A British company says it has secured funding for a 195 million euro arbitration against Kosovo

A British company says it has secured funding for a 195 million euro arbitration against Kosovo

British company Eco Buildings Group PLC, specialized in modular construction and marble extraction, has announced a significant progress in the international arbitration process initiated by its subsidiary, Fox Marble Ltd, against the Republic of Kosovo.

In an official announcement, the company confirmed that it has secured full legal financing from Atticus Litigation Financing, a new litigation financing fund, which is expected to begin operations in August 2025.

Atticus is advised by Nick Rowles-Davies, a globally recognized name in the sector, who was previously the head of Burford Capital PLC, the world’s largest litigation funder.

This funding will enable Fox Marble to fully pursue the 195 million euro claim through the International Court of Arbitration, where the process of selecting the arbitration panel has already begun.

According to the company, the matter relates to large losses allegedly caused by inappropriate and unfair actions of several state agencies in Kosovo.

Based on claim of the company, the Kosovo authorities, namely the Independent Commission for Mining and Minerals and the Kosovo Business Registration Agency have refused to register the transfer of ownership after reaching an agreement for the purchase of shares of Green Power Sh.PK and Scope Sh.PK

Legal representation was obtained from BSA Law, an international firm based in Dubai, operating through a Contingent Fee Agreement (CFA).

“This is an important moment to move forward with this matter. With the offer of full financing from Atticus and the support of a strong law firm like BSA Law, we are fully confident in a positive outcome. This reinforces our legal position and demonstrates the seriousness of our lawsuit,” said Sanjay Bowry, Executive Director of Eco Buildings.

This matter was previously mentioned in the AIM Admission Document published on 28 April 2023 and in the Company’s announcement on 5 May 2023.

According to an earlier article by the British media outlet ‘The Telegraph’, the arbitration documents claim that before Fox directors reached the transfer of shares, the owners of Green Power and Scope, through their lawyers, challenged the validity of the agreement, saying that the deal had been voided.

When Fox attempted to register ownership of Green Power and Scope with Kosovo’s ARBK business registration department, the application was rejected.

Kosovo’s mining regulator also withdrew the company’s license.

The document submitted to arbitration further states that this meant “significant financial losses. They also lost a major financial backer from the US that would have helped finance 40 quarries and factories in Kosovo.”

Eco Buildings is a leader in sustainable building technology and prefabs, using the patented GFRG panel system.

The company provides fast, affordable and environmentally friendly solutions for global housing markets. /Telegraph