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International Arbitration Forum

Romania v. Plaza Centers N.V. and Elbit Imaging, LCIA

Case summary

At a glance

Parties
Romania (Ministry of Finance) v. Plaza Centers N.V., Elbit Imaging Ltd and a third-party private investor
Forum and rules
LCIA Rules
Sector
Real estate development (Casa Radio project)
Outcome
Not shown. The only published document is Plaza's press release announcing the notice of arbitration.
Amount
Claimed: approximately EUR 96 million (before VAT and interest)

The dispute

The Ministry of Finance of Romania started an arbitration under the rules of the London Court of International Arbitration. The respondents are Plaza Centers N.V., Elbit Imaging Ltd and a third-party private investor whom the document does not name. The dispute concerns the "Casa Radio" project in Romania. Romania claims about EUR 96 million in compensation, before VAT and interest. The only published document is Plaza's press release of 17 July 2024. It does not set out the legal basis of the claim or any defences; Plaza said only that it was analysing the notice. The same press release refers to an earlier arbitration by Plaza against Romania over the same project.

Key holdings

  1. No decision has been published. Plaza's press release says that on 15 July 2024 it received a notice, on behalf of Romania's Ministry of Finance, starting LCIA arbitration. The notice claims compensation of about EUR 96 million (before VAT and interest). p. 1

Procedural history

  1. 15 July 2024Plaza Centers N.V. receives a notice, on behalf of Romania's Ministry of Finance, starting arbitration under the LCIA Rules.
  2. 17 July 2024Plaza publishes a press release on the notice of arbitration.

Keywords

Summary generated with AI from the published documents — refer to the award for the authoritative text.

Case ID
N.V. , LCIA
Economic sector
Section