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Jun 20, 2016

A major international arbitration case for € 620 mln., which involved “Georgiev, Todorov & Co.” was recently won

in English

The Russian company “Atomstroyexport” 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 “Atomstroyexport”.

With the judgment awarded, the National Electricity Company (NEC) is liable to pay the Russian side the amount of EUR 620 mln. The Russian company does not owe any sums to NEC. Part of the amount due, covers manufactured equipment, and may be obtained from NEC.

“Atomstroyexport” is represented by the US law firm Sidley Austin and the Bulgarian law firm “Georgiev, Todorov & Co”. An interesting fact is that Sidley Austin LLP is the Chicago law office where back in 1989 as a summer associate Barack Obama meets his future wife, Michelle.

NEC is represented by one of the largest US companies “White End Case”.

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 Russian 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.