Owner of 50%-stock of Рўramex International Inc company, Iona Kardasapolusis, fled a suit at the Arbitration Tribunal on Georgia, which cancels an agreement between GIOC And AIOC Trend special correspondent in Tbilisi has been told at the Justice Ministry that, lawsuit worth $350m in the Arbitrarin Court entered a new phase.
The plaintiff asserted on 3 March 1992 Рўramex International Inc. and Saknatobi concluded an agreement on establishment of G.T.I. enterprise. On the base of concession agreement in 1993 the company was awarded a permanent government, preservation and use of oil and gas in the territory of Georgia, as well as right for conclusion of an agreement, use of oil pipelines to be established in future and the transportation of oil products over 30 years.
However, later there was established a Georgian International Il Corporation, which granted with a range of authorities in the sphere of construction and exploitation of oil pipelines. In 1996 there was concluded a 30-year long agreement between Georgia and the Azerbaijan International Oil Company (AIOC), linked with the oil transportation via the Georgian territory. Afterwards the implementation of the said comments by G.T.I., has become impossible, which enables the plaintiff to state on the violation of its rights. The Justice Ministry hired the legal company DLA Piper Rudnick Gray Cary. The administration expenses cost $74,000 for the Ministry.
The Georgian Justice Ministry participated in the formation of a arbitrary, 3 arbiters have been appointed citizens of Canada, Cuba and the UK- Fortie, Francisko Orego Vikuna and Artur Wats.