- 24 -
Finally, the tribunal turned to the amounts due. It began
that discussion by acknowledging that the joint report was the
source of certain agreed amounts. It stated that, where the
parties disagreed in the joint report, it adopted an average of
the parties’ amounts. It stated that, where it did not possess
any joint report figures, it determined for itself other
necessary amounts. The tribunal then proceeded to “determine the
balance-sheet of the financial rights and obligations of the
Parties as at 19 September, 1977.” It dealt first with Kuwait’s
claims against Aminoil and determined that Aminoil owed Kuwait
$123,041,000. In the final paragraph of section seven (paragraph
178), the tribunal fixed Aminoil’s claims against Kuwait and set
forth certain adjustments, including the $123,041,000 owed by
Aminoil to Kuwait, to obtain the basis for the $179 million
payment to be made by Kuwait to Aminoil. In full, paragraph 178
provides:
Amounts due to Aminoil -
(1) These are made up of the values of the
various components of the undertaking separately
considered, and of the undertaking itself considered as
an organic totality - or going concern - therefore as a
unified whole, the value of which is greater than that
of its component parts, and which must also take
account of the legitimate expectations of the owners.
These principles remain good even if the undertaking
was due to revert, free of cost, to the concessionary
Authority in another 30 years, the profits having been
restricted to a reasonable level.
(2) As regards the evaluation of the different
concrete components that constitute the undertaking,
the Joint Report furnishes acceptable indications
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