Piatco’s harm claim in the ICC turned into rejected but the builder of NAIA 3 asked the High Court of Singapore to opposite the ruling of the tribunal. Its petition changed into additionally denied with the aid of Singapore’s High Court on Nov. 15, 2011.
In August 2013, a Court of Appeals ruling modified the order issued via the Pasay court. The appellate courtroom ordered the authorities to pay Piatco “just reimbursement” of $371,426,688.24 (about P16.2 billion at that point), an quantity plenty higher than what the Pasay courtroom had ordered.
The appellate court later amended its ruling, pronouncing the annual hobby on the $371,426,688.24 reimbursement should be 6 percentage yearly—now not 12 percentage, which the courtroom first of all set—until it turned into absolutely paid and once the decision became very last.
While the authorities appealed the choice of the Court of Appeals, NAIA three ultimately operated at complete capacity beginning August 2014.
In October, the Court of Appeals said the government might not exercising complete ownership rights over NAIA 3 till it had paid in complete the P16 billion in only compensation, a ruling the appellate court docket affirmed in early 2015.
Apart from the case in opposition to Piatco, the government also confronted an arbitration case filed by Fraport, Piatco’s foreign accomplice, within the International Center for Settlement of Investment Disputes (ICSID), the arbitration arm of the World Bank based totally in Washington.
The arbitration became concluded in December 2014 and the ICSID ordered Fraport to pay the Philippine authorities $5 million in damages for violating the Anti-Dummy Law.
In August 2013, a Court of Appeals ruling modified the order issued via the Pasay court. The appellate courtroom ordered the authorities to pay Piatco “just reimbursement” of $371,426,688.24 (about P16.2 billion at that point), an quantity plenty higher than what the Pasay courtroom had ordered.
The appellate court later amended its ruling, pronouncing the annual hobby on the $371,426,688.24 reimbursement should be 6 percentage yearly—now not 12 percentage, which the courtroom first of all set—until it turned into absolutely paid and once the decision became very last.
While the authorities appealed the choice of the Court of Appeals, NAIA three ultimately operated at complete capacity beginning August 2014.
In October, the Court of Appeals said the government might not exercising complete ownership rights over NAIA 3 till it had paid in complete the P16 billion in only compensation, a ruling the appellate court docket affirmed in early 2015.
Apart from the case in opposition to Piatco, the government also confronted an arbitration case filed by Fraport, Piatco’s foreign accomplice, within the International Center for Settlement of Investment Disputes (ICSID), the arbitration arm of the World Bank based totally in Washington.
The arbitration became concluded in December 2014 and the ICSID ordered Fraport to pay the Philippine authorities $5 million in damages for violating the Anti-Dummy Law.
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