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King & Spalding Wins USD 250 Million Arbitration Award for Micula Against Government of Romania

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The International Centre for the Settlement of Investment Disputes granted Ioan Micula and three of his companies – represented by King & Spalding – a USD 250 million award against the Republic of Romania.

It found that Romania's early termination of a multi-year incentive program was improper, despite evidence showing that Romania was required to terminate the program prematurely to comply with European Union law.  

Although the EU Commission intervened in the case on behalf of Romania, the ICSID rejected the suggestion that a State can rely on its EU obligations to escape liability when it has violated specific legal protections owed to foreign investors.  As a result, King & Spalding claims that this award “could have an impact on the evolution of international law.”

King & Spalding international arbitration Partners Eric Schwartz, Reggie Smith, Ken Fleuriet, and Craig Miles worked on the case, along with counsel Ric Toher, senior associate Amy Frey, and associate Jamie Miller.

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AVELLUM is a leading Ukrainian full service law firm with a key focus on Finance, Corporate, Dispute Resolution, Tax, and Antitrust.

Our aim is to be the firm of choice for large businesses and financial institutions in respect of their most important and challenging transactions.

We build lasting relationships with our clients and make them feel secure in new uncertain economic and legal realities.

We incorporate the most advanced Western legal techniques and practices into our work. By adding our first-hand knowledge, broad industry experience, and unparalleled level of service we deliver the best results to our clients in their business endeavours. Our partners are taking an active role in every transaction and ensure smooth teamwork.

AVELLUM is recognised as one of the leading law firms in Ukraine by various international and Ukrainian legal editions (Chambers, The Legal500, IFLR1000, The Ukrainian Law Firms, and others).

Firm's website: www.avellum.com

 

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