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Article: Czech Republic Will Pay Immediately If Stockholm Court Upholds Tribunal's Award; - Czech Republic to Pay More Than $354,656,000 Into Escrow -.
- Article from:
- PR Newswire
- Article date:
- March 31, 2003
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Central European Media Enterprises Ltd. (CME) today announced that CME and the Czech Republic have reached an agreement with regard to the Tribunal's Final Award and further proceedings by the parties. The Czech Republic will deposit the full amount of the Final Award plus interest in an escrow account.
An International Arbitration Tribunal issued a Final Award in favor of CME in its proceedings against the Czech Republic on March 14, 2003. CME was awarded $269,814,000 which together with $1,007,749.81 of costs from the Partial Final Award of September 13, 2001 plus interest at 10% calculated from February 23, 2000 on the Final Award, and from September 14, 2001 ...