The Dutch group Damen sued Romania at the International Court of Arbitration in Vienna, demanding the termination of the association agreement concluded in 2018, through which the Romanian state became the majority shareholder (51%) of the company Damen Shipyards Mangalia SA, which operates the homonymous shipyard from the shores of the Black Sea, and Damen remained with 49% of the capital and took control of the company’s operational management, reports Profit.ro.
The defendant is the Romanian state company Şantierul Naval 2 Mai SA, controlled by the Ministry of Economy, which owns 51% of Damen Shipyards Mangalia.
The employees of the Damen construction site in Mangalia sent an open letter to the Government last month, through which they issued an alarm signal that, in the absence of concrete measures, there is an “imminent” risk of temporary interruption of activity for most of them.
Damen issued a notice of termination of the 2018 agreement to Şantierul Naval 2 Mai SA, as early as last August, demanding compensation of half a billion euros. The association agreement provides for compensation if the agreement ends due to the fault of one of the parties, according to Profit.ro.
The reason for termination cited last August by the Dutch was that, through a law adopted by Parliament at the end of June 2023, the companies in the special situation of Damen Shipyards Mangalia, with a majority state shareholder, but with private operational control, they are no longer exempted from the local legislation of the corporate governance of public enterprises.
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