Related Companies
|
[]
|
||||||||
Related Funds
|
[]
|
||||||||
English
|
|||||||||
|
|||||||||
oda_MaterialEventDisclosureGeneralAbstract|
|
|
||||||||
oda_UpdateAnnouncementFlag|
|
|
Evet (Yes)
|
|||||||
oda_CorrectionAnnouncementFlag|
|
|
Hayır (No)
|
|||||||
oda_DateOfThePreviousNotificationAboutTheSameSubject|
|
|
30.01.2015, 18.06.2015, 12.10.2015, 04.12.2017
|
|||||||
oda_DelayedAnnouncementFlag|
|
|
Hayır (No)
|
|||||||
oda_AnnouncementContentSection|
|
|
||||||||
oda_ExplanationSection|
|
|
||||||||
oda_ExplanationTextBlock|
|
Refs: Our announcements dated January 30, 2015; June 18, 2015; October 12, 2015; and December 04, 2017
As stated in the various announcements referred to above, and within the context of our decision taken on January 30, 2015 to apply for International Arbitration with the aim of claiming all our rights, receivables and assets connected with The Great Man-Made River Project, which was undertaken in Libya by Tekfen-TML Joint Venture (TTJV), a joint venture between Tekfen Construction and Installation, Inc. and TML Construction, Inc. in which Tekfen Construction and Installation, Inc. (Tekfen İnşaat), one of our subsidiaries, has a 67% stake – this Project having been halted on February 21, 2011 owing to events taking place in the aforesaid country and the instability thus caused – we have applied to the International Court of Arbitration of the International Chamber of Commerce (ICC) for commercial arbitration against the Great Man-Made River Authority (MMRA) as the ‘employer', and against the State of Libya. A statement on this subject was duly made in our Announcement of June 18, 2015. In our subsequent announcement of October 12, 2015, we have further reported that a second arbitration case has been filed at the ICC against the State of Libya on the basis of the Agreement on the Mutual Promotion and Protection of Investments signed between the Libyan and Turkish States.
The partial award handed down in relation to the contractual arbitration case filed with the ICC on the basis of this Agreement has been notified to the TTJV.
In this partial award, the Arbitration Tribunal has ruled that the MMRA falls within its jurisdiction, but that the State of Libya does not; that the MMRA should pay the TTJV the sum of USD 40,498, 649 (of which Tekfen Construction's share is USD 27,134,095) as compensation; that the MMRA should pay the TTJV the sum of USD 5,000,000 (of which Tekfen Construction's share is USD 3,350,000) in respect of the TTJV's legal expenses; that the parties should be asked to submit additional petitions for the determination of the rates of interest to be charged with respect to the aforementioned figures; that all counter-claims of the defendant (the MMRA) should be dismissed with the exception of a minor one for USD 364,520 and that only this amount should be deducted from the sum awarded to the TTJV; that it was necessary for the agreement between the TTJV and the MMRA to be readjusted in accordance with the changed conditions now in force; and that provision for matters such as the mechanical equipment needed in order for the TTJV to continue its work should be evaluated within the framework of the revisions to be requested. The Tribunal ordered the parties to make additional submissions in order to help it determine the specific terms of the readjustment. The TTJV will submit the above-mentioned additional petition, will continue the arbitration process, and will begin the process of enforcement of the above-mentioned enforceable figures. The decision of the ICC is final, and the parties have the right to file an annulment action with the Swiss Federal Court in Switzerland, the seat of legal arbitration. The enforcement of the above mentioned partial award may only be done following an enforcement decision of a domestic court. This can only be acquired as a result of a recognition and enforcement lawsuit that can be filed in various countries in connection with the partial award handed down. Furthermore, as the collection of this award is also dependent on the determination of the defendant's (that is, the MMRA's) material assets, and on the actual execution of the award with regard to these assets, at this stage none of the above-mentioned legal processes will have any effect whatsoever on the consolidated financial statements of Tekfen Holding A.Ş..
The arbitration case which is the subject of this announcement is the judicial remedy for the Contract between the TTJV and the MMRA / Libya. As stated in our previous announcements, an additional ongoing arbitration that is based on the Agreement on the Mutual Promotion and Protection of Investments between Turkey and Libya, is currently in progress; and the hearings will take place in May 2019.
|
We proclaim that our above disclosure is in conformity with the principles set down in “Material Events Communiqué” of Capital Markets Board, and it fully reflects all information coming to our knowledge on the subject matter thereof, and it is in conformity with our books, records and documents, and all reasonable efforts have been shown by our Company in order to obtain all information fully and accurately about the subject matter thereof, and we’re personally liable for the disclosures.