Anaklia Development Consortium, major foreign investor suing Georgia
The consortium and investor are demanding the restitution of their rights and compensation for damages done to the consortium as a result of what they say was a government campaign during the implementation of the Anaklia Port project. Photo: Nino Alavidze/Agenda.ge.
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The Anaklia Development Consortium and major foreign investor Bob Meyer have filed independent arbitration claims against Georgia on July 29 over their infringed rights in the Anaklia Port project.
The consortium and Meyer are demanding the restitution of their rights and compensation for damages done to the consortium as a result of what they say was a government campaign during the implementation of the Anaklia Port project.
The amount of this claim is large, exceeding $1 billion, and consists of the losses of the ADC and Meyer, which is a direct result of the Georgian government's campaign to undermine the Anaklia port project," the statement said.
The Anaklia Development Consortium claims that the Georgian government conducted a covert campaign against the consortium to prevent the Anaklia project from being implemented.
The statement of the consortium reads that the government officials have repeatedly criticised the project and its shareholders in both public and private meetings.
Potential investors and funders were even told that the government did not want to participate in their project, which was a clear confirmation to US government officials that the project did not have the support of the Georgian government”, reads the statement.
The Anaklia Consortium statement also called for an investigation into TBC Bank founders Mamuka Khazaradze and Badri Japaridze, alleging money laundering charges aimed at warning investors and financiers to refrain from supporting the project.
Anaklia Development Consortium is going to appeal to the International Court of Justice in response to the Georgian government’s cancellation of the investment agreement with the consortium to build the Anaklia Deep Sea Port.
The Georgian government will begin procedures to cancel the investment agreement signed with the Anaklia Development Consortium on October 3, 2016 to build the Anaklia Deep Sea Port. The consortium has been unable to obtain the needed $400 million in loans from international financial institutions and $120 million from potential investors by the official expiration of the term limits at the end of 2019.
The Georgian government says that the Anaklia Development Consortium (ADC) has the right to start arbitration but that the government is not going to renew the agreement with the ADC to build the Anaklia Deep Sea Port.
The Anaklia Development Consortium, which has been overseeing the Anaklia deep sea port since 2016, announced yesterday that it “remains committed to finding a way forward for the future success of the project” and hopes that it may be possible to resolve its dispute with the Government of Georgia amicably.
Georgian Economy Minister Natia Turnava has commented on the Anaklia Development Consortium’s decision to file arbitration claim against Georgia and said that the consortium is trying to politicise the issue and prevent the government from finding a new investor.
The Anaklia Development Consortium (ADC), the company originally selected by the government of Georgia to develop the Anaklia Port project, has released a statement today which claims the government ran a campaign ‘to undermine the project by dissuading potential project investors, lenders, contractors and suppliers from joining the project in order to kill it'.
The international consulting company Maritime & Transport Business Solutions (MTBS) will update the freight forecast and business model for the Anaklia deep sea port project in about eight-nine weeks, announces the Ministry of Economy of Georgia.