POST Online Media Lite Edition



 

Gabriel Resources to file $5.7 billion arbitration claim against Romania

Staff Writer |
Gabriel Resources plans to file a statement of claim in its arbitration case against Romania seeking an amount equivalent to $5.7 billion as compensation for the losses it incurred as a result of Romania’s investment treaty violations.

Article continues below






By licensing and then blocking the implementation of the Projects, without due process and without compensation, Romania has deprived Gabriel entirely of the use, benefit and value of its investments in Romania, including its rights to develop the Projects.

Gabriel’s claim is based on violations by Romania of several provisions of the Treaties, including due to:

- the expropriation of its investments in Romania without compensation;

- the failure to accord to its investments fair and equitable treatment and full protection and security; and

- the impairment of its investments by discriminatory and unreasonable measures.

The Memorial will detail factual and legal arguments supporting Gabriel’s claim against Romania and the quantum of the damages sustained due to Romania’s violation of the Treaties.

It will be submitted to the arbitral tribunal constituted under the auspices of the World Bank's International Centre for Settlement of Investment Disputes (ICSID).


What to read next

Texas wants $350 million from BP & partners
Sun Life Insurance settles with several states
South Korea to file criminal complaint against VW