Greek industrial group Mytilineos announced that it has won a €33.2 million compensation from the Serbian government in their dispute over the company’s investment in state-controlled Serbian copper miner and smelter RTB Bor.
“Following an international arbitration process lasting several years, the International Arbitral Tribunal to which Mytilineos Group had recourse against Serbia requesting compensation, issued an award vindicating the Greek company,” they said in a press release.
Moreover, Serbia indirectly expropriated Mytilineos’ investment without compensation, and frustrated its legitimate and reasonable expectations as an investor to be afforded fair and equitable treatment by the state, the Greek company added.
“The Serbian Government took a series of legislative and administrative measures which essentially ratified the breach of the state-owned company’s obligations, prohibiting the payment of preexisting obligations without the Government’s prior approval, as well as enforcement measures by creditors to seek satisfaction of their dues”, the company notes.
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