Segura says lawsuit has no foundation

[NewsWhore]

Quoted in Diario Libre, State-Run Electricity Companies (CDEEE) head Radhames Segura explained that the Trust Company of the West (TCW) is alleging violations of four contracts with energy distributor EdeEste in order to support their lawsuit, but says that he has found no basis for their claim. Segura says that the TCW lawsuit is in response to the supposed violations of the subscription of assets, concessions, energy sale and purchase and the agreement made with AES for the capitalization of EdeEste, which began in 1999. Listin Diario writes that the government has hired Roger W. Thomas, from the Cleary Gottlieb law firm to represent the DR in the case. It was reported yesterday that a group of international businesses have joined in a lawsuit against the Dominican government, the CDEEE and specific government officials. The suit has been filed in the International Court of Arbitration at the United Nations in New York City. The total amount of the suit varies between US$535 million and US$680 million, sums that resulted from a loss of cash flow or from a reduction of capital.

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