Source: CIOB International News

The Philippines Supreme Court has rejected Piatco's appeal for dismissal of the corruption charges against its president Henry Go and others caught in the dispute over Manila's new airport terminal.

As reported recently by iCON, under the banner of Philippine International Air Terminals Co. Fraport AG, owners of Frankfurt International Airport, submitted a build-operate-transfer bid to the Philippine Government in the late 1990s for development of Manila's third air terminal.

Financing said to equal around $650 million was to be provided by an international banking consortium in which Fraport was committed to some $425 million investment. The company has always stressed that the contracts for building and operating the international terminal are legally binding under international law.

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Posted by pichu at April 23, 2007 11:45 PM