Romania wins trial at the International Centre for Settlement

The International Centre for Settlement of Investment Disputes (ICSID) in Washington has taken the decision to close the law suit opened by S&T Oil Equipment and Machinery against Romania. The announcement was made by the representatives of the local law firm Tuca Zbarcea & Asociatii, which have counseled Romania in this trial.

Florentin Tuca, managing partner with the local law form said the ICSID took this decision as S&T Oil Equipment and Machinery had not paid in time the USD 300,000 required arbitration expenses.

S&T Oil Equipment and Machinery sued Romania three years ago, demanding USD 150 million in damages, on an alleged abusive expropriation from Romania’s side, decision which the company considered to have intervened with their the investment plans in local company Nitramonia Fagaras.

Dana Ciuraru

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