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Comment on Ioan Micula and others vs. Romania

15.10.2014

Authors:
Dr Marek Świątkowski

On 11.12.2013, the Arbitral Tribunal in the case of Ioan Micula, Viorel Micula, S.C. Eropean Food S.A., S.C. Starmill S.R.L. and S.C. Multipack S.R.L v. Romania rendered an Award holding that Romania had violated Article 2(3) of the Bilateral Investment Treaty between Sweden and Romania by failing to ensure fair and equitable treatment. Consequently, the claimants were entitled to damages of approximately 85 million Euro plus compound interest on a quarterly basis. The Tribunal dismissed the claimant’s allegations that Romania had violated Article 2(4) of the treaty by failing to observe obligations entered into with the claimants. In light of this decision, the Tribunal found that it did not need to determine whether or not Romania had breached other provisions of the treaty (i.e. the obligation not to undertake unreasonable or discriminatory measures or the undertaking to avoid expropriation).

Full content of the article is available in attached PDF.

Source: Polish Review of International and European Law (2013, Vol. 2, Issue 4); International Centre for Settlement of Investment Disputes 2014

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