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Gavazzi and Gavazzi v Romania, Award and dissenting opinion, ICSID Case No ARB/12/25, IIC 1326 (2017), despatched 18th April 2017, World Bank; International Centre for Settlement of Investment Disputes [ICSID]

Gavazzi and Gavazzi v Romania, Award and dissenting opinion, ICSID Case No ARB/12/25, IIC 1326 (2017), despatched 18th April 2017, World Bank; International Centre for Settlement of Investment Disputes [ICSID]

The dispute arose from the privatization of a Romanian steel company, S.C. Socomet S.A. (“Socomet”). In 1999, the Claimants entered into a contract to acquire 70% of the shares of Socomet (the “Contract”). The Contract provided that the Company’s existing debts would be rescheduled or forgiven and the Claimants undertook to make certain capital contributions and investments in Socomet. The Claimants alleged that Socomet’s debt was not restructured and that its bank accounts were frozen to cover the debt further to a directive of the Minister of Finance. The...
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