Arbitrator Picked for Solel Boneh’s Uganda Claim

A Swedish arbitrator recommended by the International Chamber of Commerce in Paris is expected to rule on Solel Boneh’s $12 million claim against Uganda for houses the company built there before President Idi Amin broke relations with Israel in March, 1972.

News of the possible settlement of the claim emerged during a review of the activities of the Israeli Foreign Trade Risks Insurance Corp., presented yesterday to the Ministerial Economic Committee. The Corporation, operated by the Ministry of Commerce and Industry and underwritten by the Treasury, insured two-thirds of Solel Boneh’s contract sales work in Uganda as well as other firms’ commercial ventures there.

In all, the insurance carrier owes $15.5 million to policy holders who have not received payment for the goods they sold or the services they rendered to Uganda customers.

NEXT STORY