LONDON, Nov. 05, 2026 (GLOBE NEWSWIRE) -- Axis International Ltd (a UAE-based conglomerate) filed a Memorial on Jurisdiction, Merits and Quantum in an arbitration against the Republic of Guinea before the International Centre for Settlement of Investment Disputes ("ICSID"), an arm of the World Bank, in August 2026. Previously, in December 2025, Axis International requested arbitration of its claim. Guinea responded that it would engage in the arbitration and counter the claims in that forum.
The Memorial proves that Axis International suffered more than USD 28.06 billion in damages when, in May 2025, Guinea unlawfully expropriated the company's multi-billion-dollar investment in a fully operational, industrial bauxite mine near Boffa.
In its Memorial, Axis International raises claims based on international and Guinean law, as well as the Guinea-UAE bilateral investment treaty and Guinea's 1995 Investment Code. The Memorial demonstrates Axis International's significant investment in Guinea, and significant damages, by reference to 127 factual exhibits and 99 legal authorities. The Memorial proves Axis International's damages by reference to the established international law of damages, compensation laws from at least 14 different national jurisdictions and an expert report from a highly qualified valuation firm.
On 1 September 2026, after the Memorial was filed, Guinea failed to make payments due to ICSID and the Tribunal. In December 2025, Guinea had reportedly already received at least USD 250 million in advance payments from two private parties, Axis' former operators (SDM and GIC), to continue to produce bauxite in large quantities from Axis International's mine, resulting in the State receiving hundreds of millions of dollars in royalties every year.
Nevertheless, Guinea failed to pay ICSID an advance payment of USD 200,000, which it owed the World Bank for administrative and tribunal expenses. Guinea recently sought to bifurcate the case to have certain preliminary issues heard first, asserting that this was necessary for costs savings. Axis has objected to that position.
Guinea's failure to make the advance payment in Axis' case, though not other ongoing ICSID proceedings, and to claim financial constraints only in Axis' case, raises questions about the Government's fiscal governance, and the eventual destination of the significant sums previously paid into the State treasury from the same mine and the funds received by Guinea from the mine's continued operations.
Axis International has paid the advance in Guinea's place, and has and will deploy sufficient sums to pursue this legal case to its conclusion. Axis anticipates an award of billions of US dollars, which will be paid at the end of this process.
Mr Pankaj Oswal, Chairman and Founder of Axis International, stated:
"It is unfortunate and deeply troubling that Guinea has declined to pay the modest sum of USD 200,000 required for an arbitration process that it expressly agreed to pursue in December 2025. This is especially surprising at a time when Guinea continues to seek substantial international development financing, including a recently reported IMF programme of approximately USD 439 million-intended to support the country's economic development and public welfare.
"As the founder of Axis International, I personally brought this mine into production, beginning with exploration work as far back as 2012-2013, when Guinea offered a stable environment for long-term investment. I fully intend to challenge Guinea's unlawful actions through this arbitration and to demonstrate that bilateral investment treaties and other international commitments must be respected. Arbitrary measures cannot substitute for the rule of law, sound economic judgment or the written commitments of the State."
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