Inter Rao has filed one more complaint against Georgia in ICSID

Inter Rao has filed one more complaint against Georgia in ICSID

Inter Rao has filed a complaint against the government of Georgia in the World Bank’s International Center for Investment Disputes (ICSID). According to the information distributed by Russian media outlets, the company demands compensation of 175 mln US dollars from Georgia.

The company demands this amount for compensation of the loss incurred as a result of lari depreciation.

The structures of Inter Rao – Netherlands based Silk Road Holdings B.V. and Gardabani Holdings B.V. – hold 75% of Telasi and 100% of Khrami 1 and Khrami 2 and complain about violation of the Agreement on the Mutual Protection and Promotion of Investments between Netherlands and Georgia.

Inter Rao affiliated companies have already applied to the Stockholm Arbitration Court with a similar complaint. The amount of incurred loss was determined as 125 mln US dollars.

“The Georgian side has not fulfilled the obligations taken over on the basis of the memorandum, which states that in case of lari depreciation the incurred loss should be compensated to the company”, – stated the company representatives.

For resolution of the dispute with Inter Rao, Georgia will select an international company. The Ministry of Justice of Georgia has already been given a task to select a relevant international legal company for arbitration proceedings and negotiations on dispute resolution and conclude an agreement with it on legal service procurement.

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