Turkish fertilizer producer Bagfaş AŞ is to pay €24.5 million (approximately $26.6 million) to German engineering company Thyssenkrupp Industrial Solutions AG after Turkey’s top appeals court rejected Bagfas’s appeal of a ruling by the International Court of Arbitration, Bloomberg reported, citing a company filing.
According to the filing, Bagfaş had filed arbitration proceedings against Thyssenkrupp due to the German engineering group’s alleged failure to fulfil warranty tests in accordance with its contract obligations at Bagfaş’ CAN/AN plant, which was commissioned and put into production in the third quarter of 2015.
However, according to the filing, since it was not possible to directly enforce the international arbitration award in Turkey, Thyssenkrupp filed the lawsuit in Turkish courts.