A team from Wolf Theiss Bucharest Litigation and Arbitration Department, coordinated by Ligia Cecilia Popescu, Partner, obtained a first-instance decision in a litigation worth EUR 180 million against the majority shareholder of Electroputere Craiova, Al Arrab Company Saudi Arabia, member of the Al Rajhi group.
The litigation was initiated by the Authority for State Assets Management (AAAS) against the majority shareholder of Electroputere Craiova, one of the most well-known Romanian producers of electrical equipment (formerly the largest Romanian locomotive manufacturer) for alleged violations of the investment obligations assumed by the privatization contract.
Wolf Theiss provided legal assistance to the client in the negotiation phase with AAAS for amicable litigation and representation at first instance. Wolf Theiss lawyers succeeded in reducing the initial AAAS claim of EUR 300 million to EUR 180 million by invoking procedural exceptions, eventually obtaining a complete rejection of the AAAS action.
The team of lawyers also comprised Bryan lawyers. W. Jardine, Lawyer Coordinator of the Wolf Theiss office in Bucharest, Andreea Zvâc, Senior collaborator lawyer and Andreea Anton, associated lawyer.
At present, the total amount of litigation against the Romanian State managed by the Wolf Theiss Department of Litigation and Arbitration exceeds EUR 200 million, with the main source of non-fulfillment of post-privatization obligations and tax litigation initiated by private investors against the State. The team also manages complex litigation and arbitrations between private investors with a total value of over EUR 50 million.