1963 Guinea entered a Join Venture Agreement with Harvey Aluminium to exploit deposits of bauxite, article 9 of the Agreement gave Guinea the right to transport 50% of the bauxite. Harvey sold its rights to other western companies, the Bauxite Receivers
1971 MINE, Liechtenstein corporation, entered into 30-year agreement with Guinea to establish SOTRAMAR, combining Guinea’s article 9 and international expertise to create Guinea Merchant Navy.
1972 Guinea informed MINE that it abandoned the objective of creating the Navy through the long contract of affreightment and asked MINE to negotiate short-term contracts of affreightment with the Bauxite Receivers. 1973 MINE & Guinea, on behalf of SOTRAMAR reached agreement with the Bauxite Receivers to transport the Bauxite, however Guinea failed to give SOTROMAR authority to conclude contracts.
1974 MINE became aware that Guinea was secretly negotiating with 3rd parties for the sale of art 9 and informed Guinea of the existence of a dispute under the agreement. In a ‘conciliation meeting’ MINE asked Guinea about the rumoured negotiations, Guinea response was non-committal.
1974 Guinea conclude a two-year agreement with AFROBULK, European shipping consortium, by which had transferred art 9 freight rights.
1975 MINE withdrew the capital contribution to SOTRAMAR and parties concluded an agreement to submit the dispute to ICSID arbitration. Since Liechtenstein is not an ICSID party the dispute was not referred. Instead MINE asked Guinea to execute a revised consent to arbitrate but Guinea never replied.
1978 MINE commenced proceedings in the US District of Columbia to compel arbitration before the American Arbitration Association. Despite having been served notice of the proceedings Guinea did not appear
1980 AAA rendered $27 million as award. MINE asked the same court to enforce the award, Guinea contested, and in appeal the enforcement was denied.
1984 MINE initiated proceedings in ICSID
1985 MINE commenced attachment proceedings in relation to the AAA award in the courts of Switzerland and Belgium.
1985 Guinea requested a provisional measures order from ICSID tribunal directing MINE to dissolve all pending attachment of Guinea’s assets, since it was contrary to art 26 ICSID (exclusion of other remedies), ICSID considered the proceedings as ‘other remedies’ and prohibited them. After a while MINE complied with the recommendations