US demand for fee not acceptable: DP World

DUBAI — Dubai Ports World, which faced a last-minute snag in selling its US ports, yesterday said it will not budge to the new demand made by New York Port Authority to pay a $84 million transaction fee.

By Issac John

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Published: Fri 16 Feb 2007, 9:36 AM

Last updated: Sun 5 Apr 2015, 2:33 AM

Speaking to Khaleej Times from New York, Chairman of Dubai World, Sultan Ahmed bin Sulayem said: "We have not accepted and we will not accept the huge fee they now demand. However, we are confident that the issue can be resolved as we remain committed to completing the sale as promised."

Although DP World has received approval for the sale of the American port facilities it had acquired through its purchase of P&O assets worldwide, the US Port Authority is now demanding that the company pay as much as $84 million in order to approve the lease transfer to AIG Global Investment Group. The Port Authority is also demanding access to sensitive business information, which both DP World and AIG Global have been reluctant to turn over.

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