A Cyprus-registered shell company that owns a minority stake in Armenia’s largest mining enterprise has filed a $1.2 billion lawsuit against the Armenian government.
Une société écran enregistrée à Chypre et détenant une participation minoritaire dans la plus grande entreprise minière d’Arménie a intenté une action en justice d’un montant de 1,2 milliard de dollars contre le gouvernement arménien.
The World Bank’s International Centre for Settlement of Investment Disputes (ICSID) tribunal unanimously rejected a USD 600 million claim by depositors and bondholders of Laiki Bank and the Bank of Cyprus.
The arbitration has been discontinued in response to the non-payment of the claimant’s portion of the required advance payment of the costs of the proceeding.
Greek investors who were affected by the Cyprus bail-in have sought legal resort and now seem to stand a fair chance to have their case tried and possibly recuperate a portion of their losses in a mass arbitration to be held before the ICSID.
The Arbitration Institute of the Stockholm Chamber of Commerce has suspended the termination of the Chisinau International Airport concession contract until it reaches a final decision on the case.
Greek investors claim that they were discriminated against and lost millions in the bail-in of Cypriot bank deposits some four years and have launched legal action against Cyprus.
Montenegro’s government said that the UNCITRAL arbitration tribunal dismissed all claims of Cyprus-based Central European Aluminum Company against the country.