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Albania Can't Get $132M Award In Claim Over TV Station Nixed
Law360 (April 6, 2021, 9:04 PM EDT) -- Albania couldn't convince an international committee that a tribunal lacked adequate reasoning when it handed down an arbitral award ordering the country to pay €111 million ($131.8 million) for expropriating investments in a television station.
An International Centre for Settlement of Investment Disputes ad hoc committee on Friday rejected the country's petition to annul the award, which had been issued two years ago to Italian businessman Francesco Becchetti and several co-claimants after arbitrators concluded that Albania had destroyed their investment in a television company called Agonset Shpk.