Romania Can Pay $250M Arbitral Award, EU Court Says
Law360 (June 18, 2019, 11:43 AM EDT) -- A European court on Tuesday annulled the European Commission's ruling barring Romania from paying a $250 million arbitral award to two Swedish food industry investors, concluding the award could not be considered illegal state aid since Romania hadn't yet acceded to the EU at the relevant time.
The EU General Court held that the award, issued to Ioan and Viorel Micula and their companies in December 2013 by an international tribunal following Romania's revocation of certain economic incentives, dealt with matters that occurred before Romania acceded to the EU in 2007.
That meant that EU state aid law was not applicable...
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