Fraport AG Frankfurt Airport Services Worldwide

euro adhoc: Fraport AG Frankfurt Airport Services Worldwide
Justice/Processes / ICSID dismisses Fraport AG´s action for compensation against the Republic of the Philippines

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17.08.2007

The World Bank´s International Centre for Settlement of Investment Disputes (ICSID) in Washington, D.C., today August 17, 2007 announced its decision denying its jurisdiction to hear Fraport AG´s claim for compensation against the Republic of the Philippines. Fraport AG had instituted these arbitration proceedings in 2003 for expropriation without compensation of its investment in the terminal project in Manila. Fraport AG is investigating the decision as well as further actions in this matter.

Other legal proceedings are still pending in Manila and Singapore, where the project company, in which Fraport holds a 30-percent share, among other reliefs, also seeks just compensation. In September 2006, the project company received from the Philippine government a first down payment on the total amount of compensation which is still to be finally determined.

Already in 2001 and 2002, Fraport AG made a complete write-down on its investment in the terminal project in Manila.

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ots Originaltext: Fraport AG Frankfurt Airport Services Worldwide
Im Internet recherchierbar: http://www.presseportal.ch

Further inquiry note:
Stefan J. Rüter
Fraport AG, Investor Relations
Telefon: +49(0)69 690-74840
E-Mail: s.rueter@fraport.de

Branche: Transport
ISIN:      DE0005773303
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