17
May2017

Ghanian Company, Quantum sues IFC of the World Bank Group and OPEC for Breach of Contract

Quantum Oil Terminals Limited, a Ghanaian company, brought the International Finance Corporation (IFC) and the OPEC Fund to the Accra High Court of Ghana for breach of contract and discrimination.

Quantum claims a breach of written contract for failure to fund construction of an oil storage facility. Because the money was not loaned in time, Quantum got money elsewhere at a 12% rate, rather than the rate in the IFC contract. The financing delay caused Quantum to miss a regulations deadline to build the storage facility. Sanctions were imposed for that failure. Quantum is seeking damages at $41,319,123 because the two companies didn’t loan $16 million to build the facility.

If you have a breach of contract complaint, contact Tom Patterson or Patterson Law Firm at tpatterson@pattersonlawfirm.com or (312) 223-1699.