Romania-Insider | 6 January 2022
Romania wins EUR 2 bln dispute at ICSID against Romanian-Swedish investors Micula
by Andrei Chirileasa
A committee attached to the Washington International Court (ICSID) definitively rejected the RON 9 bln (EUR 1.8 bln) claims of Romanian-Swedish investors Ioan and Viorel Micula. It ruled in favour of the Romanian state, Economedia.ro reported.
The first ruling, in this case, was issued in March 2020, but the investors appealed it.
The two claimed in 2014 compensations from the Romanian state for the alleged unfair taxation system of the alcoholic products on the grounds of the Romanian-Swedish bilateral agreement on mutual guarantees for investments.
Earlier, Ioan and Viorel Micula were awarded compensations by ICSID for tax allowances extended by the Romanian state and cancelled in 2007 to comply with the European Union’s regulations. Romania paid RON 900 mln (EUR 200 mln) in compensations to the investors in 2019.