12 December 2014
German airport operator Fraport AG losses yet again against the Philippines after it has been awarded $5 million in arbitration over the NAIA-3 dispute by the World bank's International Centre for Settlement of Investment Disputes (ICSID).
The win against Fraport is the country’s second victory against the German firm, and the third arbitral monetary award made by ICSID after the German company defamed the Philippines as investment thieves.
The win however happens to be a loss cause for Philippine Airlines as it encounter hard times securing the nod for its long awaited flight to Frankfurt, home to Fraport and its German investors.
Earlier, in August 2007, the ICSID dismissed Fraport AG’s claim for just compensation to its investment in Terminal 3, ruling that it had no jurisdiction to entertain the claim because Fraport’s investments were made illegally, in contravention of the Philippines’ Anti-Dummy and other laws, and that illegal investments are not entitled to treaty protection from the German-Philippine Investment Treaty.
The win however happens to be a loss cause for Philippine Airlines as it encounter hard times securing the nod for its long awaited flight to Frankfurt, home to Fraport and its German investors.
Earlier, in August 2007, the ICSID dismissed Fraport AG’s claim for just compensation to its investment in Terminal 3, ruling that it had no jurisdiction to entertain the claim because Fraport’s investments were made illegally, in contravention of the Philippines’ Anti-Dummy and other laws, and that illegal investments are not entitled to treaty protection from the German-Philippine Investment Treaty.
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