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Micula Brothers Win Legal Battle Against Romania

On the 11th of December 2013, entrepreneurs Ioan and Viorel Micula, owners of European Food & Drinks group, have won the legal dispute with the Romanian state before the ICSID Court of Arbitration in Washington. The case concerned the cancellation of a series of fiscal incentives for investment in disfavored areas and fell under the Bilateral Investment Agreement between Romania and Sweden.

The case was brought before the International Centre for Settlement of Investment Disputes (ICSID) in 2005 and in 2008, on the 24th of September, the Tribunal issued a decision on jurisdiction and admissibility.

Dragne & Asociatii has assisted Mr. Viorel Micula and S.C. Rieni Drinks S.A. in this arbitration from 2010 while part of the team (i.e., Mr. Stelian Garofil, Ioana Oprea, Gabriel Paraschiv and Andreia Oana Dumitrescu) have worked on this case since 2008. After 8 years of arbitration, the  Tribunal ruled in favor of the investors and decided that the Romanian state has to pay damages exceeding USD 250,000,000.

The subject has been covered extensively by the media:

 Download the file – Ziarul Financiar 1 [PDF, 286 KB]  Download the file – Ziarul Financiar 2 [PDF, 196 KB]  Download the file – Ziarul Financiar 3 [PDF, 255 KB]  Download the file – Ziarul Financiar 4 [PDF, 153 KB]  Download the file – Ziarul Financiar 5 [PDF, 141 KB]  Download the file – Wall-Street.ro 1 [PDF, 117 KB]  Download the file – Wall-Street.ro 2 [PDF, 111 KB]  Download the file – HotNews.ro [PDF, 249 KB]  Download the file – Bursa [PDF, 282 KB]  Download the file – Business24.ro [PDF, 101 KB]  Download the file – DailyBusiness.ro [PDF, 290 KB]  Download the file – Finantistii [PDF, 86 KB]  Download the file – Gandul [PDF, 185 KB]  Download the file – Income Magazine [PDF, 238 KB]  Download the file – Incont.ro [PDF, 130 KB]  Download the file – Monitorul SV [PDF, 82 KB]  Download the file – Nine O’Clock [PDF, 22 KB]  Download the file – Realitatea.net [PDF, 236 KB]  Download the file – Adevarul [PDF, 60 KB]  Download the file – aVocatie.ro [PDF, 315 KB]  Download the file – Avocatura.com [PDF, 146 KB]  Download the file – BizLawyer.ro [PDF, 93 KB]  Download the file – TopLegal.ro [PDF, 210 KB]