Romania Wins International Arbitration with Noble Ventures, Inc.

The Romanian State scored a major arbitration victory before the International Center for Settlement of Investment Disputes (ICSID) within the World Bank in Washington.

Noble Ventures, Inc. submitted its claim under the bilateral investment treaty between the United States and Romania to arbitration under the ICSID Convention in August 2001. Noble Ventures` claimed as much as USD 353 million in damages from Romania, challenging Romania’s treatment of Noble Ventures and its investment in Combinatul Siderurgic Reşita S.A. (CSR) following the steel company’s privatization.

ICSID award was communicated to both sides on Wednesday, October 12, 2005 in Washington, at 15.00 hours (22.00 hours, Bucharest time) and dismissed Noble Ventures claims for disbursements. The Romanian State shall only bear the expenses with taxes, fees and other court-related costs, according to the order for splitting the arbitration costs.