"Cyprus firm sues Turkey for USD 10 bln
24/02/2006
www.financialmirror.com
Energy Charter Treaty could constitute Cyprus recognition
A Cypriot investment firm, Libananco Holdings Company Ltd., has filed a USD10 bln investment arbitration claim against the Republic of Turkey for its unlawful 2003 expropriation of the assets of Cukurova Elektrik Anonim Sirketi (CEAS) and Kepez Elektrik Turk Anonim Sirketi (Kepez), two of Turkey's largest hydroelectric companies, according to a press release issued by law firm Crowell & Moring LLP on Thursday.
The claim has been filed at the World Bank's International Centre for Settlement of Investment Disputes (“ICSID”) in Washington, D.C.
The claim alleges that Turkey violated the Energy Charter Treaty, (“ECT”) which protects foreign investors in the Turkish energy sector from unlawful expropriation."
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