The judicial liquidation of Kosmos Energy Senegal, a key player with a 26% stake in the Grand Tortue Ahmeyim (GTA) cross-border gas project, is progressing quickly, but it raises troubling questions. While the procedure, initiated by a disputed debt from Sonam Assurance, is reaching its final stages, the issues go far beyond the framework of a simple commercial dispute.
Claims validated, but contested
As Libération reports, this case began with judgment no. 1162/23 of June 16, 2023, rendered by the Dakar commercial court. The latter, seized by Sonam Assurance, had ordered the liquidation of the assets of Kosmos Energy Senegal and appointed Insa Sonko as trustee as well as Ibra Mass Ndiaye as commissioner judge. The trustee, after having established the state of the debts, saw his work validated by an order no. 144/2024 dated March 1, 2024. This order recognized in particular:
* A provisional debt of 2.4 billion FCFA for Sonam Assurance.
* A final debt of 1.3 million FCFA for the Social Security Fund (CSS).
However, Kosmos Energy was quick to react, filing an opposition on March 15 to challenge this validation. According to the company, Sonam’s claim is based on a judgment overturned and annulled by the Supreme Court in August 2023. Kosmos argues that this cassation should render any claim by Sonam null and void, bringing the parties back to a previous judgment from 2020 which dismissed the insurer’s case. of all his requests.
A legal battle with twists and turns
For Kosmos Energy, the dispute with Sonam hides gray areas. The company accuses Sonam of distorting the meaning of the Supreme Court’s cassation to maintain an unjustified claim. Worse, Kosmos claims to have regularized its situation with CSS and asks the court to reject these claims, to close the liquidation operations and to recognize the absence of valid creditors.
For her part, Sonam persists, maintaining that the liquidation judgment remains independent of the Supreme Court’s cassation. This legal vagueness leaves uncertainty over the outcome of the conflict, while the case was referred to the Collective Procedures Chamber of the Commercial Court.
Worrying implications for the GTA project
Beyond the technical debate, this affair raises a crucial question: what consequences for the GTA project, a strategic lever for the regional economy? Kosmos Energy Senegal plays a central role in this project estimated at several billion dollars. However, as Libération wonders, how could a society of this scale allow such an explosive situation to develop? Simple negligence or deliberate strategy?
As a reminder, Kosmos had even lent around a hundred billion FCFA to Petrosen, which makes the scale of the current dispute all the more incomprehensible. The GTA project partners, already under pressure to meet production deadlines, could see their plans disrupted if the liquidation were to affect the financial and organizational structure of Kosmos Energy Senegal.
A verdict eagerly awaited.
The commercial court will have to decide on this complex matter which involves financial, legal and strategic issues. For now, Kosmos and Sonam are sticking to their positions, and observers remain hanging on the final decision. But one thing is certain: the liquidation of Kosmos Energy Senegal will not be without consequences.
dakaractu
