The claim was initiated by the Authority for the Administration of State Assets (AAAS) against the majority shareholder of Electroputere Craiova, one of the most iconic Romanian manufacturers of industrial electrical equipment (formerly the largest Romanian locomotive producer), for an alleged breach of investment obligations under the Privatization Agreement of Electroputere.
Wolf Theiss provided the client with legal assistance during the settlement negotiations and representation in court in first instance. The Wolf Theiss lawyers successfully managed to reduce the initial claim of AAAS of EUR 300 million to EUR 180 million by raising preliminary issues and eventually obtained the overall rejection of the claim.
The team also included Bryan W. Jardine, Managing Partner of the Bucharest office of Wolf Theiss, Andreea Zvâc, Senior Associate and Andreea Anton, Associate.
The current overall value of claims against the Romanian State handled by the Dispute Resolution team of Wolf Theiss Bucharest office currently exceeds EUR 200 million and arises mainly from incidents during the performance of privatization contracts and tax claims conducted by private investors against the Romanian State. In addition to such cases, the team also handles complex private litigation and arbitration with an overall value exceeding EUR 50 million.