On August 3, 2018 the arbitration case Rasia FZE and Joseph k. Borkowski v. Republic of Armenia (ICSID case no. ARB/18/28), was registered at ICSID.
On 20 January 2023 the Arbitral Tribunal issued the Arbitration Award completely rejecting the claims of the Claimants and obliging them to compensate the Republic of Armenia a total amount of about USD 2.8 million as reimbursement for the legal services and other expenses incurred.
This arbitration case related to the construction of the railway and highway construction projects was initiated in accordance with “Treaty Between the United States of America and the Republic of Armenia Concerning the Reciprocal Encouragement and Protection of Investment”, as well as on the basis of the concession agreements concluded between the said company and the Government of the Republic of Armenia in 2012.
The Claimants claimed compensation from Armenia in the amount of about USD 225 million, as well as the accrued interest, starting from 18 March 2015 until the issuance of the Arbitration Award, amounting to about USD 106 million.