Turkmenistan won a court case against the Turkish company "Lotus Holding", which in 2017 filed a lawsuit for the amount of 67 million euros against the country's government.
The decision of the Tribunal of the International center for settlement of investment disputes of April 6, the claim and the claims specified in it for violation of a number of agreements between the parties in the energy sector was not satisfied, SNG.today reports, referring to the magazine "Global Arbitration Review".
The claims of the Turkish company were that after the completion of the works by the subsidiary company "Lotus Enerji" in the territory of Turkmenistan, the state" illegally took possession of various projects and did not make proper payment". This meant investing in the construction of two power plants with a total capacity of 254 megawatts. Also, another point of the claim was the illegal termination of the contract with the oil refining complex. Such violations on the part of Turkmenistan led to the beginning of the bankruptcy procedure of the company, the statement States.
In turn, the government filed a motion to dismiss the plaintiff's claims, stating that the claims were legally unfounded and noting that all actions on the part of the government were based on contracts to which the Turkish company has no relation.
As a result of the proceedings, the arbitration court decided in favor of Turkmenistan, due to the lack of accurate facts and official documents on the part of the company.
"Lotus Holding" is obliged to pay the legal costs of Turkmenistan in the amount of about one million dollars.
