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Investment Dispute Settlement Navigator

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methodology

About

The UNCTAD Investment Dispute Settlement Navigator contains information about known international arbitration cases initiated by investors against States pursuant to international investment agreements (IIAs). Such arbitrations are also referred to as treaty-based investor-State dispute settlement (ISDS) cases.

General disclaimer

The Navigator includes information about publicly known IIA-based international investor-State arbitration proceedings. As some proceedings (or certain aspects of proceedings) remain confidential, the information contained in the Navigator cannot be deemed exhaustive.

While every effort is made to keep the information up to date and complete, the material is provided without any guarantees or warranties as to its accuracy or completeness. UNCTAD assumes no responsibility for eventual errors or omissions in these data.

We welcome any additional information or clarifications on specific cases as well as suggestions to improve the Navigator. Please contact us using the online contact form.

Cases included in the Navigator

A case is included in the Navigator if it is:

  • an international arbitration between an investor and a State;
  • fully or partially based on an IIA, such as a bilateral investment treaty or the investment chapter of a free trade agreement (not included are investor-State disputes that are solely based on contracts or on domestic investment legislation);
  • submitted to arbitration through a notice of arbitration or a request for arbitration, and upon registration of such request if applicable (not included are cases where a disputing party has only notified the other party of the existence of a dispute or signalled its intention to submit a claim, but has not yet commenced the arbitration).

Sources of information and frequency of updating

The information included in the Navigator is collected from publicly available sources. Primary sources (i.e. official documents relating to the case and information provided by the administering institutions) are the main and preferred source of information. Secondary sources, such as specialized reporting services and other sources deemed reliable, are used to supplement primary sources and/or obtain case information otherwise unavailable.

The Navigator is updated on a regular, typically biannual, basis. The date of the last update is displayed on the Navigator’s home page.

Methodological notes for the recording of data

Case name

Full case name is recorded as it appears in the official case documents and as it is registered at the administering institution if applicable. If there are more than five claimants in the case, the names of all claimants can be replaced by the name of the first claimant followed by the words “and others”.

Short case name is ascribed by UNCTAD. Typically it is the first word of a corporate claimant’s name, an abbreviation of the corporate claimant’s name, or the last name of a natural-person claimant “v.” the short version of the respondent State’s name.

If the Navigator includes more than one case with the exact same name, then “(I)” is added to the case name of the earlier case, and a “(II)”, “(III)”, etc. is added to the name of each subsequent case.

Year of initiation

This is the year in which the notice of arbitration / request for arbitration was submitted by the claimant. For arbitrations brought under the ICSID Convention Arbitration Rules or ICSID Additional Facilities (AF) Rules, the year in which the claim was registered by ICSID is used.

Applicable IIA

This is the IIA(s) pursuant to which the claimant initiated the arbitral proceedings.

Arbitral rules

These are the arbitral rules in accordance with which the proceedings are conducted. Proceedings that are not subject to any existing set of arbitral rules, i.e. where the arbitral tribunal determines procedural rules, are marked “None (ad hoc)”.

Administering institution

This is the institution that provides administrative support for the arbitral proceedings. When the proceedings are subject to arbitral rules of a certain arbitral institution (e.g. SCC or ICC), the relevant institution administers that case. In ad hoc arbitrations or those that are subject to non-institutional arbitral rules (e.g. UNCITRAL Arbitration Rules), the parties may request any arbitral institution to administer their case (e.g. PCA). Proceedings may also be conducted without being administered by any institution.

Common abbreviations for administering institutions:

CRCICACairo Regional Centre for International Commercial Arbitration
ICCInternational Chamber of Commerce (International Court of Arbitration)
ICSIDInternational Centre for Settlement of Investment Disputes
LCIALondon Court of International Arbitration
MCCIMoscow Chamber of Commerce and Industry
PCAPermanent Court of Arbitration
SCCStockholm Chamber of Commerce (Arbitration Institute)

Details of investment and summary of the dispute

The details of investment are presented as argued by the claimant, unless otherwise expressly identified by an arbitral tribunal in its decisions or awards.

The summary of the dispute describes in very general terms the conduct allegedly in breach of IIA obligations as argued by the claimant.

Economic sector and subsector

This refers to the economic sector to which the investment at issue allegedly belongs. The structure of economic activities follows the International Standard Industrial Classification of All Economic Activities, Rev.4 (UN ISIC Rev.4).

Status/Outcome of original proceedings

This refers to the current status of the original arbitration proceedings.

  • Decided in favour of State: the tribunal dismissed the case for lack of jurisdiction or found that the respondent State has not committed any breach of the applicable IIA.
  • Decided in favour of investor: the tribunal found that the respondent State committed one or more breaches of the applicable IIA and awarded monetary compensation or non-pecuniary relief to the claimant investor.
  • Decided in favour of neither party (liability found but no damages awarded): the arbitral tribunal found that the respondent State committed one or more breaches of the applicable IIA but did not award monetary compensation or non-pecuniary relief to the claimant investor.
  • Settled: the disputing parties settled the case and the arbitral proceedings were discontinued for that reason.
  • Pending: the arbitration proceedings are pending. A case remains pending if any of the following elements remain to be decided: jurisdiction, liability (merits), compensation. The case remains pending, for instance, if a State is found to have breached one or more IIA obligations (liability) but no award on damages has been issued yet.
    Notes:
    • The Navigator only records treaty-based disputes or treaty-based aspects of "mixed" disputes. In treaty-based cases that are simultaneously contract-based or based on national investment law ("mixed" disputes), a case is deemed concluded (for purposes of the Navigator) if the tribunal dismissed the case on jurisdiction or finds no breach of the IIA, even if it proceeds to adjudicate the contract- or statutory-based claims.
    • Cases in which a final award has been rendered but which are later subject to follow-on (post-award) proceedings (e.g. ICSID annulment proceedings or domestic judicial review), are marked according to the outcome of the original arbitral proceeding (i.e. not as “Pending”).
  • Discontinued: the arbitration was discontinued for any reason other than due to a (known) settlement. This includes discontinuance as a result of non-payment of arbitration fees, in order to pursue litigation in another forum, or for any other reason (including for unknown reasons).

Arbitral decisions rendered

These are decisions rendered by an arbitral tribunal. Included are those decisions that concern the substance of the case and affect the final outcome. In particular, these include decisions (awards) on jurisdictional issues, liability (merits) and damages, including arbitrators’ individual opinions where these were issued. Discontinuance orders and settlement agreements are also recorded if such information is available.

Not included are any other (supplementary) arbitral decisions, e.g. concerning provisional measures or decisions regarding requests for disqualification of arbitrators. Similarly, procedural orders issued by arbitral tribunals are not included. To access a full list of documentation available with respect to a case, users are invited to use (i) the link to the case page on http://italaw.com, and/or (ii) links to the websites of governments and/or arbitral institutions provided in the “Additional information” section.

Amounts claimed and awarded

Amount claimed refers to the amount of monetary compensation claimed by the investor, not including interest, legal costs or costs of arbitration.

Amount awarded refers to the amount of monetary compensation awarded by the arbitral tribunal to the claimant, not including interest, legal costs or costs of arbitration.

For proceedings that end in a settlement, the amount of compensation that the State agreed to pay to the claimant under the terms of settlement (if known) is recorded in this section.

Amounts are recorded in the currency used by the claimant/tribunal. The list of currencies in the Navigator follows the International Organization for Standardization (ISO) 4217 code list.

To enable comparisons between cases, all amounts are also converted to US dollars. For the purposes of such conversion, the OANDA Historical Currency Converter is being used; the date of conversion is the date of the document or other source from which the information was obtained (e.g. the date in which the request for arbitration containing this amount was submitted or the date of the final award).

Whenever possible, information about amounts claimed and awarded is obtained from primary sources such as the arbitration documents. Otherwise, it is derived from other publicly available sources that are deemed reliable. In some cases, the approximate amount may be recorded to give a broad indication of the dispute’s magnitude. As a general rule, a rounded figure (to the nearest hundred thousand) of the amount claimed or awarded is provided.

If the claimant provides more than one valuation of damages claimed, the highest of these amounts is recorded.

IIA breaches alleged and found

Information about breaches alleged is primarily derived from the claimant’s request of arbitration, claimant’s memorials and/or arbitral decisions. When the relevant case documentation is not publicly available, information about breaches alleged may be obtained from other public sources that are deemed reliable.

Information about breaches found is primarily derived from the arbitral decisions. When the relevant decision is not publicly available, information about breaches found may be obtained from other public sources that are deemed reliable.

Claims concerning expropriation are classified as “direct” or “indirect” according to the characterisation made by the claimant and/or the tribunal. Whenever a claimant or the tribunal refer to “expropriation”, without distinguishing between “direct” or “indirect”, such distinction is made on the basis of the factual background of the case and the context of the claimant’s claims and tribunal’s findings.

Composition of tribunal

These are individuals who serve as members of the arbitral tribunal adjudicating the dispute (arbitrators).

The disputing party (i.e. claimant or respondent) that appointed a particular arbitrator is also recorded insofar as information is available. Instances where the respondent failed to appoint an arbitrator, and the latter was appointed by an “appointing authority”, are not recorded separately (i.e. both types of appointment are recorded under “Appointed by / designated to Respondent” without further distinction).

In case an arbitrator has been replaced by another individual (e.g. as a result of resignation, disqualification or passing away), the names of both the previous and subsequent arbitrator are recorded.

Follow-on (post-award) proceedings

Follow-on (post-award) proceedings include three types of legal proceedings:

  • ICSID annulment proceedings;
  • Judicial review by national courts (set-aside proceedings); and
  • ICSID resubmission proceedings.

Initiation of a follow-on proceeding by either disputing party does not affect the field “Case Status/Outcome” of the original proceeding, until the follow-on proceeding is completed. For example, in a case where a final award has been rendered but it is later subject to a follow-on proceeding (e.g. ICSID annulment proceeding), the status of the case is marked according to the outcome of the original arbitral proceeding (i.e. not as “Pending”).

Decisions, judgments and/or awards rendered in the course of follow-on (post-award) proceedings, as well as any individual opinions appended to them, are recorded.

The composition of the ICSID ad hoc committees that adjudicate requests for annulment under the ICSID Convention is recorded.

Link to Italaw’s case page

The Italaw.com portal offers a wide collection of case documentation for many investor-State disputes. It makes available not only the main arbitral decisions, but also procedural orders, parties’ submissions, expert opinions and other types of documents.

A link to the relevant case page at http://italaw.com is provided where such page is available, so that users could browse all documents relating to the case at hand.

Additional information

This section provides links to sources of information used for gathering data for the case at hand or otherwise relevant to that case. These may include links to websites of arbitral/administering institutions, governments, international organisations, specialised reporting services (including subscription-based), media and other resources.

Number of cases as respondent State
1 60
Updated as of 31 December 2017

Luxembourg - as home State

Clear selection
Loaded 39 out of 39 Show all
No. Year of
initiation
Short case
name
Summary Outcome of
original proceedings
Respondent
State
Home State
of investor
1 2017 De Sutter and others v. Madagascar (II) Kristof de Sutter, Peter de Sutter and (DS)2, S.A. v. Republic of Madagascar (II) (ICSID Case No. ARB/17/18) BLEU (Belgium-Luxembourg Economic Union) - Madagascar BIT (2005) ICSID ICSID Investment: Ownership and operation of a textile factory by the local company Polo Garments Majunga, which is (directly and indirectly) owned by Peter and Kristof De Sutter.

Summary: Claims arising out of the Attorney-General’s intervention in a local court case, which allegedly led to the halting of the enforcement of a claim against the Madagascan insurer Ny Havana. Polo Garments Majunga had commenced enforcement proceedings to collect an insurance payout from Ny Havana for a burned down textiles factory.
Ownership and operation of a textile factory by the local company Polo Garments Majunga, which is (directly and indirectly) owned by Peter and Kristof De Sutter. Pending Madagascar Luxembourg

Belgium
Secondary: C - Manufacturing 13 - Manufacture of textiles Kaufmann-Kohler, G. - President

Malinvaud, C. - Claimant

Pellet, A. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
2 2017 Puma Energy v. Benin Puma Energy Holdings SARL v. the Republic of Benin BLEU (Belgium-Luxembourg Economic Union) - Benin BIT (2001) SCC SCC Investment: Investments in a fuels terminal acquired by local subsidiary Puma Benin.

Summary: Claims arising out of the decision of an appeals court in Benin that nullified Puma Benin’s purchase of a fuels terminal in Cotonou and ordered the claimant’s local subsidiary to pay approx. US$15 million in damages to a minority shareholder in the divesting company Benin Petroleum Services, as well as Benin’s alleged failure to comply with an emergency order rendered under the SCC Rules to prevent enforcement of the court decision.
Investments in a fuels terminal acquired by local subsidiary Puma Benin. Pending Benin Luxembourg Tertiary: H - Transportation and storage 49 - Land transport and transport via pipelines Data not available Data not available Data not available Data not available Pending None None None None None None None
3 2016 CIC Renewable and others v. Italy CIC Renewable Energies Italy GmbH, Enernovum Asset 1 GmbH & Co. KG, Enernovum GmbH & Co. KG and others v. Italian Republic (ICSID Case No. ARB/16/39) The Energy Charter Treaty (1994) ICSID ICSID Investment: Investments in photovoltaic plants.

Summary: Claims arising out of a series of governmental decrees to cut tariff incentives for some solar power projects.
Investments in photovoltaic plants. Pending Italy Germany

United Kingdom

Luxembourg
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Reichert, K. - President

Poncet, C. - Claimant

Stern, B. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
4 2016 Infracapital v. Spain Infracapital F1 S.à r.l. and Infracapital Solar B.V. v. Kingdom of Spain (ICSID Case No. ARB/16/18) The Energy Charter Treaty (1994) ICSID ICSID Investment: Investments in photovoltaic plants.

Summary: Claims arising out of a series of energy reforms undertaken by the Government affecting the renewables sector, including a 7 per cent tax on power generators’ revenues and a reduction in subsidies for renewable energy producers.
Investments in photovoltaic plants. Pending Spain Luxembourg

Netherlands
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Nunes Pinto, J. E. - President

Cameron, P. D. - Claimant

González García, L. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
5 2016 Sun Reserve v. Italy Sun Reserve Luxco Holdings SRL v. Italy (SCC Case No. 132/2016) The Energy Charter Treaty (1994) SCC SCC Investment:

Summary: Claims arising out of a series of governmental decrees to cut tariff incentives for some solar power projects.
Pending Italy Luxembourg Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply van den Berg, A. J. - President

Sachs, K. - Claimant

Giardina, A. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
6 2015 9REN Holding v. Spain 9REN Holding S.a.r.l v. Kingdom of Spain (ICSID Case No. ARB/15/15) The Energy Charter Treaty (1994) ICSID ICSID Investment: Investments in a renewable energy generation enterprise.

Summary: Claims arising out of a series of energy reforms undertaken by the Government affecting the renewables sector, including a 7 per cent tax on power generators’ revenues and a reduction in subsidies for renewable energy producers.
Investments in a renewable energy generation enterprise. Pending Spain Luxembourg Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Haigh, D. - Claimant

Veeder, V. V. - Respondent

Binnie, I. - President
Data not available Data not available Data not available Pending None None None None None None None
7 2015 Adamakopoulos and others v. Cyprus Theodoros Adamakopoulos, Ilektra Adamantidou, Vasileios Adamopoulos and others v. Republic of Cyprus (ICSID Case No. ARB/15/49) Cyprus - Greece BIT (1992)

BLEU (Belgium-Luxembourg Economic Union) - Cyprus BIT (1991)
ICSID ICSID Investment: Deposits and bonds in two Cypriot banks, Laiki Bank (also known as Cyprus Popular Bank) and the Bank of Cyprus.

Summary: Claims arising out of alleged discriminatory treatment as a result of the € 10 billion bailout package for Cyprus by the European Commission, the European Central Bank and the International Monetary Fund.
Deposits and bonds in two Cypriot banks, Laiki Bank (also known as Cyprus Popular Bank) and the Bank of Cyprus. Pending Cyprus Greece

Luxembourg
Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Orrego Vicuña, F. - Claimant

Kohen, M. G. - Respondent

McRae, D. M. - President
Data not available Data not available Data not available Pending None None None None None None None
8 2015 ArcelorMittal v. Egypt ArcelorMittal S.A. v. Arab Republic of Egypt (ICSID Case No. ARB/15/47) BLEU (Belgium-Luxembourg Economic Union) - Egypt BIT (1999) ICSID ICSID Investment: Investments in the construction of a steel plant.

Summary: Claims arising out of the Government’s alleged refusal to extend the development period for the claimant’s steel plant construction project, followed by a process to revoke the claimant’s licenses. According to the claimant, the construction was delayed due to the occupation of the property and problems with gas and electricity supply.
Investments in the construction of a steel plant. Settled Egypt Luxembourg Secondary: C - Manufacturing 24 - Manufacture of basic metals Price, D. M. - Claimant

Stern, B. - Respondent
600.00 mln USD Data not available Data not available Not applicable - settled or discontinued before decision on liability None None None None None None None
9 2015 Belenergia v. Italy Belenergia S.A. v. Italian Republic (ICSID Case No. ARB/15/40) The Energy Charter Treaty (1994) ICSID ICSID Investment: Interests in a number of solar power plants in Italy.

Summary: Claims arising out of a series of governmental decrees to cut tariff incentives for some solar power projects.
Interests in a number of solar power plants in Italy. Pending Italy Luxembourg Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Hanotiau, B. - Claimant

Derains, Y. - President

Fernández Rozas, J. C. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
10 2015 Capital Financial Holdings v. Cameroon Capital Financial Holdings Luxembourg S.A. v. Republic of Cameroon (ICSID Case No. ARB/15/18) BLEU (Belgium-Luxembourg Economic Union) - Cameroon BIT (1980) ICSID ICSID Investment: Majority shareholding (46.6 per cent) in Commercial Bank of Cameroon.

Summary: Claims arising out of the alleged unlawful expropriation of the claimant's investment by the Government in 2009 when its bank was placed under State control exercising executive powers instead of the bank’s CEO and board of directors.
Majority shareholding (46.6 per cent) in Commercial Bank of Cameroon. Decided in favour of State Cameroon Luxembourg Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Tercier, P. - President

Mourre, A. - Claimant

Pellet, A. - Respondent
100.00 mln EUR (112.00 mln USD) Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures
None - jurisdiction declined Award dated 22 June 2017 Dissenting Opinion of Alexis Mourre None None None None None
11 2015 Cube Infrastructure v. Spain Cube Infrastructure Fund SICAV and others v. Kingdom of Spain (ICSID Case No. ARB/15/20) The Energy Charter Treaty (1994) ICSID ICSID Investment: Majority shareholding (66.5 per cent) in a Madrid-based renewable energy company, RPI.

Summary: Claims arising out of a series of energy reforms undertaken by the Government affecting the renewables sector, including a 7 per cent tax on power generators’ revenues and a reduction in subsidies for renewable energy producers.
Majority shareholding (66.5 per cent) in a Madrid-based renewable energy company, RPI. Pending Spain France

Luxembourg
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Spigelman, J. - Claimant

Lowe, V. - President

Tomuschat, C. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
12 2015 Foresight and others v. Spain Foresight Luxembourg Solar 1 S. Á.R1., Foresight Luxembourg Solar 2 S.Á.R.L., Greentech Energy System A/S, GWM Renewable Energy I S.P.A and GWM Renewable Energy Ii S.P.A v. Kingdom of Spain (SCC Case No. 2015/150) The Energy Charter Treaty (1994) SCC SCC Investment:

Summary: Claims arising out of a series of energy reforms undertaken by the Government affecting the renewables sector, including a 7 per cent tax on power generators’ revenues and a reduction in subsidies for renewable energy producers.
Pending Spain Luxembourg

Denmark

Italy
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Moser, M. J. - President

Sachs, K. - Claimant

Vinuesa, R. E. - Respondent
50.00 mln EUR (58.10 mln USD) Data not available Data not available Pending Data not available Data not available None None None None None
13 2015 Greentech and Novenergia v. Italy Greentech Energy Systems and Novenergia v. Italy (SCC Case No. 095/2015) The Energy Charter Treaty (1994) SCC SCC Investment: Ownership of solar plants in Italy that generate 30 and 44 megawatts of solar energy respectively.

Summary: Claims arising out of a series of governmental decrees to cut tariff incentives for some solar power projects.
Ownership of solar plants in Italy that generate 30 and 44 megawatts of solar energy respectively. Pending Italy Denmark

Luxembourg
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Park, W. W. - President

Haigh, D. - Claimant

Sacerdoti, G. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
14 2015 Hydro Energy 1 and Hydroxana v. Spain Hydro Energy 1 S.à r.l. and Hydroxana Sweden AB v. Kingdom of Spain (ICSID Case No. ARB/15/42) The Energy Charter Treaty (1994) ICSID ICSID Investment: Investments in renewable energy generation enterprise.

Summary: Claims arising out of a series of energy reforms undertaken by the Government affecting the renewables sector, including a 7 per cent tax on power generators’ revenues and a reduction in subsidies for renewable energy producers.
Investments in renewable energy generation enterprise. Pending Spain Luxembourg

Sweden
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Collins, L. - President

Rees, P. - Claimant

Knieper, R. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
15 2015 Novenergia v. Spain Novenergia v. Spain (SCC Case No. 063/2015) The Energy Charter Treaty (1994) SCC SCC Investment: Investments in seven photovoltaic plants.

Summary:
Investments in seven photovoltaic plants. Pending Spain Luxembourg Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Sidklev, J. - President

Crivellaro, A. - Claimant

Sepúlveda Amor, B. - Respondent
Data not available Data not available Data not available Pending Data not available Data not available None None None None None
16 2015 Watkins Holdings v. Spain Watkins Holdings S.à r.l. and others v. Kingdom of Spain (ICSID Case No. ARB/15/44) The Energy Charter Treaty (1994) ICSID ICSID Investment: Investments in renewable energy generation enterprises (wind farms).

Summary: Claims arising out of a series of energy reforms undertaken by the Government affecting the renewables sector, including a 7 per cent tax on power generators’ revenues and a reduction in subsidies for renewable energy producers.
Investments in renewable energy generation enterprises (wind farms). Pending Spain Luxembourg

Netherlands
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Pryles, M. C. - Claimant

Ruiz Fabri, H. - Respondent

Abraham, C. W. M. - President
Data not available Data not available Data not available Pending None None None None None None None
17 2014 Griffin Group v. Poland Griffin Group v. Poland BLEU (Belgium-Luxembourg Economic Union) - Poland BIT (1987) SCC SCC Investment: Usufruct rights to a plot of land.

Summary: Claims arising out of the alleged expropriation of the investor’s rights to a historic former barracks site adjacent to Lazienki Park in central Warsaw.
Usufruct rights to a plot of land. Pending Poland Luxembourg Tertiary: L - Real estate activities 68 - Real estate activities Kaufmann-Kohler, G. - President

Williams, D. A. R. - Claimant

Sands, P. - Respondent
16.60 mln EUR (17.90 mln USD) Data not available Data not available Pending None None None None None None None
18 2014 PL Holdings v. Poland PL Holdings S.a.r.l. v. Poland (SCC Case No. 2014/163) BLEU (Belgium-Luxembourg Economic Union) - Poland BIT (1987) SCC SCC Investment: 99.6% shareholding in a Polish bank, FM Bank PBP.

Summary: Claims arising out of alleged forced sale of the claimant's shareholding in a Polish bank, FM Bank PBP.
99.6% shareholding in a Polish bank, FM Bank PBP. Decided in favour of investor Poland Luxembourg Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Bermann, G. - President

Lew, J. D. M. - Claimant

Schneider, M. - Respondent
1888.40 mln PLN (479.90 mln USD) 760.00 mln PLN (207.10 mln USD) Indirect expropriation Indirect expropriation Partial Award dated 28 June 2017

Final Award dated 28 September 2017
None Judicial review by national courts Pending (Judicial review by national courts) None None None
19 2014 RENERGY v. Spain RENERGY S.à r.l. v. Kingdom of Spain (ICSID Case No. ARB/14/18) The Energy Charter Treaty (1994) ICSID ICSID Investment: Shareholding in the renewable energy generation company Iberéolica, which owned two thermosolar plants in Seville and Badajoz.

Summary: Claims arising out of a series of energy reforms undertaken by the Government affecting the renewables sector, including a 7 per cent tax on power generators’ revenues and a reduction in subsidies for renewable energy producers.
Shareholding in the renewable energy generation company Iberéolica, which owned two thermosolar plants in Seville and Badajoz. Pending Spain Luxembourg Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Simma, B. - President

Schreuer, C. H. - Claimant

Sands, P. - Respondent
600.00 mln EUR (805.00 mln USD) Data not available Data not available Pending None None None None None None None
20 2013 Antin v. Spain Antin Infrastructure Services Luxembourg S.à.r.l. and Antin Energia Termosolar B.V. v. Kingdom of Spain (ICSID Case No. ARB/13/31) The Energy Charter Treaty (1994) ICSID ICSID Investment: Shareholding in two solar thermo plants in Andalucía, Spain.

Summary: Claims arising out of a series of energy reforms undertaken by the Government affecting the renewables sector, including a 7 per cent tax on power generators’ revenues and a reduction in subsidies for renewable energy producers.
Shareholding in two solar thermo plants in Andalucía, Spain. Pending Spain Luxembourg

Netherlands
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Zuleta, E. - President

Orrego Vicuña, F. - Claimant

Thomas, J. C. - Respondent
Data not available Data not available Data not available Pending Decision on the Respondent’s request to address the objections to jurisdiction as a preliminary question dated 2 March 2015 None None None None None None
21 2013 CSP Equity Investment v. Spain CSP Equity Investment Sarl v. Kingdom of Spain (SCC Case No. 094/2013) The Energy Charter Treaty (1994) SCC PCA Investment: Equity interests in six thermo-solar powerplants in Spain.

Summary: Claims arising out of a series of energy reforms undertaken by the Government affecting the renewables sector, including a 7 per cent tax on power generators’ revenues and a reduction in subsidies for renewable energy producers.
Equity interests in six thermo-solar powerplants in Spain. Pending Spain Luxembourg Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Data not available 840.00 mln EUR (975.90 mln USD) Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Pending None None None None None None None
22 2013 De Sutter and others v. Madagascar (I) Kristof De Sutter, Peter De Sutter, DS 2 S.A. and Polo Garments Majunga S.A.R.L. v. Republic of Madagascar (I) BLEU (Belgium-Luxembourg Economic Union) - Madagascar BIT (2005) ICC ICC Investment: Ownership and operation of a textile factory by the local company Polo Garments Majunga, which is (directly and indirectly) owned by Peter and Kristof De Sutter.

Summary: Claims arising out of the Attorney-General’s intervention in a local court case, which allegedly led to the halting of the enforcement of a claim against the Madagascan insurer Ny Havana. Polo Garments Majunga had commenced enforcement proceedings to collect an insurance payout from Ny Havana for a burned down textiles factory.
Ownership and operation of a textile factory by the local company Polo Garments Majunga, which is (directly and indirectly) owned by Peter and Kristof De Sutter. Decided in favour of investor Madagascar Belgium

Luxembourg
Secondary: C - Manufacturing 13 - Manufacture of textiles Legum, B. - Sole arbitrator Data not available 0.70 mln EUR (0.90 mln USD) Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures
Award dated 29 August 2014 None Judicial review by national courts

Judicial review by national courts
Award/decision set aside in its entirety (Judicial review by national courts)

Award/decision set aside in its entirety (Judicial review by national courts)
Judgment of Paris Court of Appeal dated 15 March 2016 (Judicial review by national courts)

Judgment of the French Court of Cassation dated 1 June 2017 (Judicial review by national courts)
None None
23 2013 Eiser and Energía Solar v. Spain Eiser Infrastructure Limited and Energía Solar Luxembourg S.à r.l. v. Kingdom of Spain (ICSID Case No. ARB/13/36) The Energy Charter Treaty (1994) ICSID ICSID Investment: Interests in three concentrated solar power plants located in Spain.

Summary: Claims arising out of a series of energy reforms undertaken by the Government affecting the renewables sector, including a 7 per cent tax on power generators’ revenues and a reduction in subsidies for renewable energy producers.
Interests in three concentrated solar power plants located in Spain. Decided in favour of investor Spain Luxembourg

United Kingdom
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Crook, J. R. - President

Alexandrov, S. A. - Claimant

McLachlan, C. A. - Respondent
256.00 mln EUR (279.50 mln USD) 128.00 mln EUR (139.80 mln USD) Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures

Umbrella clause

Indirect expropriation
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on the Respondent’s request to address the objections to jurisdiction as a preliminary question dated 9 February 2015

Award dated 4 May 2017
None ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Ramírez Hernández, R. - President

Cheng, T. - Member

Hascher, D. - Member
24 2013 Natland and others v. Czech Republic G.I.H.G. Limited, Natland Group Limited, Natland Investment Group NV, and Radiance Energy Holding S.A.R.L. v. The Czech Republic (PCA Case No. 2013-35) Czech Republic - Netherlands BIT (1991)

Cyprus - Czech Republic BIT (2001)

BLEU (Belgium-Luxembourg Economic Union) - Czech Republic BIT (1989)

The Energy Charter Treaty (1994)
UNCITRAL PCA Investment: Interests in the Czech photovoltaic sector.

Summary: Claims arising out of amendments to the pre-existing incentive regime for the renewable energy sector, including the introduction of a levy on electricity generated from solar power plants.
Interests in the Czech photovoltaic sector. Pending Czech Republic Cyprus

Luxembourg

Netherlands
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Heiskanen, V. - President

Bishop, D. - Claimant (replaced)

Thomas, J. C. - Respondent

Born, G. B. - Claimant
Data not available Data not available Data not available Pending Interim Award dated 2017 None None None None None None
25 2013 RREEF v. Spain RREEF Infrastructure (G.P.) Limited and RREEF Pan-European Infrastructure Two Lux S.à r.l. v. Kingdom of Spain (ICSID Case No. ARB/13/30) The Energy Charter Treaty (1994) ICSID ICSID Investment: Shareholding in two solar power plants located in Andalucía, Spain.

Summary: Claims arising out of a series of energy reforms undertaken by the Government affecting the renewables sector, including a 7 per cent tax on power generators’ revenues and a reduction in subsidies for renewable energy producers.
Shareholding in two solar power plants located in Andalucía, Spain. Pending Spain Luxembourg

United Kingdom
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Pellet, A. - President

Volterra, R. - Claimant

Nikken, P. - Respondent
441.00 mln EUR (512.30 mln USD) Data not available Data not available Pending Decision on Jurisdiction dated 6 June 2016 None None None None None None
26 2013 Yukos Capital v. Russia Yukos Capital SARL v. The Russian Federation The Energy Charter Treaty (1994) UNCITRAL PCA Investment: Investments in the Russian-incorporated Yukos Oil Company.

Summary: Claims arising out of the Government’s alleged illegal expropriation of claimant’s investments in Yukos Oil Company.
Investments in the Russian-incorporated Yukos Oil Company. Pending Russian Federation Luxembourg Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas McLachlan, C. A. - President

Rowley, J. W. - Claimant

Stern, B. - Respondent
13000.00 mln USD Data not available Data not available Pending Interim Award on Jurisdiction dated 18 January 2017 None Judicial review by national courts Award/decision upheld (Judicial review by national courts) Judgment of the Swiss Federal Supreme Court dated 20 July 2017 (Judicial review by national courts) None None
27 2012 Charanne and Construction Investments v. Spain Charanne B.V. and Construction Investments S.a.r.l. v. Spain (SCC Case No. 062/2012) The Energy Charter Treaty (1994) SCC SCC Investment: Shareholding of 18.66% (by Charanne) and 2.89% (by Construction Investments) in T-Solar Global S.A., a Spanish solar power plant.

Summary: Claims arising out of a series of energy reforms undertaken by the Government affecting the renewables sector, including a 7 per cent tax on power generators’ revenues and a reduction in subsidies for renewable energy producers.
Shareholding of 18.66% (by Charanne) and 2.89% (by Construction Investments) in T-Solar Global S.A., a Spanish solar power plant. Decided in favour of State Spain Luxembourg

Netherlands
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Mourre, A. - President

Tawil, G. S. - Claimant

von Wobeser, C. - Respondent
17.80 mln EUR (20.70 mln USD) Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Indirect expropriation

Other
None - all claims dismissed at the merits stage Final Award dated 21 January 2016 Dissenting Opinion of Guido Santiago Tawil None None None None None
28 2012 LSF-KEB v. Korea LSF-KEB Holdings SCA and others v. Republic of Korea (ICSID Case No. ARB/12/37) BLEU (Belgium-Luxembourg Economic Union) - Korea, Republic of BIT (1974) ICSID ICSID Investment: Majority shareholding in a South Korean financial institution; shareholding in Seoul’s Star Tower; interests in an engineering and construction manufacturer.

Summary: Claims arising out of the alleged failure by Korean regulatory authorities over a period of several years to approve the purchase by third parties of claimant’s stake in Korea Exchange Bank, and the alleged imposition of arbitrary capital gains taxes on the sale by Korean tax authorities.
Majority shareholding in a South Korean financial institution; shareholding in Seoul’s Star Tower; interests in an engineering and construction manufacturer. Pending Korea, Republic of Belgium

Luxembourg
Tertiary: F - Construction

Tertiary: K - Financial and insurance activities

Tertiary: L - Real estate activities
42 - Civil engineering

64 - Financial service activities, except insurance and pension funding

68 - Real estate activities
Veeder, V. V. - President

Brower, C. N. - Claimant

Stern, B. - Respondent
4700.00 mln USD Data not available Data not available Pending Decision on Respondent's request to address the objections to jurisdiction as a preliminary question dated 23 December 2013 None None None None None None
29 2012 Orascom v. Algeria Orascom TMT Investments S.à r.l. v. People's Democratic Republic of Algeria (ICSID Case No. ARB/12/35) Algeria - BLEU (Belgium-Luxembourg Economic Union) BIT (1991) ICSID ICSID Investment: Indirect interest in the Algerian telecommunications company Djezzy, through a minority shareholding in Djeezy's controlling entity.

Summary: Claims arising out of an alleged campaign of interference and harassment by the Government against the local telecommunications company in which the claimant had invested, including tax reassessments and an attempted forced sale of part of the company to Algeria.
Indirect interest in the Algerian telecommunications company Djezzy, through a minority shareholding in Djeezy's controlling entity. Decided in favour of State Algeria Luxembourg Tertiary: J - Information and communication 61 - Telecommunications Kaufmann-Kohler, G. - President

van den Berg, A. J. - Claimant

Stern, B. - Respondent
4000.00 mln USD Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims None - jurisdiction declined Award dated 31 May 2017 None ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Tomka, P. - President

Cooper-Rousseau, B. - Member

Sachs, K. - Member
30 2012 Tenaris and Talta v. Venezuela (II) Tenaris S.A. and Talta - Trading e Marketing Sociedade Unipessoal Lda. v. Bolivarian Republic of Venezuela (II) (ICSID Case No. ARB/12/23) Portugal - Venezuela, Bolivarian Republic of BIT (1994)

BLEU (Belgium-Luxembourg Economic Union) - Venezuela, Bolivarian Republic of BIT (1998)
ICSID ICSID Investment: Shareholding in two Venezuelan companies involved in the steel sector, Tavsa and Comsigua.

Summary: Claims arising out of the expropriation of two Venezuelan companies in which the claimants had invested, the steel production company Tavsa and the hot briquetted iron producer Comsigua.
Shareholding in two Venezuelan companies involved in the steel sector, Tavsa and Comsigua. Decided in favour of investor Venezuela, Bolivarian Republic of Luxembourg

Portugal
Secondary: C - Manufacturing 24 - Manufacture of basic metals Fernández-Armesto, J. - President

Gómez-Pinzón, E. - Claimant

Stern, B. - Respondent
Data not available 137.00 mln USD Direct expropriation Direct expropriation Decision on the Respondents’ request to address the objections to jurisdiction as a preliminary question dated 15 January 2014

Award dated 12 December 2016
None ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Knieper, R. - President

Jiménez Figueres, D. - Member

Moreno Rodríguez, J. A. - Member
31 2012 Ternium v. Venezuela Ternium S.A. and Consorcio Siderurgia Amazonia S.L. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/12/19) BLEU (Belgium-Luxembourg Economic Union) - Venezuela, Bolivarian Republic of BIT (1998)

Spain - Venezuela, Bolivarian Republic of BIT (1995)
ICSID ICSID Investment: Majority shareholding in Sidor, a Venezuelan steel manufacturing plant.

Summary: Claims arising out of an alleged outstanding amount of compensation owed under certain settlement agreement for the nationalization of claimants' stake in a Venezuelan steel production company.
Majority shareholding in Sidor, a Venezuelan steel manufacturing plant. Discontinued Venezuela, Bolivarian Republic of Spain

Luxembourg
Secondary: C - Manufacturing 24 - Manufacture of basic metals Tribunal not constituted 130.00 mln USD Data not available Data not available Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance of the proceeding issued by the Secretary-General dated 29 November 2012, pursuant to ICSID Arbitration Rule 44 None None None None None None
32 2011 Tenaris and Talta v. Venezuela (I) Tenaris S.A. and Talta - Trading e Marketing Sociedade Unipessoal Lda v. Bolivarian Republic of Venezuela (I) (ICSID Case No. ARB/11/26) Portugal - Venezuela, Bolivarian Republic of BIT (1994)

BLEU (Belgium-Luxembourg Economic Union) - Venezuela, Bolivarian Republic of BIT (1998)
ICSID ICSID Investment: Shareholding in a Venezuelan hot briquetted iron production plant.

Summary: Claims arising out of the expropriation of Matesi, claimants' Venezuelan subsidiary engaged in the production of hot briquetted iron.
Shareholding in a Venezuelan hot briquetted iron production plant. Decided in favour of investor Venezuela, Bolivarian Republic of Portugal

Luxembourg
Secondary: C - Manufacturing 24 - Manufacture of basic metals Beechey, J. - President

Kessler, J. L. - Claimant

Landau, T. - Respondent
299.30 mln USD 87.30 mln USD Direct expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Arbitrary, unreasonable and/or discriminatory measures
Direct expropriation Award dated 29 January 2016 None ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Rigo Sureda, A. - President

Fernández Arroyo, D. P. - Member

Cantuarias Salaverry, F. - Member
33 2011 The PV Investors v. Spain The PV Investors v. Spain (PCA Case No. 2012-14) The Energy Charter Treaty (1994) UNCITRAL PCA Investment: Interests in photovoltaic energy installations in Spain.

Summary: Claims arising out of a series of energy reforms undertaken by the Government affecting the renewables sector, including a 7 per cent tax on power generators’ revenues and a reduction in subsidies for renewable energy producers.
Interests in photovoltaic energy installations in Spain. Pending Spain Denmark

Germany

Ireland

Luxembourg

Netherlands

United Kingdom
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Kaufmann-Kohler, G. - President

Brower, C. N. - Claimant

Sepúlveda Amor, B. - Respondent
1900.00 mln EUR (2200.00 mln USD) Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Pending Decision on Bifurcation dated March 2013 None None None None None None
34 2008 AEI v. Bolivia Ashmore Energy International (A.E.I) Luxembourg Holdings S.a.r.l. v. the Plurinational State of Bolivia BLEU (Belgium-Luxembourg Economic Union) - Bolivia, Plurinational State of BIT (1990) SCC SCC Investment: Minority shareholding in the Bolivian Transporte de Hidrucarburos S.A. (Transredes) natural gas pipeline.

Summary: Claims arising out of the alleged Government's expropriation of shares in the natural gas pipeline Transporte de Hidrucarburos S.A. (Transredes) in which AEI held a 25 per cent stake.
Minority shareholding in the Bolivian Transporte de Hidrucarburos S.A. (Transredes) natural gas pipeline. Settled Bolivia, Plurinational State of Luxembourg Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Kaufmann-Kohler, G. - President

Brower, C. N. - Claimant

Derains, Y. - Respondent
500.00 mln USD 121.00 mln USD Direct expropriation Not applicable - settled or discontinued before decision on liability Data not available Data not available None None None None None
35 2008 Participaciones v. Gabon Participaciones Inversiones Portuarias SARL v. Gabonese Republic (ICSID Case No. ARB/08/17) BLEU (Belgium-Luxembourg Economic Union) - Gabon BIT (1998) ICSID ICSID Investment: Purchase of Gabonese company that had a port concession from the Government to manage two Gabonese seaports.

Summary: Claims arising out of the Government's termination of a concession to manage the Owendo and Port-Gentil seaports in Gabon, and the subsequent sale of assets of the Gabonese company holding such concession in which the claimant had invested.
Purchase of Gabonese company that had a port concession from the Government to manage two Gabonese seaports. Discontinued Gabon Luxembourg Tertiary: H - Transportation and storage 52 - Warehousing and support activities for transportation Paulsson, J. - President

Fadlallah, I. - Claimant

Stern, B. - Respondent
Data not available Data not available Indirect expropriation Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance of the proceeding issued by the Tribunal dated 10 January 2011, pursuant to ICSID Administrative and Financial Regulation 14(3)(d) None None None None None None
36 2007 Foresti v. South Africa Piero Foresti, Laura de Carli and others v. Republic of South Africa (ICSID Case No. ARB(AF)/07/1) BLEU (Belgium-Luxembourg Economic Union) - South Africa BIT (1998)

Italy - South Africa BIT (1997)
ICSID AF ICSID Investment: Common law mineral rights leased or owned by certain operating companies in which the claimants had interests.

Summary: Claims arising out of the alleged extinction of certain old order mineral rights held by the claimants by the entry into force of the Mineral and Petroleum Resources Development Act, and the introduction of compulsory equity divestiture requirements with respect to the investors' shares in certain operating companies.
Common law mineral rights leased or owned by certain operating companies in which the claimants had interests. Discontinued South Africa Italy

Luxembourg
Primary: B - Mining and quarrying 8 - Other mining and quarrying Lowe, V. - President

Brower, C. N. - Claimant

Matthews, J. M. - Respondent
375.00 mln USD Data not available Direct expropriation

Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

National treatment

Other
Not applicable - settled or discontinued before decision on liability Award dated 4 August 2010 Concurring Statement of Arbitrator Matthews (Award) None None None None None
37 2005 EMV v. Czech Republic European Media Ventures SA v. The Czech Republic BLEU (Belgium-Luxembourg Economic Union) - Czech Republic BIT (1989) UNCITRAL None Investment: Interests in the Czech television broadcasting company TV3.

Summary: Claims arising out of the alleged refusal by broadcasting regulators in the Czech Republic to approve the transfer of a television broadcast licence from a Czech businessman to the foreign investor's Czech subsidiary.
Interests in the Czech television broadcasting company TV3. Decided in favour of State Czech Republic Luxembourg Tertiary: J - Information and communication 59 - Motion picture, video and television programme production, sound recording and music publishing activities Mustill, M. - President

Lew, J. D. M. - Unknown

Greenwood, C. - Unknown
45.00 mln USD Data not available Indirect expropriation

Full protection and security, or similar

Arbitrary, unreasonable and/or discriminatory measures
None - all claims dismissed at the merits stage Award on Jurisdiction dated 15 May 2007

Partial Award on Liability dated 8 July 2009

Final Award (Costs) dated 28 January 2010
None Judicial review by national courts Award/decision upheld (Judicial review by national courts) Czech Republic v European Media Ventures SA, Judgment on Jurisdiction, [2007] EWHC 2851 (Comm), IIC 313 (2007), 5 December 2007 dated 5 December 2007 (Judicial review by national courts) None None
38 2003 Camuzzi v. Argentina (I) Camuzzi International S.A. v. Argentine Republic (I) (ICSID Case No. ARB/03/2) Argentina - BLEU (Belgium-Luxembourg Economic Union) BIT (1990) ICSID ICSID Investment: Indirect shareholding in two natural gas distribution companies, each holding a license granted by Argentina to supply and distribute natural gas in seven provinces of that country.

Summary: Claims arising out of the suspension of the licensee companies' tariff increases based on the US producer price index and the subsequent pesification of these tariffs pursuant to measures taken by the Government to stem the Argentinean economic crisis in 2001-2002.
Indirect shareholding in two natural gas distribution companies, each holding a license granted by Argentina to supply and distribute natural gas in seven provinces of that country. Pending Argentina Luxembourg Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Orrego Vicuña, F. - President

Lalonde, M. - Claimant

Morelli Rico, S. - Respondent
Data not available Data not available Unclear Pending Decision on Jurisdiction dated 11 May 2005 None None None None None None
39 2003 Camuzzi v. Argentina (II) Camuzzi International S.A. v. Argentine Republic (II) (ICSID Case No. ARB/03/7) Argentina - BLEU (Belgium-Luxembourg Economic Union) BIT (1990) ICSID ICSID Investment: Indirect shareholding in three local enterprises engaged in the distribution and transport of electric energy in Argentina.

Summary: Claims arising out of the suspension of the licensee companies' tariff increases based on the US producer price index and the subsequent pesification of these tariffs pursuant to measures taken by the Government to stem the Argentinean economic crisis in 2001-2002.
Indirect shareholding in three local enterprises engaged in the distribution and transport of electric energy in Argentina. Settled Argentina Luxembourg Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Gómez-Pinzón, E. - President

Álvarez, H. C. - Claimant

Gros Espiell, H. - Respondent
215.00 mln USD Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Not applicable - settled or discontinued before decision on liability Decision on Jurisdiction dated 10 June 2005

Order taking note of the discontinuance issued by the Tribunal dated 25 January 2007, pursuant to Arbitration Rule 43(1)
None None None None None None