Wednesday , March 22 2023

Romania won the Swiss Alps trial in Washington


The Ministry of Energy won the case in a lawsuit filed by the Swiss company Alpik AG in the International Center for the Settlement of Investment Disputes in the World Bank Group (ICSID) in Washington, the ministry said on Facebook. In this dispute, Alpik claims that the Ministry of Energy amounted to more than 1.8 billion lei.

"Justice turned out to be impartial, and I can only congratulate the Ministry of Energy team that has struggled to make this decision at ICSID, which means that there are almost 2 billion lei in Romania," said Energy Minister Anton Anton.

We recall that Alpik challenged the termination of the contract with Hidroelectric in 2012 when the state energy producer entered bankruptcy.

"Hidroelektrika welcomes the decision of the International Arbitration Tribunal in Washington, ICSID (under the auspices of the International Center for the Settlement of Investment Disputes), rejecting the financial claims of Alpik AG to the Romanian state represented by the Ministry of Energy. Romania, given that Alpik AG Switzerland has been compensated in the amount of approximately $ 450 million for the cancellation of the SPEEH Hidroelectric energy purchase and purchase contract, "Hidroelectrica said.

Recall that after a number of lawsuits against Hidroelektrika Alpik AG, an international arbitration procedure was opened in 2014, as Romania violated its rights guaranteed by the bilateral investment agreement between Romania and Switzerland (BIT, 1993) and the Energy Charter Treaty ( ECT, 1994). In motivating the arbitration tribunal, Alpik, among other things, called for reasons such as the expropriation of the investment and the violation of the obligation of the Romanian state to grant a fair and just treatment. All the merits of the arbitration proceedings were rejected by the November 9th verdict.

"ICSID's decision closes another dark chapter in the saga of" smart boys. "It was a difficult lesson not only for the company but also for the Romanian economy as a whole.The fact that the Ministry of Energy won in this struggle for the Romanians and for Hydroelectric power, We believe that we were right at the end of the battle against wrestling.We do not want to shave up the potential of the company in the future.We think that the episodes of "smart boys" or investments will be concluded with insignificant and economic justification. can also watch is enjoying more, "said Bogdan Badea, chairman of the company's executive board.

Hydroelectricity estimates that it will earn a net profit of more than two billion lei for 2018. The company plans to invest more than 5.56 billion lei in the business plan in the next five years.

<! –


Source link