ArmInfo.The arbitration court rejected the claim for the confiscation of about $331 million from Armenia as part of the lawsuit. This is stated in the statement of the Office of the Representative of Armenia on International Legal Matters.
"The International Court of Arbitration rejected in full the claim of "Rasia FZE and Joseph k. Borkowski v. Republic of Armenia for the confiscation of about $331 million, and ordered the plaintiffs to reimburse the Republic of Armenia in total about $2.8 million in compensation for legal costs and other expenses incurred," the report says.
The Permanent Mission recalled that the plaintiffs demanded to confiscate from Armenia about 225 million US dollars, as well as interest accrued since March 18, 2015 in the amount of 106 million US dollars.
"This arbitration case related to the construction of the railway and the expressway was initiated in accordance with the "Agreement for the Mutual Promotion and Protection of Investments between the Republic of Armenia and the United States of America", as well as on the basis of concession agreements concluded between the said company and the Government of the Republic Armenia in 2012," the permanent mission added.
It is noted that in the framework of the arbitration case, the plaintiffs argued that the Republic of Armenia violated a number of obligations under concession agreements, as well as under the Agreement on the Mutual Promotion and Protection of Investments between the Republic of Armenia and the United States of America.