazer Solar's lawyers commenced a worldwide enforcement action against assets held by the Kingdom,” the company said in the statement.
Furthermore, Frazer Solar claims that despite the attempts of Lesotho's former Prime Minister Dr Moeketsi Majoro to evade or obstruct enforcement proceedings, it is clear that Frazer Solar's binding arbitration award is enforceable around the world.
“We note that in the hand-over document provided by the outgoing Majoro administration to the incoming Matekane administration of October 31, 2022, it states that battling Frazer Solar has been 'expensive on fiscus' and the government is 'indebted' as a result,” the reports highlighted.
This, the report says need not be so, adding that they urge the new Prime Minister, Sam Matekane to leave the blunders and errors of Dr Majoro in the past and work with Frazer Solar to find an amicable solution.
Failing that, Frazer Solar says it will continue pursuing the Kingdom of Lesotho in any international jurisdiction where it holds assets until they receive all monies owed to them.
When approached for comment, newly appointed Prime Minister's Press Attaché, Thapelo Mabote referred the media to the Government Secretary, saying he has never been briefed on the Frazer Solar saga.
For his part, the Government Secretary, Lerotholi Pheko said any Frazer Solar issues should be directed to the office of the Attorney General.
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But the Attorney General said he could only be able to respond on the matter during the course of the week.
Frazer Solar and the Kingdom of Lesotho have been at loggerheads for some time and the government is challenging the legitimacy of the contract the company claims to have signed with Lesotho to supply it with renewable energy. - LeNA