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Albania struggle highlights investment enforcement challenges
Published by: Andrew Mizner at 07/04/2021 Albania’s attempt to annul a EUR 110 million arbitral award has failed, but the enforcement battle.
Albania’s attempt to annul a EUR 110 million arbitral award has failed, but the enforcement battle has highlighted a growing trend for non-compliance with investment awards.
Two years after winning an investor-state arbitration against Albania, a group of Italian investors has defeated an attempt to annul the award and is fighting a Europe-wide battle to enforce its payment.
The group, consisting of companies
Hydro and
Costruzioni, and investors Liliana Condomitti, Mauro De Renzis, Stefania Grigolon and Francesco Becchetti won EUR 110 million, and the majority of their costs, after a tribunal of the
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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.