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RusHydro refuses recounting of expenses, insisting on $ 37 million

RusHydro Russian company refuses audit of its costs during construction of the Upper Naryn hydropower plants. The head of the National Energy Holding of Kyrgyzstan Aitmamat Nazarov told at a meeting of Respublika — Ata-Jurt parliamentary fraction.

According to him, RusHydro insists on payment of $ 37 million.

«They took legal action. We are ready to pay, but asked them to once again calculate the costs. They refuse, demanding $ 37 million,» said Aitmamat Nazarov.

Recall, Board of Directors approved termination of RusHydro’s participation in Upper Naryn HPPs CJSC by selling 2.5 million ordinary registered shares, or 50 percent of the authorized capital, in favor of Electric Stations OJSC at a price determined based on a report of an appraiser. RusHydro filed a lawsuit to the Court of Arbitration in The Hague demanding to recover $ 37 million from Kyrgyzstan.