Montenegro beat Oleg Deripaska

The Montenegrin government has declared victory in a dispute with Russian billionaire Oleg Deripaska, who claimed the illegal expropriation of his investments in this country. Deripaska claimed compensation "for hundreds of millions of euros", but now he must reimburse the legal costs of Montenegro.
18.10.2019
Forbes
Origin source
The Montenegrin government has declared victory in a dispute with Russian billionaire Oleg Deripaska, who claimed the illegal expropriation of his investments in this country. Deripaska claimed compensation "for hundreds of millions of euros", but now he must reimburse the legal costs of Montenegro. International arbitration dismissed Oleg Deripaska’s lawsuit against Montenegro about the illegal, in the businessman’s opinion, appropriation of his investments, the Montenegrin Ministry of Economy reported on its website.

As follows from the press release, the trial ended on October 15. Deripaska insisted in his lawsuit that Montenegro had violated a bilateral investment protection agreement between Russia and the Federal Republic of Yugoslavia (the so-called united state of Serbia and Montenegro was called until 2003). The exact amount of the dispute has not been determined, but the prosecution claimed at least € 600 million, the ministry said in a press release.

The arbitration tribunal considered that the bilateral agreement between Yugoslavia and Russia was not applicable to independent Montenegro, therefore, it did not receive a further move, the department said. The court ruled that Deripaska should reimburse the legal costs of Montenegro, the press release said.

Forbes has contacted representatives of Deripaska and is awaiting comment.

Deripaska filed a lawsuit in December 2016 as an individual. The billionaire announced the illegal expropriation of his investments in the Aluminum Podgorica Combine and the Niksic Bauxite Mine, in which the businessman acquired a controlling interest in 2005, RIA Novosti pointed out with reference to the director of public relations of the Central European Company (CEAC, Cypriot "daughter" En +) Andrei Petrushinin. In 2013, the Podgorica Aluminum Combine was declared bankrupt. “This measure destroyed the full value of Deripaska’s investment,” Petrushinin said, adding that Deripaska had not received compensation. He noted that Deripaska will demand compensation "for hundreds of millions of euros."

CEAC itself filed two lawsuits against Montenegro. Her claims were also rejected, according to the Ministry of Economy of Montenegro. The court then decided that the company should compensate for the legal costs of Montenegro. The company has not yet done so, the ministry claims.

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