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Sunday, 13 September 2020

Porto, Amer Group determine their shares of USD 51.68 mn compensation payment from Syria’s Antaradous

Syrian tourism company Antaradous will pay out USD 36.6 mn in compensation to Porto Group and USD 15.1 mn to Amer Group as a final settlement for the six-year dispute between the firms, Amer financial advisors FACT Financial has calculated in a report (pdf). The two companies — which were originally one entity before demerging in 2015 — were awarded the compensation in February 2019, when the Cairo Regional Center for International Commercial Arbitration (CRCICA) issued a ruling on a dispute dating back to 2008 over a partnership to develop a Porto-style project in the coastal city of Tartous. CRCICA had originally fined Antaradous USD 39.9 mn, and this amount has now appreciated to USD 51.68 mn thanks to accrued interest since 2014.

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