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Schoenherr Assists the Republic of Moldova in ICSID Tribunal

Schoenherr Assists the Republic of Moldova in ICSID Tribunal

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Schoenherr has represented the Republic of Moldova in front of an ICSID Tribunal, which on June 28, 2018, dismissed the bulk of damages sought by a group of US investors in a claim filed against the country under the state's bilateral investment treaty with the USA.

The dispute arose out of the investors' acquisition and subsequent loss of agricultural lease rights in Moldova's northern Floresti District. The investors claimed around USD 15 million in lost profits, interest, and other damages, and over USD 3 million in costs.

The arbitration commenced in February 2016. An evidentiary hearing, the first in Austria, was held at Schoenherr's Vienna office in December 2017.

In its award, the Tribunal dismissed the investor's claim for lack of jurisdiction, and awarded "only a small fraction of the amount claimed" -- around USD 400,000. According to Schoenherr, "since the State made no contribution to the costs of the proceedings, the investors were also awarded a portion of their arbitration costs and legal fees. Their other claims were all dismissed."

The Schoenherr team was led by Counsel Leon Kopecky and Associate Victoria Pernt, supported by Chisinau-based Attorney at Law Vladimir Iurkovski and Associate Anna Cusnir.

 

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ACI Partners is a leading law firm in Moldova with an expanding network of partners throughout Europe. ACI Partners was established in 2006 and since then has managed to build a very strong and competitive legal practice. Our business strategy strives to deliver a solid and reliable service, going beyond merely grasping the law, which the clients may turn to whenever they need. In reaching this goal, ACI Partners employs a personalized approach to each client, showing a genuine respect for their values and unqualified commitment to their interests and needs, steadily investing in knowledge and data management and ensuring a working environment consistent with our clients’ quality demands and high expectations.

ACI Partners is a one-stop shop law firm proficient in all possible legal matters a business might come across in Moldova, starting with incorporation of a business, and obtaining of all the necessary regulatory permits, continuing with various daily matters, such as contracts, labor, and migration, and finishing with dispute settlement, insolvencies, and criminal investigations. But we pride ourselves especially for our unmatched expertise in most innovative and complex areas for Moldova, as Modern Financial Products, Data Protection, Renewable Energy, Competition, Clinical Studies, Public Procurement, and Regulatory. In our work, we always involve a team of professionals with the relevant skill-mix, which enables us to provide our clients with an integrated and comprehensive advice, superior to our competitors.

ACI Partners has advised the Government of the Republic of Moldova, businesses, international organizations, and other institutions on most challenging transactions, assignments and projects.

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