Swiss Swisslion seeks EUR 19 million compensation from Macedonia

Swiss company Swisslion seeks a compensation of 19 million euros from Macedonia, which has confiscated the shares of Agroplod from that company.

According to the writings of the media in Skopje, the appeal was submitted about ten days ago to the Arbitrary Court in Washington, and it is a part of the charges pressed by Swisslion against the Macedonian Government.

Swisslion seeks the cash compensation with the explanation that the shares of Resen-based Agroplod have been unfairly confiscated from Swisslion and caused it to lose the managerial package of shares in that company.

The confiscated package includes 25% of Agroplod's shares, which were bought from the state of Macedonia in 2006 for 1.2 million euros. Macedonia confiscated these shares, claiming that the investment program worth 7 million euros has not been implemented by Swisslion.

People at the Ministry of Economy of Macedonia say that they don't want to give any comment on the appeal until the Arbitrary Court makes the final decision. According to Macedonian TV station A1, the court process is expected to end during next year, upon the expiration of the deadline for appeal.

Swisslion claims that the bilateral agreement on investment protection concluded between Macedonia and Switzerland has also been violated.