Despite favourable rulings from the
The company's determination to seek legal recourse remains firm, with plans to appeal the court's decision to the Higher Administrative Court. Euromax contends that the government's rationale for withdrawing the merger approval is flawed, as it contradicts existing legal frameworks and imposes arbitrary timelines.
In response to the setback, Euromax has initiated a dispute under the Swiss-Macedonian bilateral investment treaty, signaling its intent to seek damages for perceived mistreatment by state institutions. While international arbitration was not initially the company's preferred route, it now stands as a viable option to address grievances and protect its investment.
“We are deeply disappointed by the Administrative Court's decision, which once again demonstrates a disregard for the applicable laws and an unwarranted deference to the Higher Administrative Court. It is concerning to witness such a pattern of judicial oversight, especially when international investors’ rights are at stake,” he said.
He added: “We cannot stand idly by as our rights are trampled upon, and our investments undermined. We remain steadfast in our resolve to protect our investment and uphold the rule of law, and we will utilise all available legal avenues to hold the Macedonian government accountable.”
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