The International Court of Arbitration in Paris has ruled in favor of Albania and against the “Hidro SRL” company, owned by businessman Francesco Becchetti.
Becchetti was asked to pay 7 million EUR to Albania as compensation for the Kalivaci hydro-power plant.
The Italian businessman received a concessionary contract in 1998, but the HPP was never built, until the Albanian government decided to terminate the agreement unilaterally.
Becchetti’s company sued the Albanian government at the Court of Arbitration, demanding 137 million EUR of compensation.
The Court in Paris rejected Becchetti’s request and ruled that he should pay 7 million EUR to the government of Albania for not building the HPP in time.
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