Romanian state has lost the lawsuit against the Italian company Enel at the International Court of Arbitration in Paris for failure to comply the privatization contract of Electrica Muntenia Sud and must pay court costs amounting to EUR 1.5 million, sources of energy told for agerpres.ro.
In this case, Romania, through Management Company of Ownership in Energy (SAPE), has asked Enel for unpaid fines and breaching the provisions of the privatization contract of EUR 834 million plus RON 378 million, which represents damages consisting in dividends for 2007 and 2008, including interests. In total, the state required Italians almost EUR 920 million. The Italians did not pay anything for the three companies for supply and distribution of energy (Banat, Dobrogea, Muntenia Sud) purchased from the state.
“Romania started the trial after an investigation made by Court of Auditors during 2012-2013 which revealed that the investors do not have complied with the privatization contracts. But the Court of Auditors did not come with concrete evidence to support the reports so that the state has lost, one by one, the lawsuits with the companies that bought Electrica branches,” the sources explained.
The state has also lost the lawsuits against other two investors who bought Electrica branches, namely CEZ and E.ON.
Romania established SAPE to manage the remaining minority stakes in the privatized distribution and electricity supply companies.