Mytilineos SA on Friday said it has requested from the Serbian government a payout of 40 million US dollars in compensation ordered by the International Arbitration Court for failed obligations involving the Serbian metals company RTB BOR.
In a letter sent to Serbia's Finance ministry, Mytilineos requested the immediate payment of the sum and noted that each day of delay burdened Serbian taxpayers with close to 3,000 US dollars. Interest since the October 19 court order went into effect has so far reached 200,000 US dollars.
In 1996, Mytilineos reached a partnership agreement with RTB BOR, one of the biggest metallurgic and metal mining/copper producer groups in the world, controlled by the Serbian state. However, in 2004, RTB BOR suspended payment of its debts to Mytilineos and the Greek company resorted to the International Arbitration Court.