Due to arbitrary and unjustified termination of the concession contract for the construction and operation of the Chinchero Airport in Cusco, the Peruvian State will have to compensate Kuntur Wasi.
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The Arbitration Court of the International Center for Settlement of Investment Disputes (ICSID) notified the Kuntur Wasi Airport Society of the result of the arbitration it held in said international instance against the Peruvian State in relation to the unjustified termination of the Concession Contract for the construction and operation of the Chinchero Airport in Cusco in 2018. In that sense, it is maintained that Peru must pay US$91 million.
The international body established that Peru must compensate the Kuntur Wasi Airport Society for return of the guarantee, business profit, return of general expenses and the penalty for unilateral termination of the contract.
The established amount will also be subject to interest at the average active rate in dollars until the date the disbursement is made.
Likewise, the court unanimously determined that the concession contract and its addendum were fully lawful and that the Ministry of Transportation and Communications’ decision to terminate the contract unilaterally “was arbitrary and unjustified.”
Background
The Kuntur Wasi Airport Society went to ICSID in 2018 due to non-compliance with the obligations of the concession contract by the Peruvian State. and the decision to resolve it in an unjustified manner. However, the recent ruling confirms that the members of Kuntur Wasi would have acted in accordance with the framework of Peruvian legislation, during the negotiation and signing of the contract and its addendum.
Journalist from the Peruvian University of Applied Sciences (UPC) with a major in Management and Leadership. She is editor of La República in the economics section for digital and print.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
