Philippine court sets $510.3 M payment to airport builder Piatco
The Supreme Court building INQUIRER FILE PHOTO/NIÑO JESUS ORBETA
The Philippine Supreme Court has ordered the government to pay at least $510.3 million to a consortium led by German airport operator Fraport AG that built Manila’s newest airport terminal.
The decision, made public Wednesday, ends years of legal wrangling over how much compensation Philippine International Air Terminals Co. (Piatco) should receive after the government expropriated Terminal 3, built by the consortium at the Ninoy Aquino International Airport.
The court said the government cannot gain title to the terminal until the consortium is fully paid.
Most of the construction of the terminal was completed in 2002. A year later the Supreme Court nullified the contract after finding that the consortium did not have the minimum equity needed to qualify for the project, and substantially altered the contract. TVJ
RELATED STORY
