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Georgiev, Todorov & Co. Successful in Atomstroyexport Arbitration

Bulgaria
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Georgiev, Todorov & Co. (GTC), working with Sidley Austin, has successfully represented the Russian company Atomstroyexport in a dispute with the Bulgarian National Electric Company (NEC) before a three-member panel of the International Court of Arbitration at the International Chamber of Commerce in Geneva involving the Belene nuclear power plant. NEC was represented by White & Case.

According to the panel’s judgment, NEC is required to pay Atomstroyexport EUR 620 million. GTC reports that, “as the applicable law in the case was Bulgarian law, it also allows for high interest on arrears which can be charged over the claim, as well as for previous periods."