Arbitration body in Paris to rule whether to hear Turkey case

Turkey's Energy and Natural Resources Minister Taner Yildiz said that Turkey had prepared for the case comprehensively.

Arbitration body in Paris to rule whether to hear Turkey case

The Turkish energy minister said on Thursday he had no concerns over Libananco case filed against the Republic of Turkey.

Turkey's Energy and Natural Resources Minister Taner Yildiz said that Turkey had prepared for the case comprehensively.

"We have no concerns since we trust and respect the arbitration body and we have always observed that the body has been objective," Yildiz told reporters in Ankara.

The International Center for the Settlement of Investment Disputes (ICSID) will decide later on Thursday whether or not to hear on its merits a case filed by Libananco Holdings Co. Ltd. against the Republic of Turkey.

Libananco claims that it suffered loss in its shares in CEAS and KEPEZ electricity companies which were seized by the Turkish government in 2003, and demands 10 billion USD.

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.


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Güncelleme Tarihi: 25 Mart 2010, 14:53

SeydiAli

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