RusAl claims $275 million Tajik victory at Swiss tribunal
| Publisher | Radio Free Europe/Radio Liberty |
| Publication Date | 17 October 2013 |
| Cite as | Radio Free Europe/Radio Liberty, RusAl claims $275 million Tajik victory at Swiss tribunal, 17 October 2013, available at: https://www.refworld.org/docid/528b67427.html [accessed 2 June 2023] |
| Disclaimer | This is not a UNHCR publication. UNHCR is not responsible for, nor does it necessarily endorse, its content. Any views expressed are solely those of the author or publisher and do not necessarily reflect those of UNHCR, the United Nations or its Member States. |
October 17, 2013
Russian aluminum giant RusAl has won $275 million in damages from the Tajik Aluminum Company (TalCo).
RusAl said on October 17 that a Swiss tribunal had found TalCo in breach of two 2003 agreements with RusAl subsidiary Hamer Investing.
Under those agreements, Hamer had supplied TalCo with raw materials for which the state-run Tajik company had failed to pay.
The tribunal ordered TalCo to pay damages in excess of $112 million, approximately $147 million in interest, and almost $15 million in legal fees.
The statement also said the tribunal had thrown out TalCo's $400 million counterclaim, in which the company argued that Hamer's original contracts should be deemed invalid as they had been won by corrupt means.
A spokesman for TalCo, the largest aluminum smelter in Central Asia, said that it could appeal the Swiss tribunal's ruling.
Based on reporting by Asiaplus.tj and Eurasianet.org
Link to original story on RFE/RL website
