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Wednesday, December 22, 2004

Noble Ventures trial decision in 2005

The International Commercial Court in Washington will make a decision in the case between U.S. company Noble Ventures and Romania.

The company is claiming more than 350 $million in damages from the Romanian state for canceling the privatization of the Resita Iron and Steel Plant (CSR).

Mircea Ursache, president of the Authority for State Assets Recovery (AVAS), yesterday said the final pleading has a 30 day term to be analyzed and a 30 day term in which to make the final judgment.

The privatization contract signed with Noble Ventures was cancelled in December 2002 after the investor failed to pay two successive parts of the transaction.

The trial started in 2001. CSR has since been bought by the German company Sinara Handel.

Posted by Iulia Rasoiu : 12/22/2004 10:17:00 am