euro adhoc: Fraport AG Frankfurt Airport Services Worldwide / ...
Freitag, 17.08.2007 08:34 von ots
euro adhoc: Fraport AG Frankfurt Airport Services Worldwide / Justice/Processes / ICSID dismisses Fraport AG´s action for compensation against the Republic of the Philippines
-------------------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------------------
17.08.2007
The World Bank´s International Centre for Settlement of Investment Disputes (ICSID) in Washington, D.C., today August 17, 2007 announced its decision denying its jurisdiction to hear Fraport AG´s claim for compensation against the Republic of the Philippines. Fraport AG had instituted these arbitration proceedings in 2003 for expropriation without compensation of its investment in the terminal project in Manila. Fraport AG is investigating the decision as well as further actions in this matter.
Other legal proceedings are still pending in Manila and Singapore, where the project company, in which Fraport holds a 30-percent share, among other reliefs, also seeks just compensation. In September 2006, the project company received from the Philippine government a first down payment on the total amount of compensation which is still to be finally determined.
Already in 2001 and 2002, Fraport AG made a complete write-down on its investment in the terminal project in Manila.
end of announcement euro adhoc 17.08.2007 07:57:59 --------------------------------------------------------------------------------
ots Originaltext: Fraport AG Im Internet recherchierbar: http://www.presseportal.de
Contact: Stefan J. Rüter Fraport AG, Investor Relations Telefon: +49(0)69 690-74840 E-Mail: s.rueter@fraport.de
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