PARIS, April 9 (Reuters) - Suez Environnement said international arbitrators had ordered Argentina to pay it $405 million in damages relating to the termination of a water and waste water management concession contract in Buenos Aires.
Suez subsidiary Aguas Argentinas was awarded the contract to manage the water and waste water services in the city in 1993, but the government ended the contract in 2006, Suez said in a statement on Thursday.
The International Centre for Settlement of Investment Disputes’ (ICSID) decision to award damages for “the prejudice suffered” follows a procedure lasting several years, Suez said.
“This decision represents an important step in the process of solving this dispute,” the French company said. “The next step consists of making sure that the ICSID’s decision is implemented.”
Based in Washington DC and operating under the World Bank, the ICSID is an international arbitration institution specialised in resolving disputes between states and foreign investors. (Reporting by James Regan; editing by John Irish)