Economy
Posted: 6 days ago

Anaklia Consortium Sues to Arbitration Court against Georgia

Bob Mayer, one of the investors of Anaklia Development Consortium has sued Georgia to Arbitration Court. Corresponding appeals have been forwarded to Geneva and Washington.

The appeal reads: “We claim compensation for essential losses inflicted to the Anaklia Consortium as a result of a destructive campaign that the Georgian Government has carried out in the Anaklia Seaport project implementation process”.

The Consortium demands to restore the infringed rights. The claim exceeds 1 billion USD.

As reported, the Georgian Government took a decision on termination of the agreement with Anaklia Development Consortium in January 2020, after the Consortium failed to fulfill obligations and to attract 120 million USD investments and submit loan security of 400 million USD from international banks.