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ICSID Again Negates Its Jurisdiction for Arbitrating Fraport's Compensation Claim Against the Republic of the Philippines
Frankfurt (ots) -
Fraport Will Carefully Analyze the Decision - PIATCO and Fraport Continue to Pursue Their Shared Interests in the Philippines
In its decision announced yesterday, a tribunal of the International Centre for Settlement of Investment Disputes (ICSID) declared once again that it has no jurisdiction over Fraport AG's compensation claim against the Republic of the Philippines.
Fraport expressed its disappointment with the latest ICSID award, particularly because an earlier award by a previous ICSID tribunal -- which had declined jurisdiction to hear Fraport's claim - was later annulled by an ICSID ad-hoc committee at the end of 2010. The ad- hoc committee's decision prompted Fraport to resubmit its compensation case to ICSID.
Fraport will now carefully analyze the new award in order to determine the company's strategy for further legal recourse. Irrespective of the new award, Fraport AG will continue to pursue its interests in cooperation with the Philippine project company PIATCO, in which Fraport is a shareholder. Already in August 2013, the Philippine Court of Appeals ruled that the project company was entitled to receive compensation in the amount of about US$371 million as of July 31, 2013. This amount took into account an advance payment of about US$59 million already made in 2006 by the Philippine government to PIATCO, and it further includes interest. The compensation, however, still has not been released by the Philippine government. All parties have contested the total amount of compensation. Legal proceedings at the local level, which were initiated in 2004, are currently pending with the Philippine Supreme Court.
In 1997, the project company PIATCO, in which Fraport is a shareholder, entered into a contract with the Philippine government to build and operate a new terminal at Manila's international airport. In 2002, after completion of the terminal, the newly elected Philippine government declared the contract null and void - expropriated the terminal and thus voided Fraport AG's investments.
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Fraport AG - which ranks among the world's leading companies in the global airport business - offers a full range of integrated airport management services and boasts subsidiaries and investments on five continents. In 2013, the Fraport Group generated sales of EUR 2.56 billion, EBITDA of EUR 880.2 million and profit of about EUR 236 million. Last year, more than 103 million passengers used airports around the world in which Fraport has a majority stake. Currently,Fraport's portfolio comprises 11 airports around the globe, including the latest acquisition Ljubljana Airport (LJU) in Slovenia.
At its Frankfurt Airport (FRA) home base, Fraport welcomed more than 58 million passengers in 2013 and handled some 2.1 million metric tons of cargo (airfreight and airmail). For the current flight timetable, FRA is served by 98 passenger airlines flying to some 250 destinations in 105 countries worldwide. More than half of FRA's destinations are intercontinental (beyond Europe) - underscoring Frankfurt's role as a leading hub in the global air transportation system. In Europe, Frankfurt Airport ranks first in terms of cargo tonnage and is the third-busiest for passenger traffic. With about 55 percent of all passengers using Frankfurt as a connecting hub, FRA also has the highest transfer rate among the major European hubs.
Frankfurt Airport City has become Germany's largest job complex at a single location, employing more than 78,000 people at some 500 companies and organizations on site. Major new real estate developments - such as The Squaire, the Gateway Gardens business park, and the Mönchhof Logistics Park - are creating an exciting new dimension and range of services at the evolving Frankfurt Airport City of the 21st century.
Almost half of Germany's population lives within a 200-kilometer radius of the FRA intermodal travel hub - the largest airport catchment area in Europe. FRA Airport City also serves as a magnet for other companies located throughout the economically vital Frankfurt/Rhine-Main-Neckar region. Thanks to synergies associated with the region's dynamic industries, networked expertise, and outstanding intermodal transportation infrastructure, FRA's world route network enables Hesse's and Germany's export-oriented businesses to flourish in global growth markets.
Frankfurt Airport meets the increasing needs of the export-oriented economies of the State of Hesse as well as Germany as a whole, for optimal connections to growth markets around the globe. Likewise, FRA is a strategic gateway for companies wanting to access the huge European marketplace. Thus, Frankfurt Airport - which is strategically located in the heart of Europe - is one of the most important hubs in the global logistics chain.
Fraport AGOriginal-Content von: Fraport AG, übermittelt durch news aktuell
Robert A. Payne
Telephone: +49 69 690-78547
Press Office, Corp.Communications
60547 Frankfurt, Germany