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INTERNATIONAL ARBITRATION BODY STARTS TO HEAR LIBANANCO CASE IN PARIS
PARIS - The 10 billion USD arbitration case filed by Libananco Holdings Co. Ltd. against the Republic of Turkey started in the French capital of Paris on Tuesday.
23.03.2010 - Update : 23.03.2010
Libananco claims that it suffered loss in its shares in CEAS and KEPEZ electricity companies which were seized by the Turkish government in 2003.
After listening to the parties at the World Bank building in Paris, International Centre for the Settlement of Investment Disputes (ICSID) will make a decision on whether or not to hear the case "on merits".
A delegation from the Turkish Ministry of Energy & Natural Resources is also attending the trial.
Hakan Uzan, who has been on Interpol's wanted list for a long time, is also participating in the hearing as the arrest warrant issued for him was temporarily suspended.
During the trial, officials are expected to hear Turkish ministry's jurisdiction pleas, assess whether plaintiff company's claims can be supported by documents and decide on whether a case can be filed under the Energy Charter Treaty.
Turkish Ministry of Energy & Natural Resources seized Uzan Group's CEAS and KEPEZ companies in the light of an application by Turkey's Energy Market Regulatory Authority (EPDK) in 2003.
Upon such development, Libananco Holdings Co. Ltd., which introduced itself as a company operating in the southern part of Cyprus, claimed that it was a partner of the said companies, and thus, it suffered loss due to the seizure.
With such claims, the company filed a 10 billion USD lawsuit against the Republic of Turkey.
Turkey might have to pay a compensation up to 20 billion USD (including interests), if Libananco wins the case, sources said.
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After listening to the parties at the World Bank building in Paris, International Centre for the Settlement of Investment Disputes (ICSID) will make a decision on whether or not to hear the case "on merits".
A delegation from the Turkish Ministry of Energy & Natural Resources is also attending the trial.
Hakan Uzan, who has been on Interpol's wanted list for a long time, is also participating in the hearing as the arrest warrant issued for him was temporarily suspended.
During the trial, officials are expected to hear Turkish ministry's jurisdiction pleas, assess whether plaintiff company's claims can be supported by documents and decide on whether a case can be filed under the Energy Charter Treaty.
Turkish Ministry of Energy & Natural Resources seized Uzan Group's CEAS and KEPEZ companies in the light of an application by Turkey's Energy Market Regulatory Authority (EPDK) in 2003.
Upon such development, Libananco Holdings Co. Ltd., which introduced itself as a company operating in the southern part of Cyprus, claimed that it was a partner of the said companies, and thus, it suffered loss due to the seizure.
With such claims, the company filed a 10 billion USD lawsuit against the Republic of Turkey.
Turkey might have to pay a compensation up to 20 billion USD (including interests), if Libananco wins the case, sources said.
Anadolu Agency website contains only a portion of the news stories offered to subscribers in the AA News Broadcasting System (HAS), and in summarized form. Please contact us for subscription options.
