On the 19 February 2020 the Supreme Court delivered its decision in the case of Micula & Others v Romania, which had been heard over three days in October 2019.
The case concerned an Investment Arbitration Award of approximately £70 million plus interest that the Miculas had been attempting to enforce against the State of Romania and that had been stayed pending the Court’s decision. Romania had also cross appealed an order to pay security for costs.
The European Commission was an intervener in the case, having opened a State aid investigation and adopted a decision that payment of the Award by Romania constituted unlawful state aid.
The Supreme Court reversed the decision of the Court of Appeal, lifting the stay on enforcement. In lifting the stay on enforcement there was no need for the Supreme Court to consider Romania’s cross appeal on security, so that order was discharged.
Langleys Dispute Resolution assisted the European Commission and Nicholas Khan QC of the European Commission Legal Service in its intervention in the Supreme Court.A copy of the Supreme Court Judgment can be found here.