LONDON, November 5, 2026 — Dleelps.com | Palestine Directory
UAE-based conglomerate Axis International Ltd has reaffirmed its arbitration claim of approximately $29 billion against the Republic of Guinea, alleging the unlawful expropriation of a major bauxite mining investment and accusing the Guinean government of failing to make an initial payment toward international arbitration costs.
In a statement released on November 5, the company announced that it had submitted its Memorial on Jurisdiction, Merits and Quantum in August 2026 to the International Centre for Settlement of Investment Disputes (ICSID), an institution within the World Bank Group.
The arbitration proceedings follow a request filed by Axis International in December 2025. According to the company, Guinea had indicated its intention to participate in the proceedings and contest the allegations.
Dispute Over a Major Bauxite Mining Investment
The dispute centers on an industrial bauxite mine near Boffa, Guinea, which Axis International says was fully operational before the government allegedly expropriated its investment in May 2025.
Axis International claims the action caused financial damages exceeding $28.06 billion, forming the basis of its broader arbitration demand of approximately $29 billion.
The company maintains that its claims are supported by international law, Guinean legislation, the bilateral investment treaty between Guinea and the United Arab Emirates, and Guinea's 1995 Investment Code.
According to its statement, the arbitration memorial contains 127 factual exhibits and 99 legal authorities, alongside an expert valuation report and references to compensation laws in at least 14 national jurisdictions.
These materials have been submitted in support of the company's position, although the tribunal has not issued a final determination on the claims or the compensation sought.
Guinea Accused of Missing $200,000 Arbitration Payment
Axis International also alleges that Guinea failed to make an advance payment of $200,000 toward ICSID administrative and tribunal expenses on September 1, 2026.
The company said it paid the amount on Guinea's behalf to prevent the funding issue from disrupting the proceedings.
According to Axis International, the Guinean government has requested that certain preliminary issues be considered separately from the main dispute, arguing that this procedural approach would reduce costs.
Axis International has opposed the request.
Mining Revenues and Financial Questions
The company further alleges that Guinea had received at least $250 million in advance payments from two private entities, SDM and GIC, in December 2025.
Axis International identifies the entities as former operators associated with its mining investment and claims the arrangements allowed continued large-scale bauxite production at the disputed site.
The company also asserts that mining operations have generated hundreds of millions of dollars in annual royalties for the Guinean state.
Against that background, Axis International questioned the government's reported inability to meet the $200,000 arbitration payment.
These financial assertions represent the company's allegations and have not been independently verified in the material provided.
Chairman Pankaj Oswal Criticizes Guinea's Position
Pankaj Oswal, Chairman and Founder of Axis International, expressed concern over Guinea's alleged failure to meet its financial obligations in the arbitration proceedings.
He described the situation as particularly troubling given Guinea's reported pursuit of international development financing, including an International Monetary Fund programme valued at approximately $439 million.
Oswal said he had personally overseen the development of the mining project, beginning with exploration activities in 2012 and 2013, when Guinea was considered a suitable environment for long-term investment.
He reiterated his determination to pursue the arbitration and defend the company's investment rights under international agreements.
Oswal also emphasized the importance of respecting bilateral investment treaties, contractual commitments, and the rule of law in disputes involving foreign investors.
Axis International Vows to Continue Arbitration
Axis International confirmed that it intends to finance the legal proceedings through their conclusion, maintaining that its claim is supported by extensive documentation and independent financial analysis.
The company anticipates a potential award worth billions of dollars, although the outcome remains uncertain and will depend on the tribunal's findings.
The case highlights the legal and financial risks associated with international mining investments, particularly where disputes arise over state intervention, ownership rights, and investment protections.
The arbitration remains ongoing, and no final ruling establishing Guinea's liability or awarding compensation has been reported in the supplied statement.
