Swiss based developer launches US arbitration over construction project


Pawlowski AG, a company belonging to real estate developed Sebastian Pawlowski, has said it will launch international arbitration proceedings against the Czech Republic in the United States. The proceedings focus on land on the outskirts of Prague at Benice which was bought with a view to a giant housing project. Land zoning rules were first changed to allow the construction but later changed back resulting in a massive loss for the developer. The Ministry of Finance has refused an out of court settlement demanding 2.6 billion crowns in compensation.