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Monday, 1 July 2019

Amer Group, Porto Group begin procedures to receive USD 39.9 mn compensation from Antaradous

DISPUTE WATCH- Amer Group, Porto Group begin procedures to receive USD 39.9 mn compensation: Amer Group and Porto Group have hired Zulficar & Partners law firm to begin procedures to collect the USD 39.9 mn compensation from Antaradous for Touristic Development in Syria granted to them in an arbitration ruling in February, both companies said in bourse filings (here (pdf) and here (pdf)). The claims were brought to commercial arbitration by the Syria-based company in 2014 following a dispute over its partnership with Amer to develop the Porto Tartous tourist resort. Antaradous then brought the dispute to litigation at the Cairo Regional Center for International Commercial Arbitration in February, only to see the arbitrator rule in Amer’s favor.

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