Summary

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Case Report (free download)

Case Report by Amanda Sorenson, Editor Diego Luis Alonso Massa

Summary

Appellants appeal the High Court's judgment which granted a stay of enforcement of the 2013 ICSID Award, pending outcomes before the General Court of the European Union ("General Court"), and denied Appellants request for security of cost in the event the General Court outcome is favorable to the Appellants. The longstanding dispute arose out of Romania abolishing certain tax incentives in 2005 in order to comply with EU rules on State aid. Appellants relied upon these tax incentives in order to invest in large, highly integrated food production operation in Romania as part of a ten-year plan. The Court of Appeal dismissed the appeal against the High Court's decision to stay enforcement of the ICSID Award pending a final decision from the General Court, and granted an appeal against the decision to refuse to order security for the Award, and issued security in the amount of £150m.

Main issues

Stay of Enforcement; Issue of Security; UK's international obligations under the ICSID Convention.

Micula & Ors v Romania (Rev 1) [2018] EWCA Civ 1801 (27 July 2018)

Case report provided by International Arbitration Case Law (IACL)

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