Slovakia does not have to pay 130 million

Wednesday, 16. July 2014, 0:56

Slovakia succeeded in international arbitration with the Austrian bank European American Investment Bank AG (Euram). In 2007, the company acquired a 51 percent of the shares in the insurance company Apollo. The arbitral tribunal did not say whether Slovakia harmed the company Euram; in favour of Slovakia decided because Euram has also turned to other courts. Arbitration is now stopped. About who will pay the costs and attorneys’ millions of euros, the court should decide on further session of the court. It is therefore possible that Slovakia will pay for their lawyers and even some of the costs; however, State does not have to pay compensation to 131 million euros, which Euram Bank requested. The arbitral tribunal may decide that lawyers and other legal charges will be paid by Euram Bank