Un consorcio de Técnicas Reunidas y Samsung recibirá 120 millones de MGT Teesside por un arbitraje de 2021

Un consortium comprising Técnicas Reunidas and Samsung will receive 120 million euros from client MGT Teesside for an arbitration case filed in 2021, according to Técnicas Reunidas' statement to the CNMV on Friday. The Spanish company explained that the London arbitration court ruling issued on May 7 requires MGT Teesside to pay the consortium 73% and Samsung 27% of the net amount of 120 million euros.

This marks the end of an arbitration dispute initiated by the consortium in 2021 against its client concerning the termination of the contract and the execution of faithful performance bonds.

In relation to the Sitra Refinery project for Bapco, Techniques Reunidas reported that the Madrid district court lifted the restraining measures it imposed in May in favor of the company. These measures had suspended Bapco's payment of 133 million euros in bonds related to the dispute with the contractor consortium, which includes Técnicas Reunidas.

Consequently, the consortium has initiated arbitration proceedings in the London court to protect its rights and is in talks with its client to find a satisfactory solution for all parties involved.