Malta “received fair value” for services delivered by Steward Healthcare, according to the tribunal that was arbitrating a dispute between the American firm and the Maltese Government.

Steward Healthcare, which has been riven by scandal and filed for bankruptcy, had claimed €148 million from the Maltese Government over the termination of the controversial concession.

The concession concerned the privatisation of three public hospitals – St Luke’s Hospital, Karin Grech Hospital and Gozo General Hospital. It was struck down in Maltese Court after a legal challenge brought by former Leader of the Opposition Adrian Delia. The decision was confirmed on appeal.

Steward Healthcare had then opened a legal challenge before the International Chamber of Commerce.

In a statement released on Monday (today), the Maltese Government said it “prevailed” in the international arbitration proceedings.

“The tribunal upheld the Government’s primary defence and rejected Steward Healthcare’s contractual claim of circa €148 million,” it said.

“The arbitral tribunal has rejected Steward’s claims and applied the restitution principles in accordance with Maltese Law,” continued the statement, noting that no damages have been awarded to either party.

The arbitration tribunal assessed the value received by both the Government of Malta and Steward Healthcare, finding that “Malta received fair value for services delivered by Steward and payments made by the Government of Malta under the concession.”

According to the ICC award, the total benefits received by the Government of Malta stand at €889,434,091 while the benefits received by Steward Healthcare stand at €884,644,629, with a shortfall of €4.78 million owed to Steward Healthcare.

Additionally, the ICC tribunal rejected Steward’s claim that the Government of Malta had unlawfully terminated the concession and owed it contractual damages.

The Government said it would “continue reviewing the full decision with the State Advocate and its legal advisors to consider the legal implications of the award.”

It added: “The outcome of the arbitration proceedings vindicates the Government’s approach in protecting the national interest and ensures that public resources continue to be managed in the best interests of Maltese citizens.”