US court gives USD 20.6mn judgment against Albania.

By bne IntelliNews March 18, 2010
A court in the US District of Columbia has ordered the enforcement of USD 20.6mn judgment against Albania over its unilateral cancelation of contract with General Electric Transport. The state decided to withdraw from the USD 83mn deal for the construction of Tirana-Duress rail tracks, due to high financial burden. The company has filed an arbitration suit against the government in the International Court of Arbitration in Rome in 2006. However, its still unclear whether the ruling will be enforced immediately. The government has not announced official stance on this case yet. 

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