Fraport AG will continue pursuing its claims
According to press reports from Manila, the Supreme Court of the Philippines today announced a decision that the project and concession contracts for the construction and operation of the new international passenger terminal (IPT 3) at Manila Airport are completely null and void. These contracts were signed in 1997 between the Philippine state and the PIATCO concession consortium. Fraport AG has been a member of this consortium since 1999. On the basis of the reasons for the supreme court decision, which are expected to be available soon, the PIATCO partners will coordinate in the coming days further steps to be taken. Fraport expects that PIATCO - upon decision of the majority partner - will take legal action against this decision in Manila and, at the same time, will continue with its arbitration proceedings currently underway in Singapore. If today's supreme court decision becomes final and conclusive, then PIATCO should be able to claim compensatory damages for the completed terminal.
Simultaneously, Fraport will continue to make its own and direct claims against the Philippine state for compensation: for example, on the basis of the German-Philippine Investment Guarantee Treaty.