Lithuanian Investors Sue Serbia Over HIP Azotara Deal, BNS Says

A London arbitration body will rule in April on two Lithuanian companies’ claim against the Serbian government over a privatization deal that collapsed in 2009, Baltic News Service reported.

UAB Arvi & Co. and Sanitex UAB, which bought Serbian fertilizer maker HIP Azotara from the state in 2006, are seeking damages of 50 million euros ($63.7 million) for what they say was a political decision by the government to take back ownership of the factory, BNS said.

The International Centre for Settlement of Investment Disputes has agreed to hear the case and plans to issue a decision on April 21, Arvi & Co. Chairman Vidmantas Kucinskas said, according to the newswire.

To contact the reporter on this story: Bryan Bradley in Vilnius at bbradley13@bloomberg.net

To contact the editors responsible for this story: Balazs Penz at bpenz@bloomberg.net; James M. Gomez at jagomez@bloomberg.net

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