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Plaza Centers N.V. ( (PL:PLZ) ) has shared an update.
Plaza Centers N.V. has filed its Statement of Defence and Statement of Counterclaim in arbitration proceedings brought by Romania’s Ministry of Finance over the Casa Radio project in Bucharest. The company rejects Romania’s claims and is seeking counterclaim compensation estimated between about EUR 60 million and EUR 420 million.
In parallel, Plaza has received notice that its London-based law firm has terminated its engagement in both the LCIA and ICSID arbitrations related to Casa Radio. The company is now assessing its position and considering available options and next steps in light of the loss of its legal representation.
More about Plaza Centers N.V.
Plaza Centers N.V. is a real estate company listed on the London, Warsaw and Tel Aviv stock exchanges. The company focuses on large-scale property development projects, including commercial and mixed-use schemes, primarily in Central and Eastern Europe.
For detailed information about PLZ stock, go to TipRanks’ Stock Analysis page.