Germany's Fraport is suing the Philippines before a World Bank arbitration court in connection with the Ninoy Aquino International Airport Terminal 3 located in Pasay City (The Philippine Star, 24-Mar-2011). Fraport senior VP Peter Henkel said the case was dismissed in 2007 but the company filed an appeal with a higher World Bank body, which ruled in Dec-2010 that the German company “was denied its right to be heard”. Since the ruling was made, Mr Henkel said they have written Executive Secretary Paquito Ochoa Jr and other concerned officials suggesting that the two sides should meet “to avoid more costly litigations. But we have not heard from any of them. Thus, we are refiling our case next week, though that will not prevent us from talking.” Fraport will seek payment of as much as USD800 million.
24-Mar-2011 12:04 PM