1 – Whilst concurring with the outcome of this very thorough and lengthy award, I have difficulty with some interpretations of the law it provides. Without necessarily endorsing unreservedly all the others, I would like to single out one or two such areas. 

I Legitimate expectations

2 – The Award bases the liability of Romania, mainly on its frustration, by its premature ending of the Tax Incentives Scheme, EGO 24, of the legitimate expectations of the Claimants, in violation of the Fair and equitable treatment standard stipulated in Article 2(3) of the BIT. According to the Award, in its exposition of the grounds, the acts, conduct and representations generating such “legitimate expectations” need not rise to the level of sources of legal obligations