Newsmakers
Frankfurt airport victory in Manila terminal dispute
October 1st 2015
The Supreme Court of the Philippines has ruled in favour of the Philippines International Air Terminals Co. Inc. (PIATCO) and its joint venture partner, Frankfurt Airport, in a decade long dispute with the Philippines government about the ownership of terminal 3 at Manila’s Ninoy Aquino International Airport. Read More » The judges directed the Philippines government to pay PIATCO and its partner US$510 million, which included the US$59 million the government paid to the company in 2006.
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The joint venture received approval to build the much needed terminal in 1997, but in 2002, the government took over the facility, shutting out the joint venture partners and refusing to compensate them for taking ownership of the facility. The case has travelled through the Philippines Justice system for the last ten years as the facility grew to handle 13 million passengers annually and earn corresponding revenue in retail and airport fees. Frankfurt Airport said it was waiting to hear if the parties to the decision would seek further legal recourse. No deadline was specified for the compensation to be paid.
