The arbitration case brought by EVN against Bulgaria at the International Center for Settlement of Investment Disputes (ICSID) at the World Bank in Washington is over, writes Capital.
The decision has not yet been published, but the Austrian firm has announced that it will not be paid the damages sought, which, according to unofficial information, was about 500 million euros.
TOBB Chair Rifat Hisarcıklıoğlu (L), Turkish Trade Minister Ruhsar Pekcan (C) and Alexis Mourre, the president of ICC International Court of Arbitration, chat during a meeting in Istanbul on Feb. 15. (İhlas News Agency)
In a toxic environment of overtaxation, increasing numbers of taxpayers and enterprises are disputing taxes and fines imposed on them by the authorities.
In several cases some tax officers are known to have stretched the legislation beyond its limits and imposed high fines, while for similar cases other tax officers have issued very small fines.
British Prime Minister Theresa May called on March 2 for a deep partnership with the European Union after Brexit, setting out ambitions for a tailor-made deal with independent arbitration and new arrangements for regulation and financial services.
Canadian mining firm Eldorado Gold provided an update on the arbitration process with the Greek government on the Skouries gold mines in central Macedonia on Tuesday, confirming at the request of the arbitral panel that a 90-day arbitration period has been extended by 60 days.
It will now end on April 6.