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Rurelec agrees terms with Bolivia over compensation payment

Published: 07:57 30 Apr 2014 EDT

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Rurelec (LON:RUR) has reached an agreement with the Bolivian authorities for payment of compensation for the nationalisation of its power station assets in 2010.

In January, Rurelec was awarded US$35.5mln plus US$5.5mln of unpaid dividends by the Permanent Court of Arbitration in The Hague.

The ruling upheld Rurelec’s claim that Bolivia’s expropriation of the company’s 50.001% interest in Empresa Guaracachi breached a bilateral investment treaty between the UK and Bolivia.

In return for a waiver of the dividends and a small part of the compensation, Rurelec will receive the rest of the money in early May. 

It has requested a short extension to a US$15.5mln loan facility from Birdsong, which was due to be repaid today but will be met in full when it receives the cash from the Bolivians.


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