Turkish Energy & Natural Resources Minister Taner Yildiz has said that Turkey won the lawsuit filed by the Aktas electricity company at the European Court of Human Rights (ECHR).
In an interview with the AA, Yildiz said, "Turkey gets rid of hunchbacks and burdens one after the other. After winning the case of Libananco, Turkey now won the lawsuit filed by the Aktas company. The lawsuit lasted for about 9 years. The decision is final. The company does not have the right to appeal. If we had lost the case, the Ministry of Energy & Natural Resources would have to pay a compensation of $245 million."
"Aktas was the second most important case after the Libananco. Now, we won both of them. There are still 2-3 pending cases," he said.
Aktas is a company distributing electricity in the Asian part of Istanbul. The company signed a concession agreement with the Turkish Electricity Distribution Corp. (TEDAS) in 1990. However, the agreement was cancelled by the Council of State on March 27, 2002 after the company failed to fulfil its obligations. After the Ministry of Energy & Naturel Resources authorized TEDAS to carry out electricity distribution in the Asian part of Istanbul on April 2, 2002, the company applied to the ECHR on September 30, 2002 and demanded a compensation of $245 million
The court turned down the company's demand at a session on September 27.
Earlier this month, the International Center for Settlement of Investment Disputes (ICSID) has concluded the 6-year-old Libananco case between the Republic of Turkey and the Uzan Family, taking a decision in favor of Turkey in the $10.1 billion case.
After the Ministry of Energy & Natural Resources seized Uzan Group's CEAS and KEPEZ companies in the light of an application by Turkey's Energy Market Regulatory Authority in 2003, Libananco Holdings Co. Ltd., which introduced itself as a company operating in the southern part of Cyprus, claimed that it was a partner of the said companies, and thus, it suffered loss due to the seizure. With such claims, the company carried the issue to ICSID and filed a $10 billion lawsuit against Turkey. In the end, ICSID reached a verdict in favor of Turkey.
Last Mod: 28 Eylül 2011, 12:09