The Government of Malta announced that it has “prevailed in international arbitration proceedings against Steward Healthcare,” following a ruling by the International Chamber of Commerce (ICC) tribunal. According to the Government, the award “upheld the Government’s primary defence and rejected Steward Healthcare’s contractual claim of circa €148 million.”
In its statement, the Government said that “the arbitral tribunal has rejected Steward’s claims and applied the restitution principles in accordance with Maltese Law. No damages have been awarded to either party.” It added that the tribunal “recognised that Malta received fair value for services delivered by Steward and payments made by the Government of Malta under the concession.”
Citing the ICC award, the Government said the total benefits received by Malta amounted to €889,434,091, compared to €884,644,629 for Steward Healthcare — with a shortfall of €4.78 million owed to Steward. The tribunal also rejected Steward’s claim that the Government had unlawfully terminated the concession.
The Government stated that it will continue reviewing the decision “with the State Advocate and its legal advisors” and that the outcome “vindicates the Government’s approach in protecting the national interest.”
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