Zamfirescu Racoti & Partners and Tanasescu Gavrila & Asociatii have successfully represented the Romania state in an ICSID investment arbitration initiated by Alpiq AG Switzerland involving claims of over USD 450 million.
According to ZRP, "by the arbitration request filed in November 2014, the mother-company of two Romanian subsidiaries acting as energy traders claimed for damages following termination of two long-term energy supply contracts concluded with state-owned Hidroelectrica, Romania’s biggest power producer. Alpiq grounded its arbitration request on the bilateral investment treaty concluded between Switzerland and Romania and on the multilateral Energy Charter Treaty and it alleged expropriation of its investment in Romania and breach of the State’s fair and equitable treatment obligation."
"After rejecting Romania’s jurisdictional objections," ZRP explained, "the arbitral tribunal fully dismissed Alpiq’s damages claims of over USD 450 million and ruled that Romania observed its undertaken obligations as host State and did not breach the investor’s rights."
“Romania obtained a well-deserved victory following long legal proceedings," ZRP Senior Partner Calin-Andrei Zamfirescu declared. "The decision of the arbitral tribunal to reject Alpiq’s claim and to rule in favor of the Romanian State is a legal and grounded judgement, fully founded on the evidence produced in this case. This success was possible thanks to a truly dedicated team of professionals who proved once more that it can handle the most sophisticated and complex international disputes."
Tanasescu Gavrila & Asociatii Managing Partner Cristian Gavrila described it as "a balanced award which confirms the impartiality adopted by ICSID tribunals when settling such arbitration disputes, without getting sidetracked by vociferous emotional vocalization. We are happy to have been able to allow for such a result, following constant consideration for discerning the essential from the secondary, a quality in the absence of which one cannot prevail in such complex matters."
In addition to Zamfirescu and Gavrila, the team of lawyers that represented Romania in the international arbitration was coordinated by ZRP Managing Partner Cosmin Vasile and TGA Senior Partner Victor Tanasescu. The team also included ZRP Partners Alina Tugearu and Monica Strimbei and Managing Associates Cosmin Cojocaru, Violeta Saranciuc, Ovidiu Serban, and Laura Retegan, and TGA Managing Partner Carina Tanasescu and Senior Associate Cristina Solcan.