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"Business Insider Africa": Western arbitration exploited Albania, Becchetti manipulated the decision

2024-12-16 17:50:00, Aktualitet CNA
"Business Insider Africa": Western arbitration exploited Albania,
Italian businessman, Francesco Becchetti

"Business Insider Africa" ??has published an article, where it has edited what it calls the failures of the institutions that are led by the West.

African media have written that bodies such as the World Bank, the International Monetary Fund (IMF) and the International Center for Settlement of Investment Disputes (ICSID) have disproportionately favored rich Western countries, to the detriment of developing countries.

" Business Insider Africa " ??has mentioned several projects, such as the Bujagali Hydropower Plant in Uganda, which it says cost twice the initial budget.

As an example, the Becchetti case with Albania was also treated, where it was emphasized that the Arbitration has exploited our country.

This media has raised doubts that the Italian businessman, Francesco Becchetti, has manipulated the Arbitration process, using corrupt practices and as a result the Albanian government has been forced to pay 110 million euros.

"Business Insider Africa": Western arbitration exploited Albania,

Excerpt from the article:

The Becchetti Case: How Western Arbitration Exploits Developing Nations

The case of Italian businessman Francesco Becchetti, who filed a lawsuit against the Albanian government through ICSID, serves as a powerful illustration of how Western investors use Arbitration mechanisms to exploit developing countries, as recently reported by India's The Laë Street. Becchetti accused Albania of expropriating his assets, which included a hydroelectric project and a media company, Agon Channel. In 2019, ICSID ruled in favor of Becchetti, awarding him a staggering €110 million in compensation – a decision that was initially hailed as a victory for investors' rights.

However, emerging evidence has cast serious doubts on the legitimacy of this decision. Investigations have suggested that Becchetti allegedly manipulated the Arbitration process, interfering with the appointment of judges and possibly using corrupt practices. According to reports from the Albanian government, Becchetti's close associate, Marco Giontella, alleged that Becchetti orchestrated fraudulent schemes to influence the results of the Arbitration. Evidence suggests that Becchetti may have influenced the selection of key judges, potentially securing their support through bribery to achieve a favorable outcome.

Additionally, Becchetti's valuation expert in the ICSID case, Alberto Pasquale, admitted to falsifying Agon Channel's financial valuation, inflating its value to maximize compensation. In a statement given to investigators, Pasquale revealed that he knowingly misled the court, exaggerating the company's growth potential despite his private belief that Agon Channel was commercially unviable. His testimony underscores the extent of Becchetti's alleged control over the proceedings, with Pasquale referring to him as "The Boss" and admitting that his testimony was tailored to serve Becchetti's interests rather than the facts.

The implications of these findings are far-reaching. For Albania, the decision has imposed a significant financial burden, with court-ordered payments leading to the seizure of important state assets, including Eurocontrol's aviation fees that support Albania's air traffic management. Albania has appealed the decision in multiple jurisdictions, challenging both the integrity of the ICSID decision and the Belgian court's enforcement, arguing that these funds are essential for national security and public welfare. This case illustrates how Arbitration mechanisms, originally designed to ensure fair treatment for investors, are being used by influential figures to exploit developing countries, highlighting the urgent need for African countries to create alternative Arbitration frameworks that give Priority to transparency and justice./ CNA





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