Latest development Dec 2024
The investors filed a new treaty claim over non-payment.
The award
- Amount awarded
- About €110M
- Award holder
- Hydro Srl, Francesco Becchetti and other Italian investors
- Respondent
- Republic of Albania
- Forum
- ICSID (ARB/15/28, not verified) · Italy–Albania BIT
Challenges
An ICSID ad hoc committee upheld the award. In Paris, the Court of Appeal declined to annul it (December 2025) and held that it has no power to review ICSID awards (June 2026).
Enforcement
Belgium: Albania’s air-traffic revenues were attached. Albania’s appeal was rejected and it was fined (November 2024).
Recovered to date
None reported