On 7 December RTPR Allen & Overy organised a seminar on international arbitration at the Hilton Hotel in Bucharest. The seminar addressed topical legal aspects relating to international commercial arbitration, as well as to investment treaty arbitration.
The seminar featured practitioners in international arbitration from the Allen & Overy offices in Paris, London and Bucharest.
“With the growth of international trade and foreign investment, arbitration has become an increasingly used means for settling international disputes between private parties as well as between private parties and States or State entities. We are happy that the seminar we organised together with our colleagues from Paris and London was very well-received.” said Valentin Berea, Partner of RTPR Allen & Overy.
With a truly global network of 44 offices in 32 countries, Allen & Overy lawyers are recognised as market leaders and innovators in relation to disputes arising under the Energy Charter Treaty in relation to cross-border energy investments. Having brought the first-ever claim under that Treaty in 2000, Allen & Overy is currently representing a number of investors in large solar power plants in a series of UNCITRAL and ICSID arbitration proceedings against the Kingdom of Spain, following legislative changes to the feed-in tariff regime in the renewable energy sector.
The seminar gathered representatives of several prestigious companies in various industry sectors, such as energy, financial, insurance companies etc.
“It is always very satisfying to debate the various complex legal issues that investment treaty arbitration brings up with market participants from a broad spectrum of sectors”, says Marie Stoyanov, a partner at Allen & Overy Paris who specialises in this area and represents both investors and respondent States.
Lucia Raimanova, a senior associate at Allen & Overy London would like to see more commercial arbitration in Eastern Europe: “As a fellow Eastern European, I would like to see arbitration becoming as common a means of dispute resolution as it is in many other parts of the world, including the USA, Western Europe and Asia. Courts in many of the Eastern European countries have simply not kept pace with the needs of the commerce and disputes can take years to resolve. Arbitration can be of real help in alleviating the back-log of cases these courts often have as well as getting a much faster and more commercial resolution for its participants”.
RTPR was founded in 2004 and has been working in association with the London based international law firm Allen & Overy LLP since 2008. RTPR Allen & Overy has 42 lawyers, including 5 partners: Costin Tărăcilă, Victor Pădurari, Alexandru Retevoescu, Mihai Ristici, Valentin Berea and Professor Lucian Mihai, Of counsel.
RTPR Allen & Overy’s main areas of activity are: financing, mergers and acquisitions, capital markets, litigation and arbitration, insolvency and restructuring, competition, labour law, intellectual property law and providing advice across a range of business sectors including energy, telecommunications, finance, real estate and the pharmaceutical industry.
Selected arbitration cases in which Allen & Overy have been recently involved are set out below:
• PV Investors v. the Kingdom of Spain (UNCITRAL Rules) in respect of Spain's changes to its regulatory framework governing feed-in tariffs for electricity generated from renewable installations. This is the first single, collective claim under the ECT in which we represent 14 separate investors.
• Deutsche Bank v. Sri Lanka (ICSID Case No. ARB/09/2) in respect of Sri Lanka's interference with obligations in an oil hedging agreement. This was the first case in the public domain to consider whether a hedging agreement could constitute an investment for the purposes of an investment treaty. Our client prevailed in the arbitration.
• Successfully defended the Republic of Poland in an investment treaty arbitration brought under the UNCITRAL Rules in the pharmaceutical sector. The investment that had allegedly been expropriated comprised numerous intellectual property rights, including trademarks, rights to industrial processes, clientele and goodwill, and copyrights.
• Represented an international financial institution in a commercial ICC arbitration in Vienna in relation to a transaction governed by Romanian law.