English

Deripaska refuses to pay 1,5 million EUR to Montenegro

Central European Aluminum Company (CEAC), owned by Oleg Deripaska, keeps refusing to pay expenses of the procedure and determined punishment, defined in three separate arbitrary decisions in favor of Montenegro. The amount is higher than 1,5 million EUR. This way, CEAC fails to obey decisions brought by arbitrary tribunals.

As Ministry of Economy reports, CEAC Holding Company, completely owned by Oleg Deripaska, who has recently found his place on the “Specially designated nationals and blocked persons list”, all claims in the procedure against Montenegro have been rejected before several international arbitrary tribunals.

Firstly, in one of the decisions, brought on July, 26, 2016, International Center for  Settlement of Investment Disputes (ICSID) confirmed that CEAC has no right to instigate the expensive and demanding arbitration procedure and it ordered CEAC to pay 900.000 EUR of expenses to Montenegro.

In addition, CEAS wasn’t successful in the separate UNCITRAL arbitration procedure either. It was initiated in accordance to the rules of the UN Commission on International Trade Law due to the alleged violations of the Settlement Agreement concluded with Montenegro in 2009. By means of the decision of the tribunal, brought on January, 17, 2017,  CEAC didn’t have case against Montenegro. On the contrary, CEAC has been continuously violating the agreement with Montenegro.

Montenegro will fight using all the available legal means and it will insist that CEAC and Deripaska fulfill their responsibilities.

 

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