**Disappointing Ruling on Anaklia Port Project**
A recent decision by the International Centre for Settlement of Investment Disputes (ICSID) has been met with disappointment from investor Bob Meyer and the Anaklia Development Consortium. The ICSID tribunal ruled against Mr. Meijer’s claim to recover the value of his investment in the Anaklia Deep Water Port project.
**A Narrow Question**
Mr. Meijer notes that the tribunal only examined a narrow question: whether the Georgian government was within its rights under the Georgia-Netherlands bilateral investment treaty to terminate the Investment Agreement with the Anaklia Development Consortium. This limited focus has been criticized as not addressing the broader issues surrounding the project’s development.
**Broken Promises**
The Anaklia Development Consortium emphasizes that the ICSID ruling does not change the fact that the Georgian government failed to uphold its commitments to develop the Anaklia Port. Despite years of broken promises and empty rhetoric, no signed agreement with a developer has been reached, and actual construction has yet to begin.
**Missed Opportunities**
The consortium highlights the potential benefits of the Anaklia Port project, which would have provided thousands of jobs for Georgians, boosted the nation’s economy, and established Georgia as a vital link in global commerce. The government’s failure to support the project has resulted in missed opportunities and a tarnished reputation on the world stage.
**Background**
The Anaklia Development Consortium is a group consisting of Georgian, Dutch, British, Bulgarian, American, and individual investors, including Mr. Meijer. In 2020, they filed a request for arbitration to recover their investment and rights in the Anaklia Deep Water Port project after the Georgian government terminated the Investment Agreement.
**Arbitration Proceedings**
Mr. Meijer’s ICSID claim was denied in July 2024, while ADC’s ICC claim was also rejected earlier this year. The arbitrations were represented by a legal team led by Mr. Andy Moody at Baker McKenzie and Ms. Ketevan Kvartskhava at BLC.
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