The State Attorney’s Office of the Republic of Croatia announced on Thursday that the International Centre for Settlement of Investment Disputes, based in Washington, had rejected the lawsuit filed by Aaron Frenkel against the Republic of Croatia, which sought €225.1 million in compensation for the unrealized Golf Srđ project.

Dubrovnik Mayor Mato Franković presented the announcement from the State Attorney’s Office at an extraordinary press conference, stating that this ruling finally marks the end of the years-long legal dispute between the investor and the Republic of Croatia.

"All issues have been fully resolved. The only remaining matter is the concession for the Imperial Fortress area. You know that arbitration in Zagreb ruled in favor of the City of Dubrovnik. However, there are other legal options they can pursue. But we should soon take possession," he said.

He emphasized that this was a major victory for the City of Dubrovnik and the Republic of Croatia and a significant defeat for Aaron Frenkel and all those who, he said, had been warning for years that Croatian citizens would have to pay the compensation.