Tel Aviv — Israel Chemicals Ltd. (ICL) has lost a case on revealing the details of its arbitration with the Israeli government over the payment of past royalties from its Dead Sea Works subsidiary. The Supreme Court ruled that the company would be obliged to release the minutes of arbitration hearings that have been going on for the past few years. The arbitration involves a March 2011 suit filed by Israel’s Finance Ministry against ICL and its Dead Sea Works subsidiary demanding $291 million plus interest for the back payment of royalties from the company for the production of potash at the Dead Sea. The Finance Ministry charges that Dead Sea Works failed to transfer to the ministry all data pertaining to the mining operations of potash under the terms of the company’s concession. The ministry said that this prevented it from presenting the court with an exact amount in the suit that pertains to royalties from 2000-2009. ICL has denied any wrong doing and rejects claims that it owes the state money. The two sides agreed to arbitrate the dispute, and this has been taking place for over a year. A final decision on the arbitration is due in the coming months.
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