A third country company won a dispute with the Bulgarian National Electric Company (NEC) in the case of “Belene” Nuclear Power Plant.

The final decision of the three-member panel of the International Court of Arbitration at the International Chamber of Commerce in Geneva in the case of “Belene” nuclear power plant was awarded in favor of our client. With the judgment awarded, the National Electricity Company (NEC) is liable to pay the other party the amount of EUR 620 million. The third country company does not owe any sums to NEC. Part of the amount due, covers manufactured equipment, and may be obtained from NEC.

The international client is jointly represented by the US law firm Sidley Austin and the our law firm Georgiev, Todorov & Co. NEC is represented by one of the largest US law firms White and Case LLP.

By unwritten rule, each party to the arbitration case placed forward significantly higher amounts in their claims, aiming to uphold their actual monetary claim. The International Arbitration Court upheld the high monetary amount of the claim of the third country company. As the applicable law in the case was Bulgarian law, it also allows for high interest on arrears which can be charged over the claim, as well as for previous periods.