This Memorandum is made pursuant to Article 27.1 of the LCIA Rules (the "Rules") to amend the Final Award dated 30 September 2017, made by this Tribunal in respect of LCIA Arbitration No. 153077 (the "Award") between VimpelCom Ltd. ("VimpelCom") as Claimant and Orascom TMT Investments S.à.r.l ("OTMTI") as Respondent.
On 26 October 2017, VimpelCom wrote to the Registrar of the LCIA to seek correction, pursuant to Article 27.1, of several alleged typographical, computational and clerical errors in the Award (the "Application"). The Tribunal invited OTMTI’s comments, which were submitted on 3 November 2017. The Tribunal has considered the Application and the Parties’ respective comments, and decided to issue this Memorandum to correct the Award as requested.
First, the second sentence of paragraph 65 of the Award inadvertently transposes two references to provisions of the SSA. This sentence should be amended to read as follows: "By its plain terms, it makes no reference either to rights of participation in or control of the defense (as in Article 10.7(b)), or to coordination and reasonable efforts of inclusion in meetings and material telephone calls with the third party presenting the underlying claim (as in Article 10.7(h)(ii)."
Second, the final sentence of paragraph 236 erroneously refers to OTMTI rather than VimpelCom in the final clause. The sentence should be amended to read as follows: "The SSEA does not require the Parties to reach agreement on issues of strategy, only that reasonable efforts be made to coordinate with OTMTI, while VimpelCom retained the ultimate right to decide in good faith whether to reach a reasonable settlement."
Third, paragraphs 372 and 374(d) refer to a sum of £160,038.37, which is an erroneous calculation. The references shall be amended to read £185,245.07, which is a correction of the calculation in accordance with the methodology originally adopted in the Award.
Finally, paragraphs 373 and 374(e) of the Award refer to a sum of £10,342,867 (with the currency symbol for Pounds Sterling), which shall be amended to read $10,342,867 (with the currency symbol for U.S. Dollars).
In accordance with Article 27.1 of the Rules, this Memorandum shall become part of the Award for all purposes.
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