Albania risks sequestration of assets in Austria after lawsuit with the Italian investor Becchetti

27/11/2020 15:03

 In a lengthy editorial Austria’s leading newspaper ‘Der Standard’ writes that Albania risks blocking assets in international banks due to lost trials in the Arbitration Court.

“A law firm asked them if they have any assets or claims from the Republic of Albania, due to an arbitration lawsuit that an Italian investor filed in 2015 against Albania which he won. The International Court of Arbitration granted them in April 2019, the right to a compensation of 100 million euros.

“Because the government in Tirana refuses to implement this arbitration decision, Albanian assets that are not protected by diplomatic conventions can now be confiscated worldwide,” the article states.

Der Standard explains that in Austria, one of Albania’s most important economic partners, the law firm Dorda has taken on this task and has tried to raise up to 25m euros for Francesco Becchetti, who is one of three plaintiffs. Accounts and securities in seven banks, as well as concession fees and other claims that Albania has with Verbund and EVN due to energy projects, have been questioned, the statement said.

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