Turkmenistan Beats $76M Industrial Projects Contract Claim
Law360 (April 7, 2020, 6:37 PM EDT) -- Turkmenistan on Monday fended off a €70 million ($76.28 million) claim asserted by a Turkish engineering and construction firm over several soured industrial project contracts with Turkmenistan state entities when an international tribunal concluded the claims were "manifestly without legal merit."
Lotus Holding Anonim Şirketi accused the former Soviet republic in the arbitration of withholding payments due under contracts with various arms of the Turkmenistan government relating to construction projects for energy and power facilities, saying the country was also responsible for its alleged associated losses.
But the contracts had been signed by Lotus Holding's subsidiary, Lotus Enerji, which is not...
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