Wolf Theiss’s Bucharest office is reporting that it secured a favorable decision in the first instance in an EUR 180 million claim against Saudi Arabia's Al-Arrab Contracting Co., the majority shareholder of Electroputere Craiova.
The claim was initiated by the Authority for the Administration of State Assets against the majority shareholder of Electroputere Craiova, which Wolf Theiss describes as "one of the most iconic Romanian manufacturers of industrial electrical equipment,” for an alleged breach of investment obligations under the Privatization Agreement of Electroputere.
The Wolf Theiss lawyers first managed to reduce the initial claim of AAAS of EUR 300 million to EUR 180 million by raising preliminary issues, and eventually obtained a ruling rejecting the claim in its entirety.
Wolf Theiss’s team was led by Partner Ligia Cecilia Popescu and included Managing Partner Bryan Jardine, Senior Associate Andreea Zvac, and Associate Andreea Anton.
