International Arbitration Board orders CAAB to Pay Tk1,650cr to ADC
The board was formed to settle financial disputes between CAAB and ADC. It comprised three arbitrators from Malaysia, the United Kingdom and Germany
ATT Correspondent 
An international arbitration board has directed the Civil Aviation Authority of Bangladesh (CAAB) to pay nearly Tk 1,650 crore to Aviation Dhaka Consortium (ADC), a foreign contracting firm, in a dispute over the construction of the third terminal at Hazrat Shahjalal International Airport in Dhaka.
The order was announced in Dhaka last Thursday, according to sources concerned.
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The board was formed to settle financial disputes between CAAB and the foreign contracting firm Aviation Dhaka Consortium (ADC). It comprised three arbitrators from Malaysia, the United Kingdom and Germany. Both parties were heard before the verdict was delivered.
According to the ruling, CAAB has been instructed to pay ADC 5,898,699,973 Japanese yen and Tk 272,09,30,331 against works titled EPCS-48 (Full) and 52–54. It has also been ordered to pay Tk 602,77,17,697 and Tk 400,42,33,527 as the second instalment of retention money.
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In addition, due to delayed and unpaid bills and the late release of retention money, CAAB must pay financing charges amounting to 222,971,191 Japanese yen and Tk 29,95,54,545 up to October 31.
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International Arbitration Board orders CAAB to Pay Tk1,650cr to ADC
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