An indigenous salt manufacturer, Jumbee Limited, has reached an amicable resolution of its dispute with an America-based salt exporter, Michigan Salt Products LLC, over its joint venture agreement.
The terms of settlement, according to the two firms, is a product of voluntary and mutual decision of both parties to meet and elect to broker an amicable resolution of the protracted disagreement surrounding the joint venture agreement and the counter-claim of Jumbee
Limited.
The Michigan Salt Products LLC particularly said that by the token, it had retracted an earlier story published in the Nigerian dailies, which Jumbee
Limited and its directors found very offensive and had, therefore, taken responsibility to inform the general public of the terms of settlement as a retraction of the earlier publication against Jumbee Limited.
It said, in a statement by its solicitor, Barr. Olu Akinola, “Importantly, there is no victor, no vanquished in the dispute that arose
from the interpretation of the Joint Venture Agreement between Jumbee Limited, a Nigerian Salt manufacturing company and Michigan Salt LLC, as both parties settled
amicably.
“The two companies having met and resolved the issues at stake amicably, their solicitors have decided not to have further recourse to arbitration as provided for in the joint venture agreement, having also
considered the over six years business relationship that existed between the two entities before the joint venture agreement.”
