ITACO Launches Multi-Billion Dollar Arbitration Against Vietnam
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Wednesday, July 6, 2022
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HOUSTON, July 05, 2022 (GLOBE NEWSWIRE) -- Tan Tao Investment & Industry Corporation ("ITACO"), a public company chaired by Dr. Maya Dangelas, launched a billion-dollar arbitration proceeding against Vietnam under the Agreement between the United States and the Socialist Republic of Vietnam on Trade Relations (the "Treaty") pursuant to the 1976 UNCITRAL Rules (the "Arbitration").
Key Points:
- HOUSTON, July 05, 2022 (GLOBE NEWSWIRE) -- Tan Tao Investment & Industry Corporation ("ITACO"), a public company chaired by Dr. Maya Dangelas, launched a billion-dollar arbitration proceeding against Vietnam under the Agreement between the United States and the Socialist Republic of Vietnam on Trade Relations (the "Treaty") pursuant to the 1976 UNCITRAL Rules (the "Arbitration").
- Dr. Dangelas elaborated:
"The Arbitration follows from a series of attacks by the then Prime Minister Nguyen Tan Dung and the Vietnamese corrupted system against my companies such as ITACO. - ITACO's industrial parks have drawn thousands of foreign investors to Vietnam and transformed many areas of Vietnam by providing jobs and utilities to local citizens.
- "A billion dollar thermal power plant of Tan Tao Group is about to be 'wiped out'", Dan Tri, 4 October 2017.