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23 February 2006 - A Cypriot investment firm has filed a $10bn investment arbitration claim against the Republic of Turkey for its "unlawful expropriation" of the assets of two of Turkey's largest hydroelectric companies.

The investment company, Libananco, filed the $10bn claim concerning the assets of Cukurova Elektrik Anonim Sirketi and Kepez Elektrik Turk Anonim Sirketi, at the World Bank's International Centre for Settlement of Investment Disputes in Washington D.C, US.

The claim alleges that Turkey violated the Energy Charter Treaty, which was established to protect foreign investors in the Turkish energy sector from unlawful expropriation. Turkey ratified the Energy Charter Treaty in 2001.

Under the World Bank's arbitration procedures, the case will proceed before a three-member tribunal to assess Libananco's claim for damages. If the Bank finds in favour of the Cypriot company, it could eventually issue an injunction directing Turkey to return the assets and management of both utilities to the shareholders.

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