"Peter Galbraith and the
company owned by the family of (Yemeni businessman)
Shaher Abdulhak are the claimants here," DNO chief
executive Helge Eide said then.
Asked on Saturday if any of the claimants had
changed, DNO spokesman Tom Bratlie said, "No, it's
the same claimants."
Galbraith, a former U.S. Senate staffer who
championed Kurdish rights and later held U.S. and
United Nations diplomatic posts, has denied a
conflict of interest,www.ekurd.netsaying
he was a private citizen when he helped DNO gain
Kurdish oil licenses.
Last November Galbraith, a son of renowned economist
John Kenneth Galbraith, was elected to the Vermont
State Senate. He could not be reached for comment on
Saturday.
In its annual report released on Friday DNO said it
had set aside about $65 million in 2010 to cover
liability and legal costs in the case and an
additional $27 million in 2009.
"The arbitration case has now been settled outside
of the arbitration process, with no additional
material effect to the financial statements for 2010
or future accounts," it said.
Bratlie declined to discuss the dispute beyond
saying it dated back several years to when the
Kurdistan regional government KRG barred "third
parties" from continuing to own stakes in DNO
licenses obtained after the U.S.-led invasion to
topple Saddam Hussein.
One such regional license -- which Iraq's central
government seeks to revise -- covers the Tawke
field, where DNO now produces about 50,000 barrels
of crude a day.
Bratlie said the arbitration winners have now been
paid their damages. He said settlement terms kept
him from specifying how much each got or what share
of the total went to lawyers.
Copyright ©, respective
author or news agency,
Reuters
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