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Amer Syria & Amer Group to be compensated of $40m in arbitral case

Amer Syria & Amer Group to be compensated of $40m in arbitral case

ArabFinance: Amer Group (AMER) and Porto Group (PORT) announced that they received the hard copy of the final arbitral verdict in the arbitral lawsuit No. 986/2014 which was filed by Antaradus For Touristic Development Company, Mohamed Wahoud, and others at The Cairo Regional Centre for International Commercial Arbitration.

The verdict has been issued in favour of Amer Syria  - Porto Group subsidiary - and Amer Holding (Amer Group), the defendants, to be compensated of $39,916,097, in addition to 5% legal interest due from October 11, 2014, until the actual paying date.

The two companies stated that they will conduct all legal procedures to collect their dues based on the arbitral verdict. 

Antaradus Co. filed an arbitration case in 2014 against Amer Group and Amer Syria Development at the Cairo Regional Centre, asking for the termination of the Porto Tartous contract and $ 176 million in compensation

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