Algeria Fights Off Bid To Revive Telecom Investor's $4B Claim

By Caroline Simson (September 18, 2020, 7:18 PM EDT) -- Algeria has fended off a bid by one of Egyptian billionaire Naguib Sawiris' companies to revive a $4 billion claim over alleged harassment stemming from its investment in the Algerian telecom Djezzy, which was dismissed as abusive by a tribunal three years ago.

The International Centre for Settlement of Investment Disputes committee on Thursday rejected arguments put forward by Luxembourg-based Orascom TMT Investments SARL that the tribunal had exceeded its powers and invented a "putative rule of law" by concluding it lacked the right to bring the claim due to a parallel proceeding that resulted in a settlement.

In fact, the tribunal...

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