International Court of Arbitration

International Court of Arbitration in Paris

Arbitration panel of the International Court of Arbitration in Paris has rendered the final award that the Republic of Serbia is obliged to return to the UHL Holdings "Serbia Tourist" a.d. and to pay 3,000.000 Eur!

14.05.2011.

Arbitration panel of the International Court of Arbitration in Paris has rendered the final award that the Republic of Serbia is obliged to return to Srba Ilic, an american-serbian businessman, the "Serbia Tourist" a.d. company which has been taken from him by the decision of termination of the privatization contract in 2006, and to pay 3,000.000 Eur as a compensation. In addition, there was a commitment to the Privatization Agency of the Republic of Serbia worth U.S. $ 1,000,000.00 for unpaid bank guarantees, as well as the costs of the proceedings, expertise and overhead costs of Mr. Srba Ilic.

The team of UHL Holding's attorneys and lawyers, whose members were Alexander Lojpur, Milorad Belic, Nebojsa Stankovic, Dejan Nikolic, Ivana Racković, Senka Gajin and Milan Lazic has succeeded to prove that the contract of sale and purchase of social capital through a public tender No. . 1 - 2169/03-505/02 concluded on 16.09.2003. between the UHL Holdings Limited, a joint-stock company for the hospitality, tourism, foreign and domestic trade and gambling, "Serbia tourist" Niš and the Privatization Agency of the Republic of does exists and is still valid.

Download Final Award (PDF format)