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The Authority of State Assets Management (AAA), is suing Musat & Asociatii over a legal dispute between the Romanian state and Noble Ventures.
The state is asking for compensation of USD 8.7 million, according to Romania Insider. The law firm has described the case as ‘absurd’ and ‘absolutely unjustified.'
Litigation on the cards
The spat has arisen six years after Musat & Asociatii represented the state against US company Noble Ventures in a privatisation dispute which was adjudicated at the International Center for Settlement of Investment Disputes (ICSID) in Washington.
The law firm won the dispute for the state but costs were equally split between the two parties. The state spent USD 8.9 milion dollars whilst Noble Ventures spent USD 3.14 million. Now the state is demanding USD 8.7 million, claiming that the law firm should have gone to court against Noble Ventures.
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