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Serbia to meet obligations to Mytilineos under arbitration ruling - energy min

Author Radomir Ralev
Serbia to meet obligations to Mytilineos under arbitration ruling - energy min Aleksandar Antic; Source: sps.org.rs

BELGRADE (Serbia), August 30 (SeeNews) – Serbian energy minister Aleksandar Antic has said the government plans to meet its obligations under the arbitration ruling on its dispute with Greek industrial group Mytilineos.

Serbia will have to compensate Mytilineos for the irresponsibility of previous governments, in order to keep its positive image, Antic said in a video file posted on the website of Tanjug news agency on Tuesday. 

Mytilineos said earlier on Tuesday it has won a $40 million (33.2 million euro) compensation from the Serbian government in their dispute over the company's investment in Serbian state-controlled copper miner and smelter RTB Bor.

An international arbitration tribunal has found that, under the pretext of restructuring which never occurred, Serbia adopted a series of legislative and administrative measures which blocked enforcement by creditors seeking repayment of debt owed to them, Mytilineos said.

In 2004, RTB Bor began defaulting on its obligations towards Mytilineos, ceasing repayments in money and metal, and breaching the terms of a contract signed back in 1996.

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