Arbitration Links - Linklaters
  • Year: 2019
  • Month: June
  • Topic: Investment Arbitration

Micula Case: The General Court Quashes the Commission’s Decision and Rules that the Award is Not State Aid

20 June 2019 Guillaume Croisant, Europe


In a striking new episode of the long-running Micula saga, the General Court of the CJEU has quashed the European Commission’s 2015 decision that Romania’s payment of the €178 million award rendered by an ICSID tribunal back in 2013 would constitute illegal State aid in the meaning of Article 107 of the TFEU. In its judgment rendered this week, the General Court considered that the award recognised a right to compensation for the investors existing before Romania’s accession to the EU. As a result, the Commission was precluded to apply EU State aid rules to this situation, at least with respect to the pre-accession period. The General Court’s decision can be appealed before the Court of Justice.

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