CEZ starts trial with Albania
16/05/2013 00:00
Protest in front of the Albanian Parliament against the new budget ends prematurely 19/11 21:20
The Czech Group “CEZ” has officially started the legal procedures
against the Albanian government at the International Arbitrary court.
CEZ announced that the government has been notified about the decision
of CEZ, which demands compensation for the damage caused by not
protecting their investment in the energy distribution network.
CEZ say that the lawsuit is based on the iternational energy treaty, signed by the Czech Republic and Albania. The treaty was negotiated in 1995, and clearly defines the international rules for protecting investments in the energy sector. The notification was sent to the Albanian government by the CEZ company, meaning that the legal procedure has started.
However, the Czech Company clarified that both parties are still in time to reach a reconciliation outside the court.
After many disagreements between both parties, the Energy Regulation Entity decided to revoke the CEZ license with the argument that this company was not fulfilling the privatization conditions, and turned it under the government management once again.
“The new administrator took all the rights for the management of the company and on this basis the Czech Group is looking for a compensation of its investment by the Albanian government”.
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