Uzbekistan wins $700 million international arbitration award

Uzbekistan has won a lengthy arbitration case against the Turkish company Bursel Tekstil Sanayi Ve Diş Ticaret A. Ş., which filed a claim for about $ 700 million. This was reported by the Ministry of Justice of the Republic of Uzbekistan.

The lawsuit was sent to the International Center for Settlement of Investment Disputes (ICSID). The Turkish side accused the Uzbek government of allegedly violating investment obligations, which, according to the company, led to the bankruptcy of three textile factories.

The trial lasted almost seven years. During the consideration of the case, the international arbitration court carefully examined the arguments of both parties. As a result, the court recognized the claims of the Turkish company as unfounded and completely rejected the claim.

In addition, the arbitration ordered the plaintiff to compensate all legal costs incurred by Uzbekistan in the course of the proceedings. This victory was an important legal and political precedent that confirmed the legitimacy of the Uzbek side's actions and the effectiveness of protecting the country's interests in the international arena.

The Ministry of Justice stressed that Uzbekistan continues to adhere to the principles of fairness and transparency in its investment policy, while ensuring the protection of its sovereign interests.