23.9 C
Bucharest
May 22, 2022
BUSINESS

EC asks Romania to recover money offered to Swedish investors

The European Commission has reached the conclusion that the sum paid by Romania to Ioan and Viorel Micula, owners of European Drinks, as damages for the decision to cancel an investment aid scheme breaks EU norms on state aid. The Swedish businessmen have to reimburse all the sums already received and which are equivalent to the ones offered to them as part of the aid scheme that was cancelled. Ioan Micula claims he did not receive state aid from Romania so he has nothing to return.

Following a thorough investigation, the European Commission decided that Swedish businessmen Ioan and Viorel Micula, owners of the European Drinks Group, have to reimburse the sum they collected from Romania as damages for the fact that an investment aid scheme was cancelled. The sums that have to be reimbursed are equivalent to those offered through the aid scheme that was cancelled, a European Commission communiqué shows.

An arbitration court decision issued in December 2013 noted that by withdrawing the investment aid scheme in 2005, four years before its expiration date, Romania broke a bilateral investment treaty with Sweden. The arbitration court forced Romania to pay damages to the claimants because they did not fully benefit from the scheme.

 

Related posts

EximBank staking on Brasov

Test

Investments: 375 projects in 2014 amounting to RON 8 bn

Nine O' Clock

Rosia Montana gold dig gets green light from Cabinet

Nine O' Clock