The Government does not have the right to bring our involvement in the Project to an end. Such a statement made the Anaklia Development Consortium.
“The Government of Georgia announced today its decision to terminate the Investment Agreement with Anaklia Development Consortium. ADC”s position is that the Government”s purported termination is wrongful and that it does not have the right to bring ADC”s involvement in the Project to an end. It is regrettable that despite enormous time, resources and funds already spent on the Project by ADC, the Government has sought to undermine ADC”s efforts at every turn rather than support the Project by helping to find solutions to issues raised by internationally recognized lenders, the terminal operator, and potential equity investors.
The Government”s pattern of behavior, including the purported termination today, has only ensured that it will be a long time, if ever, before the Anaklia Port Project is built and able to operate, unless the government comes to its senses and changes course to a constructive direction.
ADC will make a final attempt to resolve amicably its dispute with the State, but if not successful, will subsequently have no choice but to pursue an international arbitration claim against the Government”, – reads the statement.