Czech Republic wins international arbitration

The Czech Republic won a two billion international arbitration case against a Luxembourg media company, a Czech Finance Ministry spokesman told journalists on Wednesday.

The Luxembourg-based firm European Media Ventures demanded some two billion crowns, or more than 107 million US dollars, in compensation for their lost investment in a TV station in the Czech Republic.

The case is the second international arbitration the country has won in recent weeks. The Czech Republic still faces around ten such cases involving some 20 billion crowns, or more than 1.7 billion US dollars. Most of them deal with the alleged failure of Czech authorities to protect foreign investments.

Author: Jan Richter