Inspection Contracts

Z�rich, Switzerland: (Apr-21-08) SGS, a Swiss inspection services firm, brought a lawsuit against the Government of the Philippines, over receivables linked to discontinued pre-shipment inspection contracts before 2002. In a recent announcement, the company's top officials stated that they have reached a settlement in the dispute, in which the Government of the Philippines will pay SGS a total of 150 million Swiss francs, or $147.6 million USD, in two equal installments in 2008 and 2009. SGS sources said that the settlement will be recognized in the company's consolidated accounts as an exceptional item and that the agreement is registered as an award of the International Centre for the Settlement of Investment Disputes. [REUTERS: SGS SETTLES CONTRACT DISPUTE WITH PHILIPPINES GOVT]

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Published on Apr-22-08