(Alliance News) - Plaza Centers NV on Monday said that Romania's application has been rejected in a litigation update regarding its Casa Radio project dating back to May 2022.
Plaza Centers is an Amsterdam-headquartered property investor with interests in Europe and India.
In May 2022, the company issued a request for arbitration against Romania with respect to its Casa Radio project.
In April this year, Plaza Centers 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.
On Monday, Plaza Centers said that that Romania's application has been rejected, and it has now been determined that the arbitration will not be bifurcated. Romania is now required to file its defence to the company's claims in August 2023.
Plaza shares were flat at 20.00 pence each in London on Monday morning. The stock is down from 6,500.00p on July 26, 2022.
By Sophie Rose, Alliance News reporter
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Plaza (PLAZ)