A request by MTS the franchisee for the Tel Aviv Light Railway to issue an order against the nationalization of the Tel Aviv Light Railway has been rejected by a panel of arbitrators. The request was filed as part of MTS claim for NIS 2 billion in compensation.
The suit was filed after the government informed MTS on August 10 that the franchise had been cancelled after the consortium had failed to secure financing for the project.
MTS had won the tender for the project on December 31 2006.
The arbitration panel comprised emeritus judges Boaz Okun and Yehudit Tsur and Adv. Eli Zohar.
MTS is a consortium comprising Africa-Israel Investments Ltd. (TASE:AFIL), Egged Israel Transport Cooperative Society Ltd., Siemens AG (NYSE: SI; XETRA: SIE), China Civil Engineering Construction Corporation (CCECC), and Sociedade de Construcoes Soares da Costa SA of Portugal.
Published by Globes, Israel business news - www.globes-online.com - on December 19, 2010
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