Foreign companies suing the state of Albania in arbitration courts are seeking EUR 1,356 billion in damages, recent auditing data reveal.
Although the state’s advocacy has been hermetically silent about the grave matter, an audition of the High State Audit has Revealed this frightening arbitrage bump and the big losses Albania risks from these lawsuits.
According to the documents there are currently 9 lawsuits filed against Albania, pending the sentence of the arbitration tribunal.
Two of those belong to companies linked to the Italian businessman Francesco Beccheti. In one case, International Court of Justice for Investment Disputes has fined Albania 110m euros. But this decision is not yet final as Albania has appealed and the process continues.
The remaining 7 trials are filed by other companies, the majority of which are against the Albanian energy ministry and its agencies.
Albpetrol and the National Agency of Natural Resources are the object of two active arbitration lawsuits, with companies claiming damages over 110m euros. The Albanian Roads Authority has been indicted in the International Chamber of Commerce court for 44m euros, while the OSE and the national water and sewerage agency are sued for 5 and 20 million euros respectively.