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Legal Update

Enforcement of ICSID award stayed by the English courts until the EU courts have ruled on the legality of enforcement

31 January 2017
Mayer Brown Legal Update

Another twist in the tale of the ICSID case Micula and others v Romania (“Micula”) occurred last week in the High Court, which has put the interplay between enforcement of ICSID arbitral awards and EU law fiercely under the spotlight.

The ICSID award in Micula
During the 1990’s, two Swedish brothers, Ioan and Viorel Micula, and three companies which they owned (together, the “Claimants”), built large-scale food and drinks production facilities in a disadvantaged area in Romania. These investments were made pursuant to Romania’s introduction in 1998 of economic incentives for the development of “disfavoured regions” in the country; the Claimants expected these to remain in force for a 10-year period and accordingly made considerable investments in one particular disfavoured region, Bihor County.

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