Francesco Becchetti wins the trial, ICSID lifts the suspension of the 110m-euro fine for Albania

 Francesco Becchetti wins the trial, ICSID lifts the suspension of the 110m-euro fine for Albania
 The International Court of Arbitration in Washington lifted the suspension of the execution of a 110m-euro fine against Albania over the conflict with the Italian businessman Francesco Bechetti.

The suspension decision was made on August 27, 2019. On April 24, the International Centre for Settlement of Investment Disputes (ICSID), fined Albania 110m euros for the conflict with the Italian businessman Francesco Beccheti.

But even though the ruling is final, the Court, which is part of the World Bank, allows an appeal when certain conditions are met. This is the mechanism used by the Albanian Government to demand the annulment of the decision and the repeal of the fine.

The State Attorney's request for the cancellation of the fine was accepted by the Court on August 27 and immediately the Secretary-General of this Court informed both parties involved in the conflict, both the Albanian Government and the businessman Becchetti, of the temporary suspension of the execution of the fine. Albania was defended by State Attorney Foley Hoag, an American studio best known for protecting states in judicial conflicts.

Meanwhile, on March 23, the same court lifted the suspension, imposing a heavy fine on the Albanian state. The conflict began after Albania terminated the concessionary contract between Albania and the company of the  Italian Francesko Becchetti for the construction of a hydropower plant on the Vjosa River. The contract was signed many years ago but due to delays, the contract has been unilaterally terminated.
Francesco Becchetti wins the trial, ICSID lifts the suspension of the 110m-euro fine for Albania  Francesco Becchetti wins the trial, ICSID lifts the suspension of the 110m-euro fine for Albania Tuesday, March 24, 2020 Rating: 5
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