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SOCIETE Generale de Surveillance (SGS) said it has struck an
agreement with the Philippine government on the settlement of
receivables associated with pre-shipment inspections contracts
discontinued in 2002, the Swiss company said Monday.
In a statement posted on its website, the
company said the government will pay 150 million Swiss francs
equivalent to P6.2 billion in two equal installments this year until
2009.
“I am delighted that we could bring this
matter to a fruitful conclusion. We are now, finally, in a position
to put these matters behind us. For this, the Board of Directors of
SGS thanks the Government of the Republic of the Philippines for
their continuous, constructive cooperation during the settlement
process,” Sergio Marchionne, SGS chairman said.
The settlement will be recognised in SGS’
consolidated accounts as an exceptional item, the statement said.
SGS also said the agreement is registered as an
award of the International Center for the Settlement of Investment
Disputes.
SGS sued the government for nonpayment of over
P6 billion in pre-shipment inspection services it rendered.
-- Chino S. Leyco
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