Frankfurt/Main, Germany 6. 5. 2003 (PROTEXT/ots) - Accordingto press reports from Manila, the Supreme Court of thePhilippines today announced a decision that the project andconcession contracts for the construction and operation of thenew international passenger terminal (IPT 3) at Manila Airportare completely null and void. These contracts were signed in1997 between the Philippine state and the PIATCO concessionconsortium. Fraport AG has been a member of this consortiumsince 1999. On the basis of the reasons for the supreme courtdecision, which are expected to be available soon, the PIATCOpartners will coordinate in the coming days further steps to betaken. Fraport expects that PIATCO - upon decision of themajority partner - will take legal action against this decisionin Manila and, at the same time, will continue with itsarbitration proceedings currently underway in Singapore. Iftoday's supreme court decision becomes final and conclusive,then PIATCO should be able to claim compensatory damages for thecompleted terminal. Simultaneously, Fraport will continue tomake its own and direct claims against the Philippine state forcompensation: for example, on the basis of the German-PhilippineInvestment Guarantee Treaty.
ots Original Text Service: Fraport AG Internet:http://www.presseportal.de
For More Information, Please Contact:
Fraport AG Frankfurt Airport Services Worldwide Attn: RobertA. Payne - Manager International Press 60547 Frankfurt am Main,Germany Tel.: +49 69.690.78547 Fax: +49.69.690.60548 E-mail:r.payne@fraport.de Internet: www.fraport.com
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