Albania Lose in Arbitration, Owes Becchetti EUR 108 Mln for 'Agon Channel'
"Agon Channel" has ultimately won in the confrontation with the Albanian government, after the World Bank Arbitration overturned the recourse of the Rama government and gave the right to Italian businessman Francesco Becchetti's television, leaving the earlier decision in effect.
According to the decision of the International Center for Settlement of Investment Disputes, the Albanian government already owes and must pay Becchetti EUR 108 million.
This does not include interest which is calculated separately for any delay in the payment of compensation.
However, the decision was taken on March 29, while the arbitration body consisted of three judges, American Grant Hanessian chairman, Robert Anderson KC of the United Kingdom and Charles Poncet of Switzerland.
The Albanian government has failed in all its demands. The upheld decision given by the International Center for Settlement of Investment Disputes upheld the claims of the Italian businessman, Francesco Becchetti and his family members in the business, in the lawsuit filed by him against the Albanian State, finding that "the responsible party illegally expropriated the interests of the plaintiffs in the Albanian media company Agon Set sh.p.k. ("Agonset").
In the decision it is stated that for Francesco Becchetti and his 2 partners they will benefit as compensation, including interests, around 108 million USD.
Mauro De Renzis will receive 46.7 million EUR, Stefania Grigolo around 11.7 million EUR and Francesco Becchetti 41 million EUR.
About 8 million dollars have been added to the decision, which are court expenses, experts and witnesses, while another 600 thousand USD costs the first arbitration and 145 thousand USD the second review.
In addition to the concrete actions taken by the Albanian authorities to close the Agon Channel, the international arbitration administered as evidence the public statements of Prime Minister Rama against the Italian businessman Francesco Becchetti, who described the Italian investor's money as dirty.