NewsWhore
02-09-2007, 04:10 PM
Radhames Segura, head of the State Run Electric Companies (CDEEE), says the government may seek US legal counsel to prepare for the legal dispute with Trust Company of the West (TCW). Trust Company of the West owns 50% of the power distribution company, EdeEste. The government has also asked the Chamber of Accounts to audit EdeEste, which is run by AES Dominicana. The government hopes that the audit will strengthen its position in the case. TCW claims the government owes them US$680 million and has violated "the rules of the game" in order to operate in the country. Diario Libre writes that TCW is looking to receive the same treatment as Union Fenosa when the Mejia government bought out their shares in EdeNorte and EdeSur, in a transaction that was openly criticized for being against the country's best interests.
Power Superintendent Francisco Mendez said that the country may take the case to international arbitration, as reported in Hoy. He comments that TCW is claiming breach of contract because the Superintendence of Power did not apply the tariff increases as stipulated in the capitalization contracts.
More... (http://www.dr1.com/index.html#8)
Power Superintendent Francisco Mendez said that the country may take the case to international arbitration, as reported in Hoy. He comments that TCW is claiming breach of contract because the Superintendence of Power did not apply the tariff increases as stipulated in the capitalization contracts.
More... (http://www.dr1.com/index.html#8)