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Foreign investors want ‘fair, swift resolution’ of NAIA 3—German gov’t By Michaela P. del Callar 05/28/2011

Saturday, May 28, 2011

CALL FOR‘NEGOTIATED’ PIATCO SETTLEMENT

Foreign investors want ‘fair, swift resolution’ of NAIA 3—German gov’t

By Michaela P. del Callar 05/28/2011

It was a diplomatic statement from the German government in Manila, but it was clear it was not happy with the Pasay City Regional Trial Court judge’s decision on the “just compensation” awarded to the Philippine International Airport Terminal Corp. which was merely a fifth of what Piatco was seeking from the Aquino government as payment for its having expropriated the air terminal.

The German government said foreign investors would want to see a fair and swift resolution of a decade-old terminal investment row involving a German company and its Filipino partner before investing in President Aquino’s much-touted public-private partnership for country-wide infrastructure development.

At the same time, Germany declined to comment on a recent local court decision awarding $175.757 million in just compensation to Piatco, the consortium with local partner of German airport builder Fraport, for the expropriation of the Ninoy Aquino International Airport (NAIA Terminal 3 but called for negotiations to break the legal deadlock..... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/headlines/20110528hed1.html

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