Plaza Centers NV - Amsterdam-headquartered property investor with interests in Europe and India - Receives a notice of default from the Ministry of Finance in Romania under the public-private partnership contract governing the Casa Radio Project. Denies all claims formulated by the Ministry of Finance, including any made in the ongoing International Centre for the Settlement of Investment Disputes arbitration with Romania.
In May 2022, Plaza Centers issued a request for arbitration against Romania with respect to its Casa Radio project. In April this year, the company said it had filed its memorial and supporting evidence at the International Centre for the Settlement of Investment Disputes. At the time, it said it sought full compensation for its losses with respect to the project, currently estimated to be up to EUR367.7 million as at March 31.
In June, the company reported that Romania's application was rejected. It has now been determined that the arbitration will not be bifurcated.
Current stock price: 20.00 pence
12-month change: down over 99% from 6,500p
By Jeremy Cutler, Alliance News reporter
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Plaza (PLAZ)