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Tuesday, 24 April 2018


London arbitration will consider the claim of Georgia to the Israeli businessmen

2011-11-29 13:36
London arbitration will consider the claim of Georgia to the Israeli businessmen. 25032.jpeg

November 30, 2011 will be held consideration of the claim of the Georgian government to the Israeli businessmen Roni Fuchs and Zeev Frenkel by the London Court of Arbitration. At the moment they are serving time in Georgian prison on charges of attempting to bribe Deputy Minister of Finance of Georgia with a sum of $ 7 million.

As reported by the GHN, the London arbitration will consider the claim of the Government of Georgia in response to a lawsuit filed by the businessmen, as owners of the company "Trameks" for failure to fulfill obligations under the joint project.

As explained by the Georgian media, Roni Fuchs and his Greek partner Ioannis Kardasopolus were the owners of the company "Trameks" and Zeev Fraenkel was Fuchs' assistant in Georgia.

In 1992, the company "Trameks" had a deal with Georgia's state oil company, to jointly build a pipeline. However, later, the Georgian government refused to participate in this project. In response to this refusal, Israeli businessmen have demanded compensation.

After years of litigation, the International Centre for Settlement of Investment of litigation, associated with the World Bank, in February 2011, ruled that official Tbilisi must pay compensation totaling $ 100 million to the owners of the "Trameks". However, the Georgian government refused to comply with this ruling.

Due to the fact that later Fuchs and Frankel were arrested and convicted, the claims to the Georgian side were expressed by the Israeli President Shimon Peres, Foreign Minister Avigdor Lieberman and official Ankara.

Now the Georgian side demands to cancel the award in favor of Israeli businessmen, refusing to pay $ 100 million.

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