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Fraport AG Receives EUR41.9 Million Under Germa...
Fraport AG Receives EUR41.9 Million Under Germa....
About this update from Firering Strategic Minerals Plc
[{"type":"text","content":"\n \n\n\n\nFRANKFURT AM MAIN, Germany, April 16 /PRNewswire/ -- The German government \nagreed today to pay Fraport AG EUR41.9\nmillion under the federal government's investment guarantee for capital\ninvestments outside Germany. Fraport AG had concluded such a guarantee\ncontract as protection against political risks for its equity investment made\nin the Manila project. The amount can be increased, when specific\nrequirements are met, by a further EUR3.9 million - and is being made with a\nconditional payback provision, oriented on the outcome of the legal\nproceedings. Furthermore, the payment is subject to Fraport AG's acceptance\nof payout conditions. This payment is expected to occur in three months. The\nimpact of this payment on Fraport AG's financial results is currently being\nexamined.\n\n\n\n In addition to this payment, Fraport AG is pursuing further\nclaims that are not covered by the federal government's investment guarantee.\nFraport AG and the joint-venture company in the Philippines are pursuing\ntheir compensation claims against the Philippine government at national and\ninternational courts.\n\n\n\n Fraport AG already made a complete write-down on its financial\ninvestment in the Manila terminal project in fiscal years 2001 and 2002, and\nreceived a first payment of approximately EUR27 million in 2006.\n\n\n\n Fraport executive board chairman Dr. Wilhelm Bender expressed\nhis pleasure with the German government's compensation: \"This is only the\nfirst step. The unlawful behavior of the Philippine government will not pay\noff. We will not accept the expropriation done and we will get our money back\nfor our engagement in the Philippines,\" said Bender.\n\n\n\n Print-quality photos of Frankfurt Airport and Fraport AG are\navailable free for downloading via the Internet at http://www.fraport.com\n(Menu: select Press Center - then Photo Service).\n\n\n\n For TV news and information broadcasting purposes only, we\nalso offer free footage material for downloading via\nhttp://fraport.cms-gomex.com.\n\n\n\n \n For Further information, Please Contact:\n \n Fraport AG Frankfurt Airport Services Worldwide,\n Robert A. Payne, B.A.A. - Manager International Press,\n Press Office (Dept. UKM-PS), Corporate Communications (UKM),\n 60547 Frankfurt am Main, Federal Republic of Germany,\n Tel.: +49-69-690-78547; Fax: +49-69-69...