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INTERNATIONAL ARBITRARY COURT OVERRULED CLAIM AGAINST BULGARIA
Business | May 29, 2002, Wednesday // 00:00
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The International Court of Arbitration in Paris overruled the claim of the consultancy company Arthur Andersen against Bulgaria for some USD 9 M, Petko Nikolov, chairman of the Supervisory Council with the Privatization Agency announced. The decision of the court is as of May 15 and is not subject to appeal. The contract with Arthur Andersen was signed on January 14, 1998 and concerns the privatization of four companies – “Neftochim – Burgas”, “Neohim – Dimitrovgrad”, “Sviloza – Svishtov”, and “Petrol-Sofia”. Arthur Andersen was hired to sell the four companies for 14 months. When on September 14, 1999, the sell-offs of two of the companies – “Neohim” and “Neftochim” were not concluded, the state refused to pay the whole renumeration to the company. Arthus Ardersen received some USD 2,650,000 M for the privatization of the companies from the state and EU funds.
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