Orco resumes arbitration with Croatia over joint investment
PRAGUE Dec 17 (Reuters) - Developer Orco Property Group has resumed international arbitration proceedings with Croatia after not reaching a settlement over its Suncani Hvar hotels group in the west Balkans country.
The central European real estate group had said in July that it and the state of Croatia had suspended arbitration proceedings after reaching a "roadmap" on stabilising their joint investment into the hotels.
"The MOU (memorandum of understanding) has expired without a settlement and as such Orco has resumed the arbitration proceedings," Orco said in a release after market hours on Monday. (Reporting by Jason Hovet)
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