The Ministry of Finance won the case in the Roșia Montană case and will be reimbursed for the court costs

Romania has won the case in the Roșia Montană case against the accusations made by Gabriel Resources Ltd. and Gabriel Resources, the plaintiffs will also reimburse the related court costs, announced the Ministry of Finance, writes Agerpres.

Ministry of Finance PHOTO: Adevărul Archive

“Romania received on Friday, March 8, 2024, the Decision of the International Arbitration Action initiated by Gabriel Resources Ltd. and Gabriel Resources (Jersey), based on the Agreements regarding the promotion and mutual guarantee of investments concluded by Romania with the Government of Canada (ratified by Law no. .356/2009) and the Government of the United Kingdom of Great Britain and Northern Ireland (ratified by Law no. 109/1995). It received the number ARB/15/31. According to the Decision of the Arbitral Tribunal, Romania wins the case against the accusations made by Gabriel Resources Ltd. and Gabriel Resources (Jersey). Moreover, the plaintiffs are obliged to reimburse Romania the court costs related to the arbitration procedure”it is stated in a press release from the Ministry of Finance.

According to the Order of the arbitral tribunal no. 3 of November 14, 2016, after the communication of the arbitral award, any party must communicate, within a maximum of 20 days, the information it considers confidential.

“To avoid any doubt, Romania wants the full publication of the arbitral award. Therefore, if the arbitral tribunal will draft the arbitral award without referring to the confidential information in its possession, then the arbitral award will become public in its entirety and will be published on the website of the International Center for Settlement of Investment Disputes (https://icsid.worldbank.org). Thus, the Ministry of Finance will not be able to publish the reasons that substantiate the pronounced solution, they will not be able to be communicated until after the 20 days have passed”the cited source shows.

The file in this case was registered with the International Court of Arbitration of the International Center for the Settlement of Investment Disputes (ICSID) with no. ARB/15/31, in July 2015, and in September 2023 the court that tried the case declared the procedure closed in accordance with ICSID Arbitration Rule 38 (1).

“The international arbitration action was initiated in 2015 against Romania by two foreign investors, namely Gabriel Resources Ltd. and Gabriel Resources (Jersey), and was based on the Agreements regarding the promotion and mutual guarantee of investments concluded by Romania with the Government of Canada (ratified by Law no. 356/2009) and the Government of the United Kingdom of Great Britain and Northern Ireland (ratified by Law no. 109/1995). It received the number ARB/15/31. In this way, the claimants asked the international arbitral tribunal to find that Romania violated the fair and equitable treatment and the full protection and security of the investment of Gabriel Resources Ltd. and Gabriel Resources (Jersey), rights protected by the two international investment protection agreements. The total discounted value of claimed damages was, at the level of 2024, approximately USD 6.7 billion”it was mentioned in the Government's answer.