Oswal’s Axis takes Guinea to World Bank, seeks $29bn

Bengaluru: Axis International, controlled by Indian-origin billionaire Pankaj Oswal, has initiated an arbitration seeking at least $28.9 billion in compensation against the Republic of Guinea at the World Bank. The company has alleged unlawful revocation of its mining rights at one of the country’s largest bauxite operations.The United Arab Emirates-based firm filed the claim on Dec 25 before the International Centre for the Settlement of Investment Disputes (ICSID), an arm of the World Bank. Axis International has said Guinean authorities terminated its mining permit, seized equipment and froze bank accounts, despite the mine being operational.The dispute centres on a bauxite mine in western Guinea operated through Axis Minerals Resources SA, in which Axis Int’l holds an 85% stake. The company entered Guinea in 2013, secured a mining permit in 2018 and began exporting bauxite in 2020. Guinea is the world’s largest exporter of bauxite.