Arzuw NEWS - Turkmenistan news

Turkish company will not receive 67 million euros from the Turkmen government

On April 6, the ICSID tribunal ruled on a €67 million lawsuit filed in 2017 by the Turkish company Lotus Holding against the government of Turkmenistan. The Turkish side's accusations of non-compliance with energy agreements by its Turkmen partners were dismissed. In addition, Lotus Holding will have to pay $1 million in legal costs.

The company's management claims that Turkmenistan has misappropriated projects carried out by its subsidiary Lotus Enerji without appropriate payment (we are talking about investments for the construction of two power plants with a capacity of 254 megawatts). In addition, the Turkish side considers it unlawful to terminate the contract with NPC, which led to the initiation of bankruptcy proceedings against their firm.

The Turkmen leadership has sent a petition to dismiss the claims of "Lotus Holding," because they have no legal basis, and the activities of the government under the contracts have no relation to the Turkish company.

After studying the dispute, the arbitration court ruled in favor of the Turkmen side. The representatives of Lotus Holding could not confirm their position with documentation.

Source: globalarbitrationreview.com

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