A battle over plans to build a huge gold mine in Rosia Montana, a Romanian village boasting intact Roman mining shafts and 18th century houses, has moved to an international stage.
Protests against the Rosia Montana mine project continued for more than 15 years and resulted in the largest demonstrations in Romania since the late 1980’s.
The President of Romania agreed to submit to the Romanian Parliament draft legislation approving termination of 22 bilateral investment treaties that Romania concluded with other EU Member States.
Gabriel Resources announces an update in relation to its ongoing bilateral investment treaty arbitration against Romania proceeding under the auspices of the World Bank’s ICSID.
The arbitration dispute concerns the treatment applied by the Romanian authorities to the investments performed by KMG and KMGI in their Romanian subsidiaries.
Brothers Viorel and Ioan Micula won the lawsuit against the Romanian state at the International Centre for Settlement of Investment Disputes (ICSID), and were awarded USD 200 million in damages.
Gabriel Resources has filed a request for arbitration before the World Bank’s International Centre for Settlement of Investment Disputes against Romania over the Roşia Montană gold/silver project,
This case illustrates the risk that a Member State can be successfully sued by a company within ISDS for merely bringing its legislation or policies in line with EU legislation.
Un tribunal arbitral constitué sous l’égide du CIRDI condamnait l’Etat roumain à verser aux frères Micula, citoyens suédois ayant investi dans la distribution alimentaire et de boissons, le montant de 250 millions de dollars de dommages et intérêts.