ICSID rejects $331 million claim against Armenia
YEREVAN, January 26. /ARKA/. The International Centre for Settlement of Investment Disputes (ICSID) has rejected a lawsuit brought by Rasia FZE and Joseph k. Borkowski against the Republic of Armenia for the confiscation of about $331 million.
The ICSID ordered the claimants to compensate the Republic of Armenia a total of about $2.8 million as court costs and other expenses incurred.
The office of Armenia's representative on international legal affairs reported that in the lawsuit Rasia FZE and Joseph k. Borkowski argued that Armenia breached the concession contracts on construction of a railroad and an expressway.
The claimants sought forfeiture of approximately $225 million from Armenia, as well as $106 million in accrued interest since March 18, 2015.
This arbitration case related to the construction of the railroad and expressway was initiated pursuant to the Agreement on Mutual Promotion and Protection of Investments between the Republic of Armenia and the United States of America, as well as based on the concession agreements signed by the company and the government of the Republic of Armenia in 2012. -0-
