High Court gives orders for stay in cancellation of ICSL foreign investment certificate
The High Court has given orders for a stay in the cancellation of the International Comtrade Shipping Limited (ICSL) Foreign Investment certificate.
On 5 of May this year the Investment Facilitation Committee and Foreign Investment cancelled the Foreign Investment Certificate of ICSL.
However last month the ICSL filed in the High Court challenging the Investment Facilitation Committee and the Registrar of Foreign Investment’s decision. ICSL also filed an application to stay the decision.
On 18 June 2020, the High Court heard the stay application of ICSL and granted the stay orders in favour of ICSL.
This means that the decision of the Registrar of Foreign Investment and the Investment Facilitation must wait or they should not carry out their decision or that they do not do anything about their decision until further orders of the High Court.
– Press Release from Lever Solomon Ltd & International Comtrade Shipping Limited (ICSL) with minor edits from SBMOnline