A US court has ordered Georgia to pay more than $400 million to Turkish construction company ENKA following the country’s loss in an international arbitration dispute.
The dispute concerns ENKA’s investment in the Nenskra Hydropower Project in Georgia. ENKA had initiated arbitration against Georgia, seeking compensation related to the project and the termination of agreements.
The arbitration tribunal previously ruled in favor of ENKA and awarded the company compensation. The US court’s latest decision concerns enforcement of the arbitration award, requiring Georgia to fulfill the financial obligations established by the tribunal.
The case is one of the largest international arbitration disputes involving Georgia. The ruling could result in Georgia paying more than $400 million, including the principal amount, interest and other amounts associated with enforcement of the award.
