Justice Ministry informs that Israeli citizen Ron Fuks, holder of 50% of Tramex International Inc., filed the suit against Georgia in International Centre for Settlement of Investment Disputes (ICSID, World Bank group member). In case of its registration total cost of Tramex dispute will increase to $700 million.
Greek citizen Ioanis Kardasapolus, owner of another 50% of Tramex, brought a suit in ICSID in 2005, claimed $350 million compensation from Georgia.
In 1992 Tramex International Inc. signed an agreement with Saknavtobi, Georgian state oil company on joint venture establishment. The joint venture GTI was granted the permanent exclusive right to manage oil and gas reserves on the territory of Georgia. President Shevardnadze cancelled the right for the company in 1996.
The first procedural hearing held in May 4 in London, where the schedule of legal investigation was agreed. Georgian side has already paid administrative expenditure in amount of $200,000.
The UK legal company DLA Piper Rudnick Gray Cary will present Georgian side, while Skadden, Arps, Slate, Megher & Flom (UK) LLP will present claimants interest.