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Posted On: 09/19/2018 7:50:13 AM
Post# of 487
resolution to the kalivac dam project the past company bailed out on cost them 7 million euro
The International Court of Arbitration in Paris has ultimately condemned the businessman "Hidro SRL" of businessman Francesco Becchetti to pay 7 million euros to Albania as compensation for the Kalivaç hydropower plant.
The decision taken on 7 September concludes the saga of a longstanding conflict between Italian businessman Francesco Becchetti and the Albanian government for the concession of the Kalivaç hydropower plant.
The concession for the construction of 100 megawatt hydrocyclone was granted in 1998 in the then government to the company owned by the Italian businessman. But the work was never built, until in May of last year the Albanian government decided to break the contract in a way.
In October 2014, the Becchetti-owned company indicted Albania at the Arbitration Court seeking the resolution of the concession of Kalivaç and 137.3 million euros of compensation from the Albanian government, claiming it was the Albanian state that had prevented the construction of the power plant.
After four years of litigation, in January of this year, the Paris Arbitration decided to overthrow Becchetti's suit against Albania, announcing that the decision on financial compensation would be taken later.
Just a week ago, the Paris court has set the amount of € 7 million as compensation for Becchetti's company to pay to Albania for the non-construction of the hydroelectric plant under the terms set out in the contract.
September 15, 2018 (gazeta-Shqip.com)
The International Court of Arbitration in Paris has ultimately condemned the businessman "Hidro SRL" of businessman Francesco Becchetti to pay 7 million euros to Albania as compensation for the Kalivaç hydropower plant.
The decision taken on 7 September concludes the saga of a longstanding conflict between Italian businessman Francesco Becchetti and the Albanian government for the concession of the Kalivaç hydropower plant.
The concession for the construction of 100 megawatt hydrocyclone was granted in 1998 in the then government to the company owned by the Italian businessman. But the work was never built, until in May of last year the Albanian government decided to break the contract in a way.
In October 2014, the Becchetti-owned company indicted Albania at the Arbitration Court seeking the resolution of the concession of Kalivaç and 137.3 million euros of compensation from the Albanian government, claiming it was the Albanian state that had prevented the construction of the power plant.
After four years of litigation, in January of this year, the Paris Arbitration decided to overthrow Becchetti's suit against Albania, announcing that the decision on financial compensation would be taken later.
Just a week ago, the Paris court has set the amount of € 7 million as compensation for Becchetti's company to pay to Albania for the non-construction of the hydroelectric plant under the terms set out in the contract.
September 15, 2018 (gazeta-Shqip.com)
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