Friday 16 November
Powered by Ajaxy
Feb 14, 2018 @ 17:35

Maynilad contests govt’s move to delay arbitration panel’s ruling


Maynilad Water Services, Inc. is coordinating with its Singapore counsel to fend off the government’s bid to set aside a decision handed down by an international arbitration panel that awarded the water firm about P3.4 bilion in indemnity for the delayed implementation of relevant tariffs.

Parent firm Metro Pacific said “Maynilad is . confident that there are no valid and meritorious grounds to challenge or set aside the arbitral award, and that the Republic’s latest efforts to frustrate and stonewall the enforcement of the Arbitral award will fail.”

The arbitration panel upheld the validity of Maynilad’s claim against the undertaking letter issued by the government, through the Department of Finance, and ordered the government to compensate Maynilad for its revenue losses, resulting from the refusal of the Metropolitan Waterworks and Sewerage System to grant its periodic rate adjustments as stipulated in the 1997 concession agreement.

Maynilad said the money to be recovered from the government would be used to further improve water supply and wastewater management service in Metro Manila’s West Zone.

Please follow and like us:

Tags: , , , , , ,

Related Stories
Jolliville Holdings Corp. is further expanding its presence in the water distribution business with the
Ford chief Jim Hackett on Wednesday ramped up his warnings about the tariffs imposed by
China on Tuesday vowed to retaliate against the United States and warned of "uncertainty" in
President Donald Trump, to the alarm of US trading partners, has kept his course of


Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.