International Centre for Settlement of Investment Disputes

Cyprus Attorney-General George Savvides said on Thursday that a decision by the World Bank's International Center for Settlement of Investment Disputes on the case Theodoros Adamakopoulos and others v. Republic of Cyprus, "vindicates" Cyprus, as regards the measures it took in 2013, with the haircut on bank deposits.

The building of the European Court of Human Rights (ECHR) in Strasbourg, France.  Photo: EPA-EFE/PATRICK SEEGER

Had the company done that, "this Court would have had the benefit of the views of the national courts", the ruling read.

The ECHR said the company had failed to take appropriate steps to enable national courts to fulfil their fundamental role.

Huawei said on Jan. 30 it has initiated arbitration proceedings against Sweden under the World Bank Group after the Nordic country banned the Chinese tech giant from rolling out its 5G products.

Following weeks of uncertainty in which the Bucharest government considered withdrawing its application for UNESCO protection for Rosia Montana, a former gold mine dating from Roman times, the UN cultural heritage agency declared it a World Heritage site on Tuesday.

The move came as a relief to conservation groups who oppose the resumption of mining in the area.

The Romanian Order of Architects (OAR) calls on the Government to continue the procedure for inscribing the Rosia Montana site on the UNESCO World Heritage List.

The region is rich in architectural and cultural heritage, including the most extensive mining system known from the ancient Roman world, remnants of Roman, medieval and modern mining settlements as well as churches belonging to five denominations.

Prime Minister Ludovic Orban said on Friday that the file regarding the inclusion of the Rosia Montană site with UNESCO's World Heritage list is a "serious one", pointing out that there is every chance of a favourable decision in this regard. "As far as I know, there will be a session in June [of UNESCO - editor's note]. Let's see if it will be on the agenda.

Prime Minister Ludovic Orban on Tuesday stated that the National Liberal Party (PNL) Government wants to register the Rosia Montana site as a World Heritage site on the UNESCO World Heritage List, with Minister of Culture Bogdan Gheorghiu to hold consultations on this topic with the representatives of the Romanian state in the litigation at the International Centre for Settlement of Investment

Oman's sovereign wealth fund has withdrawn an 80 million euro ($89.98 million) claim against Bulgaria over the collapse of Corporate Commercial Bank (Corpbank), the Bulgarian finance ministry said in a statement on Thursday.

The International Centre for Settlement of Investment Disputes (ISCID), an arm of the World Bank, fined the Pakistani government up to $800 million in an arbitration case launched in 2013 by Karkey Black Sea Energy Group (Karkey), a Turkish firm that runs power generation sea vehicles.