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Albania wins arbitration case against the investment fund that collected privatisation vouchers
13 Shkurt 2019, 11:39ENGLISH
TEMA
The arbitration proceedings between the Anglo-Adriatic Group and the Republic of Albania have finally come to an end with the award on jurisdiction allocated in favour of the arguments outlined by Albania.
In December 2016, Anglo Adriatic Group Limited initiated ICSID arbitration proceedings against Albania relating to disputes alleged to arise out of protected investments under the ICSID Convention and the Albanian Law no. 7764 dt. 2.11.1993 “On Foreign Investments”.
Anglo-Adriatic Group claims amounted to hundreds of millions of dollars.
Albania submitted objections to the jurisdiction of the International Centre for Settlement of Investment Disputes, stating, inter alia, that the alleged investments did not constitute qualified investments either in terms of the ICSID Convention or the Albanian law on foreign investments.
The Tribunal finally determined the dispute in the favor of Albania, stating that the alleged investments enjoyed neither international protection under the ICSID Convention nor the international and national protection provided by the Albanian law on foreign investments.
In addition, the Claimant was ordered to reimburse the administrative arbitration costs already incurred by Albania.
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