Following an international arbitration procedure before the International Center for the Settlement of Investment Dispute and amicable settlement negotiations, the Government of the Republic of Paraguay has reimbursed to SGS unpaid invoices associated with a former pre-shipment inspections contract discontinued in 1999.
SGS has thus received an amount of US$ 41 mio, excluding various legal and financial expenses associated with this recovery.
“I am very pleased with this settlement and we thank the Government of the Republic of Paraguay for their continuous and constructive cooperation in resolving this longstanding issue. This outcome is certainly a good sign for international investors planning to invest in Paraguay. “ said Chris Kirk, CEO of SGS.
For further information, please contact:
Jean-Luc de Buman
Communications & IR
1 place des Alpes
CH - 1211 Geneva 1
t: +41-22 739 91 11
f: +41-22 739 92 00
SGS is the world’s leading inspection, verification, testing and certification company. SGS is recognized as the global benchmark for quality and integrity. With more than 80,000 employees, SGS operates a network of over 1,650 offices and laboratories around the world.