Update Re Arbitration Process Against Romania
Plaza Centers N.V. has filed its Statement of Defence and Statement of Counterclaim in arbitration proceedings initiated by the Ministry of Finance of Romania concerning the Casa Radio project, seeking compensation between EUR 60 million and EUR 420 million. Concurrently, the company announced the termination of its engagement with its legal representation in London for both ICSID and LCIA arbitrations, effective May 9, 2026, and is currently assessing its next steps.
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Further to its last announcement dated April 13th, 2026, Plaza Centers N.V. ("Plaza" or the "Company") announces today that, in connection with the arbitration proceedings before the London Court of International Arbitration ("LCIA") initiated by the Ministry of Finance of Romania in relation to the Casa Radio / Dâmbovița Center Project in Bucharest ("Casa Radio"), the Company filed on May 8, 2026 its Statement of Defence and Statement of Counterclaim.
The submission rejects the claims asserted against the Company and includes counterclaim seeking compensation in connection with the dispute in an amount ranging between approximately EUR 60 million and EUR 420 million.
The Company further announces that, regarding the arbitration proceedings before the International Centre for the Settlement of Investment Disputes ("ICSID") initiated by the Company in relation to the Casa Radio and the LCIA proceedings, the Company has received the notice of termination of engagement with law firm in London who represented the Company in the ICSID and LCIA arbitrations.
According to the notice, the termination of the engagement is effective as of May 9, 2026.
The Company is assessing its position and considering all available options and next steps.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.