The Arbitration Court issued a ruling rejecting the claimants' demands and requiring them to reimburse a total of about $2.8 million to Armenia as compensation for the expenses incurred, the international legal adviser to the Armenian Prime Minister's Office reported.
Arbitration case related to the construction of the railroad and expressway (within North-South International Transport Corridor - ed.) was initiated in accordance with the agreement on mutual encouragement and protection of investments between Armenia and US, as well as with the agreement between a private company and the Armenian Government back in 2012.
The plaintiffs alleged that Armenia had breached the concession agreement. They demanded that a total of nearly $331 million be forfeited from Armenia.