españolArbitration Favors Italian ENEL Over Salvadoran CELThe decision means that ENEL will be able to capitalize the geothermal GEO and become the majority shareholder in the business it maintains with the Executive Hydroelectric Commission of the Lempa River (CEL).Wednesday, July 6, 2011
According to an article in Elsalvador.com, ENEL had sued its partner for breach of contract in November 2008 because CEL had blocked a $100 million investment, which meant that ENEL went from having just over 36% the company's shares to almost 53%. "The contract, signed in 2002, provides that Enel has the right to capitalize on their investments, that is to say, investments in La Geo are transformed immediately into shares." Source: elsalvador.com Do Public-Private Partnerships in El Salvador Work?July 2011 The way that the government handles the arbitration failure at the International Chamber of Commerce on the La Geo case could dictate the success or failure of state-business partnerships. El Salvador's LaGeo Ruling will be Known in JanuarySeptember 2009 The International Chamber of Commerce will communicate its ruling on the arbitration trial filed by Enel for $120 million. Enel sues Salvadoran Government for $120 millionOctober 2008 The case was presented before an international tribunal in France, which the parties had established to settle conflicts that might arise in the preparation of the LaGeo. El Salvador: Italians denied majority interest in geothermal generatorJune 2008 The Executive Hydroelectric Commission for the Lempa River (CEL) repeated that it will not allow the Italian company Enel to hold the majority of shares in LaGeo CEL and Enel are partners. |
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