KING & SPALDING
King & Spalding International LLP
48bis rue de Monceau
75008 Paris
France
Tel: +33 (0) 1 7300 3914
www.kslaw.com
3 May 2024
Mr. Adrian Câciu
MINISTER OF FINANCE OF ROMANIA
MINISTRY OF FINANCE
16 Libertății Boulevard, Sector 5
050706 Bucharest
Romania
Mr. Peter M. Wolrich
Mr. Geoffroy Lyonnet
Ms. Marie-Claire Argac
Ms. Lisa Arpin-Pont
Mr. Jeremy Bocock
Ms. Charlotte Fromont
CURTIS, MALLET-PREVOST, COLT & MOSLE
LLP
6 Avenue Vélasquez
75008 Paris
French Republic
Ms. Susan Maples
CURTIS, MALLET-PREVOST, COLT & MOSLE
LLP
101 Park Ave
New York, NY 10178
United States of America
Mr. Gelu Titus Maravela
Ms. Alina Popescu
Ms. Alexandra Rimbu
MPR PARTNERS | MARAVELA, POPESCU &
ASOCIATII
6A Barbu Delavrancea Street, Building C,
Ground Floor, 1st District
011355 Bucharest
Romania
King & Spalding International LLP is a limited liability partnership registered in England and Wales with registered number OC303151.
It is authorised and regulated by the Solicitors Regulation Authority and its members are solicitors or registered foreign lawyers.
A list of members of King & Spalding International LLP and their professional qualifications is open to inspection at the registered office.
Registered Office: 125 Old Broad Street, London EC2N 1AR
[Page 2]
3 May 2024
RE: Demand for Payment
Award in ICSID Case No. ARB/18/19 – LSG Building Solutions GmbH et al.. v.
The Republic of Romania
Dear colleagues:
We write with respect to the Award of 20 February 2024 rendered in ICSID Case No. ARB/18/19 between LSG Building Solutions GmbH, Green Source Consulting GmbH, Solluce Romania 1 B.V., Risen Energy Solar Project GmbH, Core Value Investments GmbH & Co. KG Gamma, Core Value Capital GmbH, SC LJG Green Source Energy Beta S.r.l., Anina Pro Invest Ltd., Giust Ltd. and Pressburg UK GmbH (“Claimants”) and the Republic of Romania.
As Romania is aware, paragraph 243 of the Award orders Romania to pay Claimants €42,200,000 together with (i) post-award interest over that sum at a variable interest rate of one-year Euribor not below 0%, plus a margin of 3%, annually compounded, from 1 January 2022 until Romania’s full and final satisfaction of the Award; (ii) Claimants full costs of the arbitration (which amount to USD 503,610.17); and (iii) USD 3,241,048 and EUR 525,000 in Defense Expenses, plus post-award interest over those sums at a variable interest rate of one-year Euribor not below 0%, plus a margin of 3%, annually compounded, from 30 days after the issuance of the award on 20 February 2024 until Romania’s full and final satisfaction of the Award.
Pursuant to ICSID Convention Article 53(1), the Award is final and binding upon Romania. Claimants therefore demand Romania’s immediate payment of the sums to which Claimant is lawfully entitled.
Claimant’s quantum experts have carried out interest calculations in accordance with the above-referenced orders, and, as of the date of this letter, Romania is under an obligation to make a payment to Claimant totaling € 52,071,561 (fifty-two million, seventy-one thousand, five hundred and sixty-one euros).
This amount includes the principal sum of compensation due plus post-award interest to date of € 48,017,865. The Costs of Arbitration and Defense Expenses in USD were converted at the exchange rate of EUR 1.000 = USD 1.070. We note interest continues to accrue on this amount at a rate of € 9,438 per day (applied on the principal sum from the date of the Award and on the Defense Expenses from 21 March 2024). Further, our calculations include the awarded expenses of USD 503,610.17 (or € 470,724), without interest.
Claimants demand Romania’s payment of the foregoing sum, plus interest up to the date of Romania’s payment, within 15 days. Payment should be made to the following bank account:
Bank:
Account Name:
IBAN:
Swift:
HSBC
King & Spalding International LLP
FR7630056009170917032475854
CCFRFRPP
[Page 3]
3 May 2024
In the event that payment is not received by 31 May 2024, we are instructed to pursue appropriate legal measures against Romania in any competent jurisdiction to enforce the Award and to recover all outstanding amounts owed.
Claimant reserves all of its rights under the Award, the ICSID Convention, and all applicable laws.
Sincerely,
Signature
Kenneth R. Fleuriet
Reginald R. Smith
Kevin D. Mohr
Amy R. Frey
Héloise Hervé
King & Spalding
Counsel for Claimants