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Romania did not expropriate Noble Ventures’ investment
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Commencement of judicial insolvency proceedings against CSR did not amount to arbitrary or discriminatory treatment, and did not violate the FET standard
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Tribunal dismisses claim for FPS violation
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Contract breaches are elevated to treaty breaches by virtue of the umbrella clause
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Tribunal finds no breach of the privatisation agreements
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Tribunal rejects the claimant’s last attempt to rely on the umbrella clause with regard to the dilution of Noble Ventures’ interest in CSR
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Tribunal found that settlement protocol did not contain any binding obligation
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Distinction between governmental and commercial conduct has little relevance for determining Romania’s liability
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Rectification to correct a clerical omission in the award
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