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UBS terminates mandate for Ilisu

Global financial firm UBS has announced it is to terminate its advisory mandate for the controversial Ilisu project in Turkey.

According to a statement released by UBS, the decision was taken because of the ‘unsatisfactory’ progress of the project in recent years, coupled with fears over the social and environmental impact of the project.

News of the UBS withdrawal follows a similar announcement in November 2001 by UK-based engineering and construction firm Balfour Beatty that it would no longer be participating with the project.