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Government passes Conclusion regarding Srbija-Turist
Belgrade,
19 January 2012
The Ministry of Economy and Regional Development stated that at today’s session the government passed a Conclusion about the decision of the International Court of Arbitration in the case between Uniworld Holdings Ltd from California, USA, the Privatisation Agency and Nis-based Srbija-Turist, based on which Srbija-Turist shall be returned to Uniworld Holdings Ltd.
The arbitration award of 14 May 2011, among others, establishes that Uniworld Holdings Ltd had invested $5,637,000 (instead of $6,780,000) before 31 December 2005, therefore the arbitration decided that the company should invest an additional $3,362,997 in Srbija-Turist in order to meet all contractual obligations.
The government concluded that it is necessary that the Privatisation Agency immediately suspends all proceedings instituted against Uniworld Holdings Limited.
On the other hand, this US company is required to submit a statement giving up all existing and future demands to Overseas Private Investment Corporation (OPIC) for investments currently underway in Serbia.
Compliance with the final decision of the International Court of Arbitration will contribute to improving economic cooperation between Serbia and the United States and will provide an increased inflow of FDIs from the United States, supported by OPIC.
The investments, due to the dispute with Srbija-Turist, have been blocked by OPIC for a long time, recalls the statement.
The government concluded that it is necessary that the Privatisation Agency immediately suspends all proceedings instituted against Uniworld Holdings Limited.
On the other hand, this US company is required to submit a statement giving up all existing and future demands to Overseas Private Investment Corporation (OPIC) for investments currently underway in Serbia.
Compliance with the final decision of the International Court of Arbitration will contribute to improving economic cooperation between Serbia and the United States and will provide an increased inflow of FDIs from the United States, supported by OPIC.
The investments, due to the dispute with Srbija-Turist, have been blocked by OPIC for a long time, recalls the statement.
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