Real estate developer Plaza Centers rejects ICSID ruling, demands compensation from Romania

Real estate developer Plaza Centers (LON: PLAZ) announced on Monday, May 11, that it had filed a compensation request ranging between EUR 60 million and EUR 420 million against Romania with the Arbitration Court in London. The filing is only the latest development in an ongoing legal battle after the failure of a public-private partnership contract signed in 2006 related to the Casa Radio project in Bucharest.

Specifically, Plaza Centers submitted both a “Statement of Defence,” through which it rejects the accusations made by Romania, and a “Statement of Counterclaim,” through which it requests financial compensation “in connection with the dispute,” estimated between approximately EUR 60 million and EUR 420 million, according to Economedia.