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King & Spalding Wins USD 250 Million Arbitration Award for Micula Against Government of Romania

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The International Centre for the Settlement of Investment Disputes granted Ioan Micula and three of his companies – represented by King & Spalding – a USD 250 million award against the Republic of Romania.

It found that Romania's early termination of a multi-year incentive program was improper, despite evidence showing that Romania was required to terminate the program prematurely to comply with European Union law.  

Although the EU Commission intervened in the case on behalf of Romania, the ICSID rejected the suggestion that a State can rely on its EU obligations to escape liability when it has violated specific legal protections owed to foreign investors.  As a result, King & Spalding claims that this award “could have an impact on the evolution of international law.”

King & Spalding international arbitration Partners Eric Schwartz, Reggie Smith, Ken Fleuriet, and Craig Miles worked on the case, along with counsel Ric Toher, senior associate Amy Frey, and associate Jamie Miller.

Romanian Knowledge Partner

Țuca Zbârcea & Asociații is a full-service independent law firm, employing cross-disciplinary teams of lawyers, insolvency practitioners, tax consultants, IP counsellors, economists and staff members. It also operates a secondary law office in Cluj-Napoca (Romania), and has a ‘best-friend’ agreement with a leading law firm in the Republic of Moldova. In addition, thanks to the firm’s dedicated Foreign Desks, the team provides the full range of services to international investors seeking to gain a foothold or expand their existing operations in Romania. Since 2019, the firm and its tax arm are collaborating with Andersen Global in Romania.

Țuca Zbârcea & Asociaţii is providing legal services in every aspect of business, covering all major areas of practice: corporate and M&A; litigation and international arbitration; corporate tax; public procurement; TMT; employment; insurance; banking and finance; capital markets; competition; healthcare and pharmaceutical; energy and natural resources; environmental; intellectual property; real estate; regulatory legal services.

Țuca Zbârcea & Asociaţii is a First-Tier law firm in all international legal directories and a multiple award-winning law firm both locally and internationally. It received the CEE Deal of the Year Award (DOTY Awards 2021) and the Law Firm of the Year Award: Romania (IFLR Europe Awards 2021). 

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