On 12 May 2020 the Chișinău Appeals Court barred Danube Logistics SRL from transferring funds to its Dutch shareholder Danube Logistics Holding BV. Danube Logistics SRL is the operator of Giurgiulești International Free Port located on the maritime section of the Danube.
As a result of the judgment fundamental rights of Danube Logistics SRL, of Danube Logistics Holding BV and of the European Bank for Reconstruction and Development (EBRD) have been violated. The EBRD holds a 65% economic interest in the operator of Giurgiulești International Free Port(1). This economic interest grants the EBRD the right to 65% of the dividends paid and to 65% of the share sales proceeds in case the operator of the port is sold.
The legal proceedings form part of an ongoing campaign to gain control of Moldova’s main port orchestrated by the Azerbaijani citizen Rafiq Aliyev, a former investor in the project. The Chișinău Appeals Court based its judgment on a claim of Aliyev’s petrol station network BEMOL against one of Danube Logistics SRL’s ultimate beneficiaries that was established by yet another controversial Moldovan judgment that is under review by the European Court for Human Rights.
Considering that Danube Logistics Holding BV does not have any outstanding liabilities to BEMOL, the judgment demonstrates that Moldova’s judicial system continues to facilitate attacks against the interests of European investors. Danube Logistics Holding BV will contest the controversial judgment that breaches numerous international commitments of the Republic of Moldova and seek compensation for the associated damages.
U.S. President Joe Biden proposed a summit meeting with Russian President Vladimir Putin during a telephone call on Tuesday in which he stressed the U.S. commitment to Ukraine's territorial integrity and voiced concern about a Russian military build-up in Crimea and on Ukraine's borders,...( ) Read all
The European Bank for Reconstruction and Development (EBRD) is enforcing rights under its financing and security documents with regards to Danube Logistics Holding BV’s shareholding in Danube Logistics SRL (Danube Logistics), the operator of Giurgiulesti International Free Port in the...( ) Read all
EBA Moldova is following with great concern the latest developments regarding Danube Logistics SRL, the owner and operator of Giurgiulesti International Free Port, the only port of the Republic of Moldova.( ) Read all
The European Bank for Reconstruction and Development (EBRD) intends to fight a legal decision to impose external administration over the assets of Danube Logistics SRL, the operator of Giurgiulesti International Free Port in Moldova.( ) Read all
One August day in the mid-1960s, my parents boarded a bus in the village of Hartopul Mare in the center of Moldova to travel to the capital Chisinau, determined to get a better education and better jobs in the Soviet planned economy. It was a 90-minute trip in a vehicle packed with about 50...( ) Read all
On Thursday 3 December, the Parliament of the Republic of Moldova voted on a number of legislative proposals, including on limitations of Presidential powers, tabled in a hasty and non-transparent manner.( ) Read all
Seven people died from methanol (wood alcohol) poisoning after drinking hand sanitizer at a party in Russia. Nine people, with ages ranging from 27 to 69 years old, were partying when they opted to drink hand sanitizer after running out of alcoholic beverages, according to local Russian...( ) Read all
On 25 August 2020 the Constitutional Court of the Republic of Belarus (thereinafter – the CCRB) adopted a document entitled the “Constitutional Legal Position on the Protection of the Constitutional Order” (Kонституционно-правовaя позиция по...( ) Read all
Leaked documents shed a light on Deutsche Bank's central role in facilitating financial transactions deemed suspicious. Many of these could have enabled the circumvention of sanctions on Iran and Russia.( ) Read all
On the building that once housed the local headquarters of the Soviet secret police in the Russian city of Tver, where 80 years ago thousands of Polish prisoners of war were murdered, plaques commemorating the victims of Stalinist crimes were today removed.( ) Read all
That is the message the country's Constitutional Court sent to the European Union on Tuesday as it delivered a landmark ruling on the legality of the European Central Bank’s bond-buying programs, a decision many observers say challenges both the independence of the ECB and the...( ) Read all