Spotmedia | 5 April 2024
Romania seizes Gabriel Resources’ shares in Roșia Montană
Romania, through the Fiscal Authority (ANAF), has placed a lien on over 80% of the shareholding held by Gabriel Resources in Roșia Montană Gold Corporation (RMGC) to recover its $10 million arbitration costs incurred over a 9-year process in Washington.
The International Centre for Settlement of Investment Disputes Tribunal at the World Bank (ICSID) has ordered Gabriel Resources to pay Romania approximately $10 million in taxes and court fees following Romania’s victory.
The decision is binding for both parties, and the amount owed incurs interest equivalent to the 3-month U.S. Treasury bill rate until payment, as reported by Profit.ro..
Consequently, ANAF has sent a payment notice to Gabriel Resources, and subsequently, a lien has been placed on their 80.69% stake in RMGC, preventing the mining company from selling or transferring the shares.
The remaining 19.31% stake in the capital is held by the Romanian state company Minvest Roșia Montană, controlled by the Ministry of Economy.
Gabriel Resources deems the lien premature and intends to challenge it.
Additionally, the company may seek the annulment of the ICSID decision rejecting its claims against Romania, the only possible recourse in the arbitration process.
Asked about this matter, Prime Minister Marcel Ciolacu stated that ANAF is doing its duty.
"ANAF is doing its duty. We won a lawsuit. Legal procedures have been initiated. I assume that if they had won the lawsuit, they would have done the same," said Marcel Ciolacu, quoted by News.ro.
