{"id":558864,"date":"2021-08-30T04:01:41","date_gmt":"2021-08-30T04:01:41","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/30\/egyptian-investor-threatens-ethiopia-with-arbitration-suit-for-tigray-damages\/"},"modified":"2021-08-30T04:01:41","modified_gmt":"2021-08-30T04:01:41","slug":"egyptian-investor-threatens-ethiopia-with-arbitration-suit-for-tigray-damages","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/30\/egyptian-investor-threatens-ethiopia-with-arbitration-suit-for-tigray-damages\/","title":{"rendered":"Egyptian investor threatens Ethiopia with arbitration suit for Tigray damages"},"content":{"rendered":"

<\/a> An Egyptian businessman is threatening to file an international arbitration case <\/strong>against the Ethiopian government<\/strong> for alleged damages incurred as a result of the current conflict in Tigray<\/strong>, according to a statement (pdf)<\/a> he released yesterday. Alaa El Sakty tells us that he is seeking USD 40 mn in damages after two of his companies Trafo Tech (pdf<\/a>) and Cynosure (pdf<\/a>) suffered losses due to the fighting, and says he will take the case to the World Bank\u2019s International Center for Settlement of Investment Disputes (ICSID)<\/a> if Addis Ababa doesn\u2019t pay up.<\/p>\n

Caught in the crossfire:<\/strong> Trafo and Cynosure are both based in the Egyptian industrial zone in the Tigrayan capital Mekelle, which has been hit hard by almost 10 months of fighting between local rebels and government forces. The companies say they have suffered huge losses after being forced to shutter operations months ago, and are demanding that the government pay compensation for the loss of revenues.<\/p>\n

The legal case:<\/strong> The companies\u2019 legal representative, Ezzat Youssef, claims that by failing to protect the factories, Ethiopia is in breach of a 2006 investment treaty<\/a> signed between the two countries that guarantees protection to investors. Under the agreement, Egypt and Ethiopia agreed to provide \u201cadequate protection and security\u201d to investors from each others\u2019 countries.<\/p>\n

No dice?<\/strong> Sakty, who also heads the industrial zone and serves as the vice chair of the Investors\u2019 Union, said that he\u2019s hoping to settle the matter amicably with the government but will resort to the ICSID if they can\u2019t come to an agreement. Youssef has given Ethiopia six months to resolve the dispute before filing a case with the Washington-based arbitration center.<\/p>\n","protected":false},"excerpt":{"rendered":"

An Egyptian businessman is threatening to file an international arbitration case against the Ethiopian government for alleged damages incurred as a result of the current conflict in Tigray, according to a statement (pdf) he released yesterday. Alaa El Sakty tells us that he is seeking USD 40 mn in damages after two of his companies […]<\/p>\n","protected":false},"author":1,"featured_media":558865,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8678],"tags":[957,72,382,963],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-558864","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dispute-watch","tag-dispute-watch","tag-enterpriseam","tag-ethiopia","tag-law","wpautop","entry"],"acf":{"mongo_id":"51d996ed-1449-4a1f-a669-00201fc48c23","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/8\/301.jpg","photo_position":"above","related_issue":[558858],"teaser":"","voice_url":""},"yoast_head":"\nEgyptian investor threatens Ethiopia with arbitration suit for Tigray damages - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/30\/egyptian-investor-threatens-ethiopia-with-arbitration-suit-for-tigray-damages\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egyptian investor threatens Ethiopia with arbitration suit for Tigray damages\" \/>\n<meta property=\"og:description\" content=\"An Egyptian businessman is threatening to file an international arbitration case against the Ethiopian government for alleged damages incurred as a result of the current conflict in Tigray, according to a statement (pdf) he released yesterday. 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Cementos La Union despite finding Egypt in breach of a bilateral investment\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":577648,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/gb-auto-misr-beni-suef-cement-have-separate-arbitration-news-for-us\/","url_meta":{"origin":558864,"position":3},"title":"GB Auto, Misr Beni Suef Cement have separate arbitration news for us","author":"enterpriseam admin","date":"30 November 2022","format":false,"excerpt":"GB Auto has filed an arbitration case against the Algerian government for what it says are \u201csevere damages and losses suffered\u201d due to unspecified measures taken against GB Auto\u2019s units and investments in the country. In an EGX disclosure (pdf), the company says its Algerian units \u2014 GBR Auto and\u2026","rel":"","context":"In "DISPUTE WATCH"","block_context":{"text":"DISPUTE WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/dispute-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/502.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":632746,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/19\/did-an-egyptian-court-really-order-egpc-and-egas-to-pay-emg-usd-1-03-bn-in-damages\/","url_meta":{"origin":558864,"position":4},"title":"Did an Egyptian court really order EGPC and EGAS to pay EMG USD 1.03 bn in damages?","author":"enterpriseam admin","date":"19 February 2018","format":false,"excerpt":"Did an Egyptian court really order EGPC and EGAS to pay EMG founder USD 1.03 bn in damages? Israeli newspaper Globes is claiming that a Cairo court ordered state energy companies EGPC and EGAS to pay Israeli businessman Josef Maiman, who co-founded East Mediterranean Gas (EMG) with Hussein Salim, USD\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":622552,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/04\/foreign-shareholders-in-nile-cotton-ginning-to-launch-arbitration-proceedings-next-month\/","url_meta":{"origin":558864,"position":5},"title":"Foreign shareholders in Nile Cotton Ginning to launch arbitration proceedings next month","author":"enterpriseam admin","date":"4 October 2018","format":false,"excerpt":"Foreign shareholders of Nile Cotton Ginning to launch arbitration proceedings soon: Foreign shareholders in Nile Cotton Ginning are planning to bring up an arbitration case in London soon over an eight-year dispute with\u00a0parent company the Holding Company for Construction and Development (HCCD), Nile Cotton Chairman El Sayed El Saify tells\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/558864","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=558864"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/558864\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/558858"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/558865"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=558864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=558864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=558864"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=558864"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=558864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}