Securities Litigation chapter – 2019 edition of Lexology Navigator GTDT

National expert securities

Moussas & Partners is the exclusive contributor of the Greek Chapter on Securities Litigation to the 2019 edition of Lexology Navigator and Getting the Deal Through (GTDT), the market-leading comparative international legal resource.
Getting The Deal Through (GTDT) and Lexology Navigator have joined forces, combining GTDT’s unmatched breadth and quality of content and Lexology’s unrivalled audience, platform and analytics capabilities.
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The Securities Litigation Chapter provides a comparative local insight into the mechanisms and procedures surrounding securities litigation with a focus on the following areas: current regulatory framework, types of securities claims, remedies and damages, collective proceedings, third-party litigation funding, litigation involving investment funds, structured finance and available alternatives to litigation.
For further information on the Greek Chapter on Securities Litigation of Lexology Navigator and Getting the Deal Through (GTDT) 2019 authored by our members Nicholas Moussas, Maria Malikouti, Konstantina Theodosaki, Georgia Patsoudi and Stamatia Leontara please visit https://gettingthedealthrough.com/area/73/jurisdiction/12/securities-litigation-greece/ (available on subscription) or download from here.

Mytilineos Prevails in International Investment Arbitration against Serbia

Moussas & Partners (Nikos Moussas) together with Three Crowns (Georgios Petrochilos), BDK Advokati (Tijana Kojović) and Tariq Baloch successfully represented Mytilineos Holdings in a landmark Bilateral Investment Treaty dispute under the UNCITRAL Arbitration Rules against the Republic of Serbia in relation to an investment in state-owned RTB BOR, one of the largest metallurgical and mining complexes for copper extraction and production on a global basis.

The Tribunal found that Mytilineos enjoyed the protection of the Greece -Serbia Bilateral Investment Treaty signed in 1997 as an investor in Serbia, through a series of cooperation agreements with Rtb Bor formalized in 1998,  whereby Mytilineos advanced working capital, spare parts and copper concentrates  which RtbBor  had to properly repay with processed copper.  As of 2004, RTB BOR started defaulting on its obligations while Serbia granted it immunity for that under a series of legislative and administrative measures the last of which was taken in 2012 and extended the protection from creditors until 2014; the pretext for the moratorium has been the privatization/restructuring of the state entity, which never occurred, while in the meantime RtB Bor continued working and performing with other partners.  The Tribunal eventually found that Serbia (a) indirectly expropriated without compensation Mytilineos’s investment (b) frustrated Mytilineos’s legitimate and reasonable expectations as an investor to be afforded fair and equitable treatment by the Serbian State and awarded the Greek conglomerate compensation in the area of 40 mio USD.

The international arbitral tribunal comprised of Messrs. Klaus Sachs, a German national, as Chairman, US national Doak Bishop and Serbian academic Mirko Vasiljević as arbitrators.

Serbia’s energy minister is said to have already announced that Serbia will comply with the award. See more info at: https://seenews.com/news/serbia-to-meet-obligations-to-mytilineos-under-arbitration-ruling-energy-min-581601

Mytilineos Holdings’ press release of 29 August 2017 is available here.

The case has been headlined in the Global Arbitration Review (please find the full article here) and in Investment Arbitration Reporter [available here (requires subscription)]