Croatia Doesn't Owe PE Firm $60M Over Bankrupt Postal Co.

Law360 (April 12, 2019, 6:50 PM EDT) -- An international tribunal has nixed a €53 million ($59.9 million) damages claim brought against Croatia by an Austrian private equity firm that had invested in Croatian postal service provider CityEx, rejecting allegations that the country had caused CityEx's bankruptcy.

The International Centre for Settlement of Investment Disputes tribunal concluded in an April 5 award that while some of Croatia's actions had violated the country's investment treaty with the Netherlands, those violations had not resulted in any losses for the claimant, B3 Croatian Courier Coöperatief UA, according to a statement issued by Croatia's state attorney's office on Thursday.

Instead, the tribunal attributed...

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