French-Lebanese shipyard executive and developer Iskandar Safa this month requested arbitration by the International Centre for Settlement of Investment Disputes (ICSID) in his dispute with the Greek state over the Hellenic Shipyards.
Safa co-founded and co-manages the Privinvest group, which acquired a controlling stake in the troubled Piraeus-area shipyard in 2010.
Safa is seeking arbitration in his capacity as an individual investor in the company, and is citing a bilateral investment pact between Lebanon and Greece to base his claims.
On its part, the Greek state also requested arbitration in the same case from the International Court of Arbitration against Privinvest, the shipyards and its previous owners.
