“We do not agree with the arbitral award of the Permanent Arbitration Court in The Hague, we consider it erroneous,” Oleg Deripaska's representative told Forbes. He noted that the court’s decision is based on the fact that Montenegro is allegedly not the legal successor of the Union of Serbia and Montenegro and therefore should not be liable for its obligations under the treaty on the protection of investments with Russia.
“This decision can have far-reaching consequences for Montenegro itself, including in relations with third countries,” the representative of Deripaska warned. “It is also clear that investors cannot be trusted in a country that is cheating on them,” he added.
According to him, Deripaska intends to continue protecting his investments and now his businessman’s lawyers are analyzing the possibility of appealing the decision.
Earlier, international arbitration dismissed Deripaska’s lawsuit against Montenegro regarding the illegal, in the businessman’s opinion, appropriation of his investments. This was reported by the Ministry of Economy of Montenegro on its website. Deripaska in his lawsuit insisted that Montenegro violated the bilateral agreement on the protection of investments between Russia and the Federal Republic of Yugoslavia (the so-called united state of Serbia and Montenegro 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 legal expenses of Montenegro, according to a press release.
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 cost of Deripaska’s investment,” Petrushinin said, adding that Deripaska never 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.
“This decision can have far-reaching consequences for Montenegro itself, including in relations with third countries,” the representative of Deripaska warned. “It is also clear that investors cannot be trusted in a country that is cheating on them,” he added.
According to him, Deripaska intends to continue protecting his investments and now his businessman’s lawyers are analyzing the possibility of appealing the decision.
Earlier, international arbitration dismissed Deripaska’s lawsuit against Montenegro regarding the illegal, in the businessman’s opinion, appropriation of his investments. This was reported by the Ministry of Economy of Montenegro on its website. Deripaska in his lawsuit insisted that Montenegro violated the bilateral agreement on the protection of investments between Russia and the Federal Republic of Yugoslavia (the so-called united state of Serbia and Montenegro 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 legal expenses of Montenegro, according to a press release.
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 cost of Deripaska’s investment,” Petrushinin said, adding that Deripaska never 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.
Business
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