13 December 2022
FRAZER SOLAR STATEMENT RE LEGAL SITUATION IN BELGIUM
The Belgium court is considering a technical point raised by the Lesotho government but Frazer Solar’s legal proceedings to seize the Kingdom’s assets are continuing in this country. The independent arbitration award of €50 million plus costs and interest to Frazer Solar is full and final. It will continue to be recognised in courts around the world regardless of the October Lesotho High Court decision. Following Prime Minister Matekane’s refusal to engage in mediation, Frazer Solar is even more committed than ever to pursue the Kingdom of Lesotho’s assets in additional international jurisdictions.
Notes to Editors
In January 2020, an independent arbitrator ruled in Frazer Solar’s favour concerning a series of contractual breaches committed by the Kingdom of Lesotho, related to a renewable energy project developed by the company. Lesotho was ordered to pay Frazer Solar €50 million in damages but failed to do so.
Consequently, in May 2021, Frazer Solar’s lawyers commenced a worldwide enforcement action against assets held by the Kingdom.