Chisinau Airport's Concession: Svea Court of Appeal of Stockholm rejects claim by Komaksavia Airport Invest Ltd' against Moldova

The Svea Court of Appeal from Stockholm, Sweden, has rejected the claim filed by Komaksavia Airport Invest Ltd, Republic of Cyprus, against the Republic of Moldova, seeking the cancellation of the decision from August 3, 2022, issued by the Arbitral Tribunal of the Arbitration Institute of the Stockholm Chamber of Commerce. The dispute arose following Komaksavia's claims regarding the so-called investment in Avia Invest SRL, the former concessionaire of Chisinau International Airport.

“This decision represents a significant victory for the Republic of Moldova, showing that the state acted in accordance with legal principles and its international obligations,” emphasized the Ministry of Justice.

In May 2020, Komaksavia initiated arbitration against the Republic of Moldova, claiming that the state had intervened illegally and discriminatorily in its investment. In August 2022, the arbitral tribunal found that Komaksavia had not made a protected investment under the Agreement on the Reciprocal Promotion and Protection of Investments (between the governments of the Republic of Cyprus and the Republic of Moldova) and dismissed the claim for lack of jurisdiction.

“Komaksavia later challenged the arbitral tribunal's decision at the Svea Court of Appeal in Sweden, the seat of the arbitral tribunal, but, by the decision of February 14, 2025, the court rejected the claim and determined that the transfer of the 95% social share in Avia Invest's share capital to Komaksavia did not constitute a protected investment, and Komaksavia failed to prove that it made a contribution and did not assume a real economic risk. Thus, the arbitral tribunal correctly applied international rules on investment protection,” stated the Ministry of Justice.

The Svea Court of Appeal fully accepted the position of the Republic of Moldova and obliged Komaksavia to pay all the state's legal expenses, amounting to 105,000 euros and 10,000 U.S. dollars, plus interest.