Romania has lost the lawsuit against Italian group Enel at the International Court of Arbitration in Paris.
The state has sued the energy company for breaching the privatization contract of Electrica Muntenia Sud, and has asked for damages of over EUR 920million.
Following the court’s decision, the state now needs to pay the lawsuit costs amounting to USD 1.3 million to Enel, according to the Energy Ministry.
The state previously lost the lawsuits against two other investors that bought subsidiaries of the state-owned company Electrica, namely Czech group CEZ and German group E.ON.
The state sued these companies following a control of the Court of Auditors from 2012-2013 which revealed that the investors hadn’t respected their privatization contracts. However, the Court of Auditors didn’t bring concrete evidence to support their reports.
Romanian companies Electrica and SAPE, which manage the state’s electricity distribution assets have contested the Court of Auditors reports in Romanian court but lost, according to the Energy Ministry.
(romania-insider.com)
