Țuca Zbârcea & Asociații and Freshfields Bruckhaus Deringer to Represent AVAS in the Latest International Arbitration Case before the ICSID
The consortium consisting of law firms Țuca Zbârcea & Asociații and Freshfields Bruckhaus Deringer has won AVAS’s bid selection procedure and will represent Romania in arbitration case no. ARB/10/22 before the International Center for Settlement of Investment Disputes (ICSID).
In April, the Authority for State Assets Recovery (AVAS) initiated a bid selection for Romania’s legal representation in the latest arbitration case brought by a foreign investor before the ICSID in Washington.
The request for arbitration registered with the ICSID on November 19, 2010, was filed by the Turkish businessmen Ömer Dede and Serdar Elhüseyni, further to the alleged failure by the Romanian authorities to comply with the privatization agreement regarding SC IMUM SA Medgidia.
“Under the ICSID rules of procedure, each party must propose the arbitrators and the president of the arbitral tribunal within 90 days. The president cannot be a national of any State party to the dispute,” said Florentin Țuca, Managing Partner of Țuca Zbârcea & Asociații and coordinator of the legal team defending the Romanian State.
Depending on the procedural schedule, the procedures may last as long as four or five years.
This is the fourth time that Țuca Zbârcea & Asociații has to defend Romania’s interests before the ICSID.
The legal teams selected by Țuca Zbârcea & Asociații and Freshfields Bruckhaus Deringer to defend Romania in arbitral case no. ARB/10/22 have vast experience in similar arbitration procedures.
The lawyers who will represent the Romanian State on behalf of Țuca Zbârcea & Asociații are Florentin Țuca, Managing Partner; Levana Zigmund, Partner; Cornel Popa, Partner; and Anca Pușcașu, Managing Associate, i.e. almost the same team responsible for Romania’s success in the Noble Ventures Inc, EDF Services Ltd. and S&T Oil Equipment and Machinery arbitration cases.
The main coordinators from Freshfields Bruckhaus Deringer will be Partners Boris Kasolowsky and Brian King.
In total, Romania has been called eight times before the ICSID. It has obtained favorable results in three arbitration cases, while the other five are still pending. Lawyers from Țuca Zbârcea & Asociații represented the Romanian State in all three arbitration cases that have been won against claims of more than USD 700 million.