litigation

Canadian project developer Gabriel Resources is suing Romania for a record C$5.7 billion (the equivalent of 4.4 billion American dollars) before the World Bank’s International Center for Settlement of Investment Disputes (ICSID).

The Bucharest Court of Appeals decided securities regulator CNVM should pay oil company Rompetrol 1 million lei (EUR1=RON4.0966) in moral damages after the blocked delisting of Rompetrol Rafinare (RRC.RO), according to a Rompetrol report issued Friday.

The delayed payments owed by Romanian insurers to auto repair shops currently cumulate EUR300 million, with an average debt of EUR100,000 per company, said Thursday Cristian Muntean, a manager of independent auto repair shop association ASSAI.