ICSID Denies Turkish Construction Firm’s Contract Claims

(March 10, 2016, 2:30 PM EST) -- WASHINGTON, D.C. — An international arbitration tribunal on March 8 dismissed the contract claims of a Turkish construction company against Turkmenistan for “lack of merit” (In The Arbitration Proceeding Between İçkale Ïnşaat Limited Şirketi and Turkmenistan, No. ARB/10/24, ICSID).

(Award available. Document #05-160322-019A.)

Members of the International Centre for Settlement of Investment Disputes (ICSID) dismissed İçkale Ïnşaat Limited Şirketi’s claims for $537 million and 26.7 million euros in compensation and ordered it to pay Turkmenistan $1,747,521 as reimbursement for its legal and expert fees and expenses....
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