This morning the AG made the rounds on television stations claiming that our government won the arbitration against BAE and they have to pay us $1.3b. Today in the Evening Times of Scotland there is a story that says A shipping yard is to be paid 130 million pounds in settlement. Read the story here.....doh say is I say....
Evening Times Home >; Clyde shipyard bosses win £130m compensation battle Published on 15 November 2012
CLYDE shipyard bosses have won a £130million compensation battle with high ranking government officials in Trinidad and Tobago.
The deal was thrashed out after the Caribbean republic reneged on an agreement to buy three offshore patrol vessels to be used in a crackdown on gun runners and drug smugglers.
The row was triggered when a newly-elected government decided to scrap the contract in October, 2010.
The contract had been worth £150m and had been placed with BAE Systems in April, 2007, by political opponents who had previously run the affairs of both holiday islands.
They had claimed there had been building delays to all three vessels and that the combat system had malfunctioned during sea trials on two of the ships.
The Trinidad and Tobago government refused to accept the patrol ships and instead BAE launched a compensation battle at an international court of arbitration.
It held a private hearing over several days in London in May and last month Cabinet members in the Republic were known to have approved a payment to BAE of £130m to end the row.
Shipyard bosses refused to disclose the sum involved but last night issued a brief statement to confirm both sides had reached an agreement.
It means BAE officials have almost doubled their money.
While the dispute rumbled on the company revealed in the run-up to last Christmas that it had sold the three vessels to the Brazilian Navy for £133m.
Company chiefs refused to comment further but industry sources last night confirmed that BAE was to be given £130m in compensation by the Trinidad and Tobago government whose senior officials could not be contacted.
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And yet another update from the Evening Times. Evening Times Home > BAE ships contract Published on 16 November 2012
The Evening Times yesterday reported that shipbuilder BAE Systems had won a £130million compensation battle with the Trinidad and Tobago Government after the Caribbean Republic had cancelled an order for three offshore patrol vessels.
We published the article after a spokeswoman for the defence contractor claimed it was to receive the cash payment.
However, BAE has in fact agreed to compensate the republic, which had cancelled the £150m order, after it claimed the delivery dates for all three ships were delayed and the combat system on two of them had failed during sea trials.
BAE Systems today declined to comment further on the result of the negotiations other than to confirm a "settlement" had been reached with the Trinidad and Tobago Government.
We are happy to clarify this here.