The Georgian Government received a major relief from the International Arbitration Court today. The claim filed by the Anaklia Development Consortium (ADC) has been rejected by the International Court of Arbitration of the International Chamber of Commerce (ICC).
The suit filed by the plaintiff concerns the recovery of an investment made by ADC after the Georgia government terminated the investment agreement with ADC in 2020. ADC made an investment for the developing the Anaklia Deep Water Port. ADC demanded USD 1.5 billion in claims. However further details of the projects are not disclosed because they are confidential.
On the other hand after the decision ADC issued a statement. The statement included “We are surprised to see the development of the recent decision of the International Arbitration Court rejecting our claim.
Everyone knows the Georgian government has acted totally against the rules and regulations. Moreover the decision of the government to terminate the contract caused huge damage to infrastructure projects which has the potential to create a large number of jobs.”
The leader of the opposition party Mamuka Khazaradze also expressed his concern over the decision. He accused the Georgian government of obstructing the country’s progress. The people of Georgia are watching the ruling regime’s misdeeds and will teach a lesson in the forthcoming elections as well.
Speaking further Khazaradze underlined the problems associated with the involvement of Chinese companies who have employed the Chinese people in these projects instead of Georgian and robbing the jobs of local people. Meanwhile Prime Minister of Georgia Irakli Kobakhidze lauds the decision and states that the Government won the case because we always follow the rules and regulations.
The Georgian Justice Minister Rati Bregadze also reacted to the decision. According to him the decision showed every detail about the project. The document also showed that the Georgian Government extended every support for its completion.
More than once postponement concessions were given, but even then the company failed to deliver. He also stressed that this is the government’s victory. The government has done everything as per the provisions of Georgia’s constitution.
