Fraport: Philippines to pay $ 270 million replacement – MIRROR ONLINE the damage

For more than a decade fought, the airport operator Fraport to compensation for an expropriated the Terminal in Manila. Now, the Philippine government pays the company a three-digit million amount.

REUTERS

aircraft at the international airport of Manila

Tuesday, 11.10.2016 15:06 PM

Fraport has received a multi-million dollar refund for the failed Terminal project in the Philippine capital of Manila. The Frankfurt airport operator, to get from the Philippines $ 270 million, the company said. Of the sale of a 30% stake in the Philippine operating company Piatco, Fraport has now separated. The group reports no further claims in the litigation claim.

In 1997 had closed Piatco contracts with the government in Manila, after which a new Terminal with a capacity of around 13 million passengers a year at the airport of the capital, and operated. After its completion in 2002, and shortly before its opening in 2004, the newly elected government declared the contract invalid and seized Piatco. Was justified the move at the time with allegations of corruption.

Since then, the Piatco shareholders of Fraport to be a compensation. A year ago, the Supreme court of the Philippines, Piatco was awarded a $ 510 million compensation. Because Fraport had written off losses completely, a part of the refund directly into the pre-tax profit. 40 million euros will have to pay back the group to the Federal government, which had settled due to the bursting of the Manila-business in 2008 is a guarantee for capital investments abroad.

Whether and to what extent, the remainder of the repayment to the shareholders to be passed, will clarify the Board at a later date. The final decision will meet the shareholders.

fdi/dpa/Reuters

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