Today the Court of Appeal handed down judgment in Micula v Romania ordering Romania to pay the Claimants £150m in security. A Henderson Chambers team comprising Professor Sir Alan Dashwood QC , Patrick Green QC and Jonathan Worboys represented Mr Viorel Micula, the First Appellant.
In reaching this decision, the Court of Appeal upheld Mr Justice Blair’s decision to stay enforcement of the Award pending a decision of the General Court of the European Union, but overturned his decision not to order security for the Award.
The decision is highly significant for all those in the arbitration community, particularly those that work on ICSID matters.