Arzuw NEWS - Turkmenistan news

Turkmenistan has won two international arbitrations since the beginning of the year

Since the beginning of 2020, the International Centre for Settlement of Investment Disputes (ICSID) tribunal has ruled in favor of Turkmenistan in two lawsuits filed by foreign companies. This is stated in press releaseThe law firm Squire Patton Boggs (USA) dated April 15. "Squire Patton Boggs represented the interests of Turkmenistan in legal proceedings against the Turkish company Lotus Holding and the German company Unionmatex.

On April 6, the ICSID tribunal rejected the claim of Turkish Lotus Holding, arguing that the company's claim of 80 million euros had no legal basis. Also, it was decided that Lotus Holding will have to pay Turkmenistan $1 million for legal fees.

Earlier in the year, the arbitration court also ruled in favor of Turkmenistan in Unionmatex's lawsuit. According to the court's decision of January 27, Unionmatex was to pay Turkmenistan $3 million to continue the process.

"Both the Lotus decision and the Unionmatex decision are notable victories because summary dismissals and orders requiring cost security are rare in ICSID arbitrations. Unionmatex is only the third known case in which an investment treaty tribunal has ordered cost security," the press release companies.

"Squire Patton Boggs, which represented Turkmenistan in both cases, was led by partners Miriam Harwood, Ali Gursel, and Zeynep Gunay Sakarya. Our compatriot Bahar Chariyeva and her partner Carlos Guzman served as assistants. "Squire Patton Boggs is among the top 30 international arbitration law firms for international dispute resolution.

At present, the firm represents the interests of Turkmenistan in lawsuits filed by bankrupt Turkish construction companies "Sehil Inşaat Endüstri ve Ticaret Ltd. Şti." and "SECE Inşaat ve Ticaret A.Ş.".

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