ICSID dismisses Plaza Centers’ EUR 385 mln claims against Romania on jurisdictional grounds

Plaza Centers, listed on the London (LON: PLAZ), Warsaw, and Tel Aviv, announced that the International Centre for the Settlement of Investment Disputes (ICSID) Tribunal dismissed on jurisdictional grounds its EUR 385 million claim against Romania concerning the Casa Radio project in Bucharest – a large-sized project in the Romanian capital city initiated in 2004 under a public-private partnership, where PLAZ owns 75%.

Over two decades since the beginning, the project designed on 600,000 sqm around a massive communist-era unfinished structure remains a ruin, and the Romanian authorities sued the investor at the Court of International Arbitration in London (LCIA), where it requires EUR 2 billion in losses and compensations, besides the termination of the public-private partnership contract signed in 2006, Profit.ro reported.