In a dispute arising in the
context of Romania’s accession to the EU, the Romanian Government introduced and
subsequently revoked an incentive economic policy, through Emergency Government
Ordinance 24/1998. The claimants, represented by two individual persons and
three companies directly or indirectly owned by them were prejudiced by the
sudden change in policy and by the breach in a bilateral Agreement on Promotion
and Reciprocal Protection of Investments between Romania and Sweden. The
arbitral tribunal’s award compensated the claimants in the sum of 376,433,229
RON as damages.
G.G
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