Georgian Economy Minister: Anaklia Consortium suit against gov’t pointless
Georgian Economy Minister Natia Turnava said that the consortium is trying to politicise the issue and prevent the government from finding a new investor. Photo: Ministry of Economy.
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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.
She stated that the consortium itself did not cope with fulfilling its obligations.
The agreement with the consortium was signed in 2015. It is now 2020 and according to the agreement, we should have had an active Anaklia Port already. However, despite the support from the government, the consortium did not cope with the realisation of the project. This lawsuit is futile. Therefore, it is an attempt to politicise - to impede the government’s task of finding a new investor. We are systematically working on the renewal of the tender and searching for a new investor", said Turnava.
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 against the project during its implementation.
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 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 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.