English CA Refuses Micula Appeal Against Stay Of ICSID Award But Orders Security

English Court of Appeal refuses Micula Appeal against stay of ICSID Award but orders Romania to provide £150m Security

Herbert Smith Freehills reviews the decision in Micula & Ors v Romania [2018] EWCA Civ 1801, where the English Court of Appeal dismissed an appeal against the High Court’s stay of enforcement of a 2013 ICSID award in favour of Swedish investors against Romania, but allowed an appeal against the High Court’s refusal to order Romania to provide security. The Court held that provision of security by Romania was appropriate as it was the “next best thing” to enforcement.

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About Phillip Rompotis

Phillip practices as a barrister and arbitrator in Hong Kong. He has over 25 years’ litigation and arbitration experience in commercial disputes relating to construction & engineering, financial services, joint venture & shareholders agreements, technology, trusts, property and landlord & tenant. He is a Fellow of the Chartered Institute of Arbitrators, the Singapore Institute of Arbitrators, the Malaysian Institute of Arbitrators, and a member of various lists/panels of arbitrators.

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