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. 

Related Articles

Albania calls tender for supervision of sewerage project.

Albania has called a tender to select a company to supervise the construction and supplies for a sewerage system and waste water treatment plant in Velipoja area, the European Commission informed ... more

Albania's govt approves changes in concession agreement for Devoll project.

The Albanian government has approved changes in the concessionary agreement for the Devoll Hydropower cascade, which formally enables Austrian EVN to exit from the project, the cabinets press ... more

Albanian parliament panel endorses EUR 12.7mn EBRD loan for dam safety project.

The economy and finance committee of Albanias Parliament has approved a EUR 12.7mn loan from the European Bank for Reconstruction and Development (EBRD) to be used to fund a project for upgrading ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335
Dismiss