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Turkish Company Complains against Georgian Government in Arbitrage Court

November 8, 2005

Turkish Company Complains against Georgian Government in Arbitrage Court

06/11/05, “Media News” – Turkish Company “Tektash”, which is building a tunnel connecting Batumi and Kobuleti, has brought a complaint against the Georgian Government. They demand 27 million USD as compensation.

According to the Ministry of Economics, the company is working on the tunnel from the beginning of 2004. However, the Georgian side terminated the agreement, as they found that  “Tektash” delivered work of bad quality. The Georgian government has already financed a lawyer, who is to defend Georgia in the Paris Arbitrage Court.

In February 2004, the General Prosecutor’s Office of Georgia sued with the “Maritime Bank of Georgia” with complaints of “Tektash”. The Turkish Company accused the bank of terminating the financial agreements signed between two sides. The contract obliged the “Maritime Bank” to pay 40 million USD to the Company to support the building of the Batumi-Kobuleti tunnel. In 2004, the National Georgian Bank subtracted the license from “Maritime Bank”.

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