Morocco has won an international lawsuit brought against it by a German company that has demanded around 20 million euros in Rabat after three and a half years of arbitration.
The website of the Moroccan newspaper Hespress said it had received official data confirming Morocco’s victory in the international arbitration dispute “because the accusations by the German company are unfounded.”
The website states that the German company Schulz Holding filed a complaint against Morocco with the International Center for Settlement of Investment Disputes, affiliated with the World Bank, in early 2019 in connection with its decisions, which the company considered “harmful to the activities of its branch in the Kingdom.”
The German ferrous metal processing company initially sought 60 million euros in damages and reduced the amount to 20 million euros in court based on an agreement signed by Morocco and Germany in 2001 regarding the promotion and joint protection of investments.
According to the site, the court appointed to hear the case dismissed all the claims of the German company and ordered it to reimburse a significant part of the arbitration costs incurred by Morocco as a result of the complaint, and the police are obliged to provide Morocco with one million euros in compensation for arbitration costs.
The website states that Morocco is party to 4 arbitration cases with the International Center for Settlement of Investment Disputes involving Spanish, French and American companies.
Source: Hespress
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