It involved a $27 million vacant land which the Senegalese government had negotiated through its representative at the UN and a senior minister in President Abdoulie Wade’s government, Energy Minister Samuel Sarr, whose name has become synonymous with controversies of this nature.

According to the lawsuit, Senegal originally agreed to pay $27 million for the vacant land, but kept on stalling on the delivery of the $25 million balance on the purchase, "a seemingly easy enough requirement for the government of a country that wants to be taken seriously."

But now, the two sides have gone ahead with the sale of the property at a renegotiated price of $24 million, according to report.

The lawyers of the Senegalese government were said to have released a statement in which they quoted the complainant as saying, "We are withdrawing our complaint and we apologize for any unintended publicity it could have generated.

“We understand that the climate of global finance has been difficult and these difficulties have contributed to what, in the end, proved to be a misunderstanding.’’