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Bucharest
September 29, 2022
BUSINESS

AVAS requests additional RON 25.1 M to 2012 budget

The Authority for State Assets Recovery (AVAS) requested the government to supplement the institution’s budget for this year by RON 25.1 M, the equivalent of legal fees needed for Romania’s representation in the International Centre for Settlement of Investment Disputes (ICSID)’s Court of Arbitration, Mediafax reports. AVAS represents Romania’s interests in the cases due to appear before ICSID as a public body involved in the process of privatisation. In the background note to the Government Resolution bill initiated by AVAS, the institution mentions four cases in progress at ICSID and its arrears. AVAS estimates the amount needed to cover legal representation services to be rendered in 2012, as well as a potential payment of the arbitration fee, at about RON 12.04 M. AVAS representatives further argue, in the background note to the bill, that the institution does not have the funds needed to cover fees vital to Romania’s representation in litigations, as its accounts were blocked following the enforcement procedure initiated mainly by victims of the National Investment Fund, as well as other creditors.

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