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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

Netherlands - as home State

Clear selection
Loaded 102 out of 102 Show all
No. Year of
initiation
Short case
name
Summary Outcome of
original proceedings
Respondent
State
Home State
of investor
1 2017 APCL v. Gambia APCL Gambia B.V. v. Republic of The Gambia (ICSID Case No. ARB/17/40) Gambia - Netherlands BIT (2002) ICSID ICSID Investment: Investment of the alleged USD 64 million in the exploration of oil in the licensed areas.

Summary: Claims arising out of the alleged wrongful termination by the Government of licences for exploration of two off-shore oil blocks.
Investment of the alleged USD 64 million in the exploration of oil in the licensed areas. Pending Gambia Netherlands Primary: B - Mining and quarrying 9 - Mining support service activities Data not available Data not available Data not available Data not available Pending None None None None None None None
2 2017 Buse v. Panama Jochem Bernard Buse v. Republic of Panama (ICSID Case No. ARB/17/12) Netherlands - Panama BIT (2000) ICSID ICSID Investment: Majority shareholding in Panama Wall Street, S.A., a Panamanian brokerage firm.

Summary: Claims arising out of a national financial oversight agency’s investigation into Panama Wall Street, a brokerage firm founded by the claimant in 2000, and its subsequent compulsory liquidation through Resolution SMV No. 371 of 2016.
Majority shareholding in Panama Wall Street, S.A., a Panamanian brokerage firm. Pending Panama Netherlands Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Pena Rodriguez, M. E. - Respondent

Low, L. A. - President

Boisson de Chazournes, L. - Claimant
Data not available Data not available Data not available Pending None None None None None None None
3 2017 Cunico v. Macedonia Cunico Resources N.V. v. Macedonia, former Yugoslav Republic of (ICSID Case No. ARB/17/46) Macedonia, The former Yugoslav Republic of - Netherlands BIT (1998) ICSID ICSID Investment: Full ownership of FENI Industries, a local company that served as a vehicle for the claimant’s investments in ferro-nickel mining and production operations in Macedonia.

Summary: Claims arising out of the alleged interference by the Government in the claimant’s planned sale of FENI Industries, which allegedly led to initiation of bankruptcy proceedings against FENI.
Full ownership of FENI Industries, a local company that served as a vehicle for the claimant’s investments in ferro-nickel mining and production operations in Macedonia. Pending Macedonia, The former Yugoslav Republic of Netherlands Primary: B - Mining and quarrying 7 - Mining of metal ores Data not available Data not available Data not available Data not available Pending None None None None None None None
4 2017 Elitech and Razvoj v. Croatia Elitech B.V. and Razvoj Golf D.O.O. v. Republic of Croatia (ICSID Case No. ARB/17/32) Croatia - Netherlands BIT (1998) ICSID ICSID Investment: Investments in constructing a golf resort development near Dubrovnik.

Summary: Claims arising out of Croatia’s allegedly arbitrary and unfair actions that have led to a standstill in construction of a golf resort. Related facts include opposition from local politicians and residents, who complained that the project would damage the environment and threaten Dubrovnik's UNESCO World Heritage Site status, and the Croatian court rulings attempting to overturn the energy and environment ministry approval of the resort’s construction.
Investments in constructing a golf resort development near Dubrovnik. Pending Croatia Netherlands Tertiary: F - Construction

Tertiary: R - Arts, entertainment and recreation

Tertiary: L - Real estate activities
41 - Construction of buildings

93 - Sports activities and amusement and recreation activities

68 - Real estate activities
Name not available - President

Gotanda, J. Y. - Claimant

McRae, D. M. - Respondent
500.00 mln USD Data not available Data not available Pending None None None None None None None
5 2017 Future Pipe v. Egypt Future Pipe International B.V. v. Arab Republic of Egypt (ICSID Case No. ARB/17/31) Egypt - Netherlands BIT (1996) ICSID ICSID Investment: Investments in building a water and sewage distribution network in "New Cairo", Egypt’s new administrative capital, pursuant to a contract with the State.

Summary:
Investments in building a water and sewage distribution network in "New Cairo", Egypt’s new administrative capital, pursuant to a contract with the State. Pending Egypt Netherlands Tertiary: F - Construction 42 - Civil engineering Name not available - President

Pryles, M. C. - Claimant

Name not available - Respondent
Data not available Data not available Data not available Pending None None None None None None None
6 2017 Gardabani and Silk Road v. Georgia Gardabani Holdings B.V. and Silk Road Holdings B.V v. Georgia (ICSID Case No. ARB/17/29) Georgia - Netherlands BIT (1998) ICSID ICSID Investment: Investments in electricity generation plants.

Summary: Claims arising out of the Government’s alleged refusal to raise electricity tariffs.
Investments in electricity generation plants. Pending Georgia Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Name not available - President

Grigera Naón, H. A. - Claimant

Douglas, Z. - Respondent
175.00 mln USD Data not available Data not available Pending None None None None None None None
7 2017 ICL Europe v. Ethiopia ICL Europe Coöperatief U.A. v. Ethiopia (PCA Case No. 2017-26) Ethiopia - Netherlands BIT (2003) UNCITRAL PCA Investment: Investments in a potash mining project through indirect subsidiary Allana Potash Afar Plc (“Allana Potash”), which held mining concessions for the Danakil mine in Ethiopia’s Afar region.

Summary: Claims arising out of the State’s imposition of an allegedly illegal tax assessment on the claimant’s indirect subsidiary, Allana Potash, and failure to provide infrastructure support for a large-scale potash mining project in northern Ethiopia.
Investments in a potash mining project through indirect subsidiary Allana Potash Afar Plc (“Allana Potash”), which held mining concessions for the Danakil mine in Ethiopia’s Afar region. Pending Ethiopia Netherlands Primary: B - Mining and quarrying 8 - Other mining and quarrying Smit, R. - Claimant

Donoghue, J. E. - President

Caron, D. D. - Respondent
200.00 mln USD Data not available Data not available Pending None None None None None None None
8 2017 Venoklim v. Venezuela Venoklim Holding B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB(AF)/17/4) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID AF ICSID Investment: Investments in five companies in Venezuela’s motor lubricants industry.

Summary: Claims arising out of the 2010 nationalization of a petrochemical plant.
Investments in five companies in Venezuela’s motor lubricants industry. Pending Venezuela, Bolivarian Republic of Netherlands Secondary: C - Manufacturing 19 - Manufacture of coke and refined petroleum products Data not available Data not available Data not available Data not available Pending None None None None None None None
9 2016 Alhambra v. Kazakhstan Alhambra Resources Ltd. and Alhambra Coӧperatief U.A. v. Republic of Kazakhstan (ICSID Case No. ARB/16/12) Kazakhstan - Netherlands BIT (2002) ICSID ICSID Investment: Rights under two gold mining licences held by the claimants’ local subsidiary, Joint Venture Saga Creek Gold Company LLP, and an exploration and exploitation contract with the Republic of Kazakhstan.

Summary: Claims arising out of an allegedly unlawful assessment of taxes on the claimants’ local subsidiary Saga Creek, the withholding of required mining and financing approvals and other actions of the Government, which allegedly culminated in the bankruptcy of Saga Creek in 2015.
Rights under two gold mining licences held by the claimants’ local subsidiary, Joint Venture Saga Creek Gold Company LLP, and an exploration and exploitation contract with the Republic of Kazakhstan. Pending Kazakhstan Netherlands

Canada
Primary: B - Mining and quarrying 7 - Mining of metal ores van Houtte, H. - President

Beechey, J. - Claimant

Kalicki, J. E. - Respondent
100.00 mln USD Data not available Data not available Pending None None None None None None None
10 2016 Amlyn v. Croatia Amlyn Holding B.V. v. Republic of Croatia (ICSID Case No. ARB/16/28) The Energy Charter Treaty (1994) ICSID ICSID Investment: Investments in the construction of a biomass power plant.

Summary: Claims arising out of a series of State measures that allegedly delayed and frustrated the claimant’s biomass power plant project, including the cancellation of a power purchase agreement with the Croatian Energy Market Operator (HROTE) and legislative changes that allegedly deprived the claimant of its status as an eligible power producer.
Investments in the construction of a biomass power plant. Pending Croatia Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Alexandrov, S. A. - Claimant

Stern, B. - Respondent

Drymer, S. L. - President
Data not available Data not available Data not available Pending None None None None None None None
11 2016 Cordoba Beheer and others v. Spain Cordoba Beheer B.V., Cross Retail S.L., Sevilla Beheer B.V., Spanish project companies v. Kingdom of Spain (ICSID Case No. ARB/16/27) 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 Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Fathallah, R. - President

Dolzer, R. - Claimant

Tanzi, A. M. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
12 2016 Emergofin and Velbay v. Ukraine Emergofin B.V. and Velbay Holdings Ltd. v. Ukraine (ICSID Case No. ARB/16/35) Netherlands - Ukraine BIT (1994) ICSID ICSID Investment: 68.01% shareholding in Zaporozhe Aluminium Plant (“Zalk“).

Summary: Claims arising out of the Ukrainian Supreme Court’s decision (2015) to expropriate the claimants’ majority stake in the aluminium production company Zalk.
68.01% shareholding in Zaporozhe Aluminium Plant (“Zalk“). Pending Ukraine Netherlands Secondary: C - Manufacturing 24 - Manufacture of basic metals Beechey, J. - Claimant

Wood, M. - Respondent

Douglas, Z. - President
Data not available Data not available Data not available Pending None None None None None None None
13 2016 ENGIE and others v. Hungary ENGIE International Holdings BV, ENGIE SA and GDF International SAS v. Hungary (ICSID Case No. ARB/16/14) The Energy Charter Treaty (1994) ICSID ICSID Investment: Shareholding in gas companies.

Summary:
Shareholding in gas companies. Pending Hungary France

Netherlands
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Williams, D. A. R. - Claimant

Bernardini, P. - Respondent

Sachs, K. - President
642.00 mln EUR (725.60 mln USD) Data not available Data not available Pending None None None None None None None
14 2016 Eurus Energy v. Spain Eurus Energy Holdings Corporation and Eurus Energy Europe B.V. v. Kingdom of Spain (ICSID Case No. ARB/16/4) 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 Japan

Netherlands
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Crawford, J. R. - President

Garibaldi, O. M. - Claimant

Giardina, A. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
15 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
16 2016 Lao Holdings v. Laos (II) Lao Holdings N.V. v. Lao People’s Democratic Republic (II) (ICSID Case No. ARB(AF)/16/2) Lao People's Democratic Republic - Netherlands BIT (2003) ICSID AF ICSID Investment: Majority shareholding in the Savan Vegas Hotel and Casino held by the claimant’s wholly-owned subsidiary Sanum.

Summary: Claims arising out of the Government’s actions allegedly in breach of the settlement agreement concluded with the claimant and its wholly-owned subsidiary Sanum in 2014, including the seizure of the Savan Vegas Hotel and Casino, in which Sanum held an 80 per cent stake, and the discriminatory imposition of taxes on the claimant.
Majority shareholding in the Savan Vegas Hotel and Casino held by the claimant’s wholly-owned subsidiary Sanum. Pending Lao People's Democratic Republic Netherlands Tertiary: I - Accommodation and food service activities

Tertiary: R - Arts, entertainment and recreation
55 - Accommodation

92 - Gambling and betting activities
Kalicki, J. E. - President

Reichert, K. - Claimant

Boisson de Chazournes, L. - Respondent
Data not available Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

National treatment

Most-favoured nation treatment

Umbrella clause

Transfer of funds

Indirect expropriation

Direct expropriation
Pending None None None None None None None
17 2016 Nova Group v. Romania Nova Group Investments, B.V. v. Romania (ICSID Case No. ARB/16/19) Netherlands - Romania BIT (1994) ICSID ICSID Investment: Majority shareholding in Astra Asigurari, a local insurance company.

Summary: Claims arising out of the Government’s actions that allegedly led to the bankruptcy of an insurance company, Astra Asigurari, majority owned by the claimant.
Majority shareholding in Astra Asigurari, a local insurance company. Pending Romania Netherlands Tertiary: K - Financial and insurance activities 65 - Insurance, reinsurance and pension funding, except compulsory social security Kalicki, J. E. - President

Reichert, K. - Claimant

Clay, T. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
18 2016 Shell Philippines v. Philippines Shell Philippines Exploration B.V. v. Republic of the Philippines (ICSID Case No. ARB/16/22) Netherlands - Philippines BIT (1985) ICSID ICSID Investment: 45% interest, and the role of operator, in the Malampaya consortium that operates the Malampaya Deepwater Gas-to-Power Project.

Summary: Claims arising out of the Government’s allegedly unlawful order for payment of PHP 53.14 billion (USD 1.1 billion) in income taxes imposed on the Malampaya consortium that operates a natural gas development project in West Philippine Sea. The consortium also includes Chevron Malampaya LLC (45%) and the Philippine State-owned PNOC Exploration Corporation (10%).
45% interest, and the role of operator, in the Malampaya consortium that operates the Malampaya Deepwater Gas-to-Power Project. Pending Philippines Netherlands Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Veeder, V. V. - President

Grigera Naón, H. A. - Claimant

Stern, B. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
19 2015 Alten Renewable v. Spain Alten Renewable Energy Developments BV v. Kingdom of Spain The Energy Charter Treaty (1994) SCC SCC 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 Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Baptista, L. O. - President

Jana Linetzky, A. - Claimant

Perezcano Diaz, H. - Respondent
Data not available Data not available Data not available Pending Data not available Data not available None None None None None
20 2015 Álvarez y Marín Corporación and others v. Panama Álvarez y Marín Corporación S.A., Estudios Tributarios AP S.A., Stichting Administratiekantoor Anbadi, Bartus van Noordenne and Cornelis Willem van Noordenne v. Republic of Panama (ICSID Case No. ARB/15/14) Netherlands - Panama BIT (2000)

Central America-Panama FTA
ICSID ICSID Investment: Sole shareholders in Desarrollo Ecoturístico Cañaveral S.A., a real-estate company, which acquired 685 hectares of land in Panama for the development of a tourism project.

Summary: Claims arising out of decisions by the Panamanian National Authority of Lands Administration (ANATI) allegedly contradicting prior authorizations and judicial decisions centering on whether the claimants’ investment is located within the indigenous protected area of Ngäbe-Buglé.
Sole shareholders in Desarrollo Ecoturístico Cañaveral S.A., a real-estate company, which acquired 685 hectares of land in Panama for the development of a tourism project. Pending Panama Costa Rica

Netherlands
Tertiary: L - Real estate activities 68 - Real estate activities Fernández-Armesto, J. - President

Grigera Naón, H. A. - Respondent

Álvarez, H. C. - Claimant
Data not available Data not available Indirect expropriation

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

Full protection and security, or similar
Pending Decision on Respondent's preliminary objections pursuant to ICSID Arbitration Rule 41(5) dated 27 January 2016

Reasoning of the decision on Respondent's preliminary objections pursuant to ICSID Arbitration Rule 41(5) dated 4 April 2016
None None None None None None
21 2015 B3 Croatian Courier v. Croatia B3 Croatian Courier Coöperatief U.A. v. Republic of Croatia (ICSID Case No. ARB/15/5) Croatia - Netherlands BIT (1998) ICSID ICSID Investment: Ownership of a postal services enterprise, City Ex.

Summary: Claims arising out of the Government’s alleged failure to implement measures required by EU law since Croatia’s EU accession in 2013 for the liberalization of the country’s postal services market, as well as the allegedly anti-competitive market practices of the incumbent Croatian Post.
Ownership of a postal services enterprise, City Ex. Pending Croatia Netherlands Tertiary: H - Transportation and storage 53 - Postal and courier activities Hanotiau, B. - President

Stern, B. - Respondent

Alexandrov, S. A. - Claimant
53.00 mln EUR (57.80 mln USD) Data not available Data not available Pending None None None None None None None
22 2015 CEF Energia v. Italy CEF Energia BV v. Italian Republic (SCC Case No. 158/2015) The Energy Charter Treaty (1994) SCC SCC Investment: Investments in photovoltaic and wind electricity-generating facilities.

Summary: Claims arising out of a series of governmental decrees to cut tariff incentives for some solar power projects.
Investments in photovoltaic and wind electricity-generating facilities. Pending Italy Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Reichert, K. - President

Sachs, K. - Claimant

Sacerdoti, G. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
23 2015 Gilward Investments v. Ukraine Gilward Investments B.V. v. Ukraine (ICSID Case No. ARB/15/33) Netherlands - Ukraine BIT (1994) ICSID ICSID Investment: Majority shareholding (38 per cent) in AeroSvit, a Ukrainian partly State-owned airline company.

Summary: Claims arising out of the measures taken by the Government related to the bankruptcy of the claimant’s Ukrainian subsidiary, AeroSvit.
Majority shareholding (38 per cent) in AeroSvit, a Ukrainian partly State-owned airline company. Pending Ukraine Netherlands Tertiary: H - Transportation and storage 51 - Air transport Sands, P. - Respondent (replaced)

Tawil, G. S. - Claimant

Schwartz, E. - President

Knieper, R. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
24 2015 Hanocal and IPIC International v. Korea Hanocal Holding B.V. and IPIC International B.V. v. Republic of Korea (ICSID Case No. ARB/15/17) Korea, Republic of - Netherlands BIT (2003) ICSID ICSID Investment: Majority shareholding in Hyundai Oilbank, a petroleum and refinery company based in the city of Seosan.

Summary: Claims arising out of the alleged tax levied on the 2010 sale of the claimants' controlling stake in Hyundai Oilbank, a petroleum and refinery company based in the city of Seosan.
Majority shareholding in Hyundai Oilbank, a petroleum and refinery company based in the city of Seosan. Discontinued Korea, Republic of Netherlands Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Park, W. W. - Respondent

Born, G. B. - Claimant

Sachs, K. - President
168.00 mln USD Data not available Data not available Not applicable - settled or discontinued before decision on liability None None None None None None None
25 2015 JKX Oil & Gas and Poltava v. Ukraine JKX Oil & Gas plc, Poltava Gas B.V. and Poltava Petroleum Company v. Ukraine Ukraine - United Kingdom BIT (1993)

Netherlands - Ukraine BIT (1994)

The Energy Charter Treaty (1994)
UNCITRAL PCA Investment: Investments in oil and gas production plants in Ukraine.

Summary: Claims arising from a series of alleged discriminatory State measures including legislation adopted in July 2014 that temporarily raised royalties on gas production from 28 to 55 per cent as well as regulations introduced in November 2014 that required private companies to purchase gas solely from state entity Naftogaz, and placed restrictions on other sellers.
Investments in oil and gas production plants in Ukraine. Decided in favour of investor Ukraine United Kingdom

Netherlands
Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Crawford, J. R. - President

Hanotiau, B. - Claimant

Reisman, W. M. - Respondent
270.00 mln USD 11.80 mln USD Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Data not available Award dated 6 February 2017 None Judicial review by national courts Award/decision upheld (Judicial review by national courts) Ruling of the High Court of Justice of England and Wales dated 27 October 2017 (Judicial review by national courts) None None
26 2015 MMEA and AHSI v. Senegal Menzies Middle East and Africa S.A. and Aviation Handling Services International Ltd. v. Republic of Senegal (ICSID Case No. ARB/15/21) Netherlands - Senegal BIT (1979)

Senegal - United Kingdom BIT (1980)
ICSID ICSID Investment: Ownership of subsidiary Aviation Handling Services (AHS), which provides aircraft ground-handling services at the Léopold Sédar Senghor International Airport in Dakar, Senegal.

Summary: Claims arising out of placing claimants’ company in administration by the government, which claimants view as disguised expropriation. According to the government, the measure was part of the illegal enrichment investigation against a former Senegalese minister for air transport.
Ownership of subsidiary Aviation Handling Services (AHS), which provides aircraft ground-handling services at the Léopold Sédar Senghor International Airport in Dakar, Senegal. Decided in favour of State Senegal United Kingdom

Netherlands
Tertiary: H - Transportation and storage 51 - Air transport Hanotiau, B. - President

Gharavi, H. G. - Claimant

Mayer, P. - Respondent
41.63 mln EUR (44.11 mln USD) Data not available Indirect expropriation None - jurisdiction declined Award dated 5 August 2016 None None None None None None
27 2015 Silver Ridge v. Italy Silver Ridge Power BV v. Italian Republic (ICSID Case No. ARB/15/37) The Energy Charter Treaty (1994) ICSID ICSID Investment: Ownership of 25 solar power plants in Italy with a combined capacity of over 130 megawatts.

Summary: Claims arising out of a series of governmental decrees to cut tariff incentives for some solar power projects.
Ownership of 25 solar power plants in Italy with a combined capacity of over 130 megawatts. Pending Italy Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Simma, B. - President

Johnson, O. T. - Claimant

Cremades, B. M. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
28 2015 Total E&P v. Uganda Total E&P Uganda BV v. Republic of Uganda (ICSID Case No. ARB/15/11) Netherlands - Uganda BIT (2000) ICSID ICSID Investment: Shareholding in four oil and gas blocks in the Lake Albert Rift basin.

Summary: Claims arising out of an allegedly unlawful tax levied by the Government.
Shareholding in four oil and gas blocks in the Lake Albert Rift basin. Pending Uganda Netherlands Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Veeder, V. V. - Claimant

Hossain, K. - Respondent

Heiskanen, V. - President
Data not available Data not available Data not available Pending None None None None None None None
29 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
30 2014 City-State v. Ukraine City-State N.V., Praktyka Asset Management Company LLC, Crystal-Invest LLC and Prodiz LLC v. Ukraine (ICSID Case No. ARB/14/9) Netherlands - Ukraine BIT (1994) ICSID ICSID Investment: Majority shareholding in the financial institution PJSC KreditPromBank.

Summary: Claims arising out of the alleged failure by Ukraine's banking authority to exercise regulatory oversight over claimants' deposits in the bank KreditPromBank after it was sold to a Ukrainian national, including the alleged transfer of the bank's assets and accounts to offshore companies in violation of Ukrainian banking regulation, and alleged government interference in domestic judicial proceedings.
Majority shareholding in the financial institution PJSC KreditPromBank. Pending Ukraine Netherlands Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Lowe, V. - President (replaced)

Alexandrov, S. A. - Claimant

Stern, B. - Respondent

Bull, C. - President
Data not available Data not available Data not available Pending None None None None None None None
31 2014 Financial Performance Holdings v. Russia Financial Performance Holdings BV (FPH) v. The Russian Federation The Energy Charter Treaty (1994) UNCITRAL PCA Investment: Loans/financing transactions.

Summary: Claims arising out of certain loans/financing transactions that were made to Yukos prior to its expropriation, but that were not recognized and repaid following the expropriation and forced bankruptcy process.
Loans/financing transactions. Discontinued Russian Federation Netherlands Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Alexandrov, S. A. - President

Haigh, D. - Claimant

Vinuesa, R. E. - Respondent
Data not available Data not available Data not available Not applicable - settled or discontinued before decision on liability None None None None None None None
32 2014 Highbury v. Venezuela Highbury International AVV, Compañía Minera de Bajo Caroní AVV, and Ramstein Trading Inc. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/14/10) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Rights under gold and diamond mining concession held by Caromin Venezuela and VMC Mining, companies controlled by the claimants.

Summary: Claims arising out of the alleged expropriation of two companies controlled by the claimants that held gold and diamond mining concessions, including the alleged forced takeover of the concession areas, the revocation of the concessions and non-payment of compensation.
Rights under gold and diamond mining concession held by Caromin Venezuela and VMC Mining, companies controlled by the claimants. Pending Venezuela, Bolivarian Republic of Netherlands

Panama
Primary: B - Mining and quarrying 7 - Mining of metal ores Fernández-Armesto, J. - President

Orrego Vicuña, F. - Claimant

Stern, B. - Respondent
209.70 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
Pending None None None None None None None
33 2014 Horthel and others v. Poland Horthel Systems BV, Poland Gaming Holding BV and Tesa Beheer BV v. Poland (PCA Case No. 2014-31) Netherlands - Poland BIT (1992) UNCITRAL PCA Investment:

Summary: Claims arising out of Poland’s Gambling Law of 2009 restricting the operation of slot machines outside of casinos.
Decided in favour of investor Poland Netherlands Tertiary: R - Arts, entertainment and recreation 92 - Gambling and betting activities Lévy, L. - President

van Leeuwen, M. - Claimant

Thomas, J. C. - Respondent
240.00 mln PLN (56.60 mln USD) 10.00 mln USD ( mln USD) Data not available Data not available Award dated 2017 None Judicial review by national courts Pending (Judicial review by national courts) None None None
34 2014 Masdar Solar v. Spain Masdar Solar & Wind Cooperatief U.A. v. Kingdom of Spain (ICSID Case No. ARB/14/1) The Energy Charter Treaty (1994) ICSID ICSID Investment: Shareholding in the Spanish company Torresol Energy which operated three concentrated solar power plants in Spain: Germasolar, Valle 1 and Valle 2.

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 Spanish company Torresol Energy which operated three concentrated solar power plants in Spain: Germasolar, Valle 1 and Valle 2. Pending Spain Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Beechey, J. - President

Born, G. B. - Claimant

Stern, B. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
35 2014 NextEra v. Spain NextEra Energy Global Holdings B.V. and NextEra Energy Spain Holdings B.V. v. Kingdom of Spain (ICSID Case No. ARB/14/11) The Energy Charter Treaty (1994) ICSID ICSID Investment: Construction and operation of two thermosolar plants in Extremadura, 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.
Construction and operation of two thermosolar plants in Extremadura, Spain. Pending Spain Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply McRae, D. M. - President

Fortier, L. Y. - Claimant

Boisson de Chazournes, L. - Respondent
342.00 mln USD Data not available Data not available Pending None None None None None None None
36 2014 Nusa Tenggara v. Indonesia Nusa Tenggara Partnership B.V. and PT Newmont Nusa Tenggara v. Republic of Indonesia (ICSID Case No. ARB/14/15) Indonesia - Netherlands BIT (1994) ICSID ICSID Investment: Operation of the Batu Hijau copper and gold mine under a Contract of Work approved by the President of Indonesia.

Summary: Claims arising out of the introduction of export restrictions on copper, including an export duty and a ban on the export of copper concentrate which allegedly stalled production at the Batu Hijau copper and gold mine operated by the claimants.
Operation of the Batu Hijau copper and gold mine under a Contract of Work approved by the President of Indonesia. Discontinued Indonesia Netherlands Primary: B - Mining and quarrying 7 - Mining of metal ores Tribunal not constituted Data not available 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 August 2014, pursuant to ICSID Arbitration Rule 44 None None None None None None
37 2014 Tallinn v. Estonia United Utilities (Tallinn) B.V. and Aktsiaselts Tallinna Vesi v. Republic of Estonia (ICSID Case No. ARB/14/24) Estonia - Netherlands BIT (1992) ICSID ICSID Investment: Shareholding (50.4 per cent) in the company AS Talinna Vesi, which held rights under a water and wastewater services contract for the city of Tallinn.

Summary: Claims arising out of the alleged refusal by Estonian regulators to permit water tariff increases in Tallinn, which allegedly resulted in substantial losses for claimants' water services concession.
Shareholding (50.4 per cent) in the company AS Talinna Vesi, which held rights under a water and wastewater services contract for the city of Tallinn. Pending Estonia Netherlands Tertiary: E - Water supply; sewerage, waste management and remediation activities 36 - Water collection, treatment and supply Drymer, S. L. - President

Williams, D. A. R. - Claimant

Stern, B. - Respondent
90.00 mln EUR (114.00 mln USD) Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Pending None None None None None None None
38 2014 Trinh v. Viet Nam Trinh Vinh Binh v. Viet Nam Netherlands - Viet Nam BIT (1994) ICC ICC Investment:

Summary:
Pending Viet Nam Netherlands Data not available Data not available Data not available 1250.00 mln USD Data not available Data not available Pending Data not available Data not available None None None None None
39 2014 Vodafone v. India (I) Vodafone International Holdings BV v. India (I) (PCA Case No. 2016-35) India - Netherlands BIT (1995) UNCITRAL PCA Investment: Ownership of an Indian telecoms company.

Summary: Claims arising out of a retrospective transaction tax imposed by the Government over claimant's acquisition of Indian-based Hutchison Whampoa telecoms business.
Ownership of an Indian telecoms company. Pending India Netherlands Tertiary: J - Information and communication 61 - Telecommunications Fortier, L. Y. - Claimant

Lahoti, R. C. - Respondent (replaced)

Oreamuno Blanco, R. - Respondent

Berman, F. - President
Data not available Data not available Data not available Pending None None None None None None None
40 2013 Achmea v. Slovakia (II) Achmea B.V. v. The Slovak Republic (II) (PCA Case No. 2013-12) Netherlands - Slovakia BIT (1991) UNCITRAL PCA Investment: Shareholding in a Slovak health insurer, Union zdravotna poistovna (UZP).

Summary: Claims arising out of the Government's announced plan to establish a unitary public health insurance system in Slovakia run by the State, which would allegedly entail the expropriation of Achmea’s stake in a Slovak health insurance company.
Shareholding in a Slovak health insurer, Union zdravotna poistovna (UZP). Decided in favour of State Slovakia Netherlands Tertiary: K - Financial and insurance activities 65 - Insurance, reinsurance and pension funding, except compulsory social security Lévy, L. - President

Beechey, J. - Claimant

Dupuy, P.-M. - Respondent
72.00 mln EUR (93.00 mln USD)
Non-pecuniary relief
Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
None - jurisdiction declined Award on Jurisdiction and Admissibility dated 20 May 2014 None None None None None None
41 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
42 2013 Isolux v. Spain Isolux Infrastructure Netherlands B.V. v. Kingdom of Spain (SCC Case No. 2013/153) The Energy Charter Treaty (1994) SCC SCC Investment: Interests in several photovoltaic plants 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 several photovoltaic plants in Spain. Decided in favour of State Spain Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Derains, Y. - President

Tawil, G. S. - Claimant

von Wobeser, C. - Respondent
Data not available Data not available Data not available None - all claims dismissed at the merits stage Award dated 12 July 2016 Dissenting Opinion of Guido S. Tawil None None None None None
43 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
44 2013 Spentex v. Uzbekistan Spentex Netherlands, B.V. v. Republic of Uzbekistan (ICSID Case No. ARB/13/26) Netherlands - Uzbekistan BIT (1996) ICSID ICSID Investment: Ownership of three Uzbek cotton processing plants for yarn production.

Summary: Claims arising out of the withdrawal by the Government of a VAT subsidy to cotton input purchases and other incentives, allegedly leading to the bankruptcy of claimant's investment in Uzbekistan.
Ownership of three Uzbek cotton processing plants for yarn production. Data not available Uzbekistan Netherlands Secondary: C - Manufacturing 13 - Manufacture of textiles Reinisch, A. - President

Alexandrov, S. A. - Claimant

Stern, B. - Respondent
100.00 mln USD Data not available Indirect expropriation

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

Most-favoured nation treatment
Data not available Award dated 27 December 2016 None None None None None None
45 2013 U.S. Steel v. Slovakia U.S. Steel Global Holdings I B.V. v. The Slovak Republic (PCA Case No. 2013-6) Netherlands - Slovakia BIT (1991) UNCITRAL PCA Investment: Ownership of a local steel production company.

Summary: Claims arising out of the imposition of certain electricity tariffs upon claimant's local steel plant, US Steel Košice.
Ownership of a local steel production company. Discontinued Slovakia Netherlands Secondary: C - Manufacturing 24 - Manufacture of basic metals Reisman, W. M. - President

Volterra, R. - Claimant

Crawford, J. R. - Respondent
300.00 mln USD Data not available Data not available Not applicable - settled or discontinued before decision on liability None None None None None None None
46 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
47 2012 Emmis v. Hungary Emmis International Holding, B.V., Emmis Radio Operating, B.V., MEM Magyar Electronic Media Kereskedelmi és Szolgáltató Kft. v. Hungary (ICSID Case No. ARB/12/2) Hungary - Netherlands BIT (1987)

Hungary - Switzerland BIT (1988)
ICSID ICSID Investment: Shareholding in a Hungarian company that won a competitive tender for one of the two licenses for FM national radio-broadcasting frequencies in Hungary.

Summary: Claims arising out of the alleged expropriation of claimants' investments in nationwide FM-frequency radio-broadcasting licenses in Hungary, through the Government's decision to award the radio-broadcasting frequencies formerly held by claimants to a third party.
Shareholding in a Hungarian company that won a competitive tender for one of the two licenses for FM national radio-broadcasting frequencies in Hungary. Decided in favour of State Hungary Netherlands

Switzerland
Tertiary: J - Information and communication 60 - Programming and broadcasting activities McLachlan, C. A. - President

Lalonde, M. - Claimant

Thomas, J. C. - Respondent
Data not available Data not available Indirect expropriation

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

Umbrella clause

National treatment

Customary rules of international law

Arbitrary, unreasonable and/or discriminatory measures
None - jurisdiction declined Decision on Respondent’s Objection Under ICSID Arbitration Rule 41(5) dated 11 March 2013

Decision on Respondent's Application for Bifurcation dated 13 June 2013

Award dated 16 April 2014
None None None None None None
48 2012 Enkev Beheer v. Poland Enkev Beheer B.V. v. The Republic of Poland Netherlands - Poland BIT (1992) UNCITRAL PCA Investment: Investment in Polish subsidiary, Enkev Polska S.A., a joint stock company owning certain industrial facilities and holding a perpetual usufruct right to the property under Polish law for the use of the land as real property for 99 years.

Summary: Claims arising out of alleged threats made by the Respondent to expropriate the claimant’s investment in its Polish subsidiary.
Investment in Polish subsidiary, Enkev Polska S.A., a joint stock company owning certain industrial facilities and holding a perpetual usufruct right to the property under Polish law for the use of the land as real property for 99 years. Decided in favour of State Poland Netherlands Secondary: C - Manufacturing 32 - Other manufacturing Veeder, V. V. - President

van den Berg, A. J. - Claimant

Sachs, K. - Respondent
Data not available Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

Indirect expropriation
None - all claims dismissed at the merits stage First Partial Award dated 29 April 2014

Final Award on Costs dated 13 June 2014
None None None None None None
49 2012 Fabrica de Vidrios v. Venezuela Fábrica de Vidrios Los Andes, C.A. and Owens-Illinois de Venezuela, C.A. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/12/21) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Interests in two glass manufacturing companies in Venezuela.

Summary: Claims arising out of the alleged expropriation of two glass manufacturing companies in which the claimants had invested.
Interests in two glass manufacturing companies in Venezuela. Decided in favour of State Venezuela, Bolivarian Republic of Netherlands Secondary: C - Manufacturing 23 - Manufacture of other non-metallic mineral products Shin, H.-T. - President

Fortier, L. Y. - Claimant

Mourre, A. - Respondent (replaced)

Douglas, Z. - Respondent
1033.10 mln USD Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Direct expropriation

Umbrella clause
None - jurisdiction declined Award dated 13 November 2017 None None None None None None
50 2012 Guardian Fiduciary v. Macedonia Guardian Fiduciary Trust, Ltd, f/k/a Capital Conservator Savings & Loan, Ltd v. Macedonia, former Yugoslav Republic of (ICSID Case No. ARB/12/31) Macedonia, The former Yugoslav Republic of - Netherlands BIT (1998) ICSID ICSID Investment: Claims arising out of the closure of the claimant’s bank accounts at Stopanska Banka on money laundering grounds, arrest of one of the claimant’s directors for money laundering and disclosure of this information to the public.

Summary: Accounts in the Macedonian Stopanska Banka used by the claimant for its business operations/financial services.
Claims arising out of the closure of the claimant’s bank accounts at Stopanska Banka on money laundering grounds, arrest of one of the claimant’s directors for money laundering and disclosure of this information to the public. Decided in favour of State Macedonia, The former Yugoslav Republic of Netherlands Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Heiskanen, V. - President

Bucher, A. - Claimant

Stern, B. - Respondent
20.00 mln USD Data not available Data not available None - jurisdiction declined Award dated 22 September 2015 None None None None None None
51 2012 Lao Holdings v. Laos (I) Lao Holdings N.V. v. Lao People’s Democratic Republic (I) (ICSID Case No. ARB(AF)/12/6) Lao People's Democratic Republic - Netherlands BIT (2003) ICSID AF ICSID Investment: Contributions made in the form of loans extended to local companies; majority shareholding in two hotels and casinos: Savan Vegas and Paksong Vehas; ownership stakes in certain slot clubs; business know-how.

Summary: Claims arising out of multiplicity of the Government’s actions, including an 80% tax on casino revenues and allegedly unfair and oppressive audits of the claimant’s Savan Vegas Hotel and Casino. Subsequent to a settlement reached in this case in 2014, the claimant further alleged material breaches of the settlement agreement by the Government and infringement of the claimant’s gambling monopoly rights.
Contributions made in the form of loans extended to local companies; majority shareholding in two hotels and casinos: Savan Vegas and Paksong Vehas; ownership stakes in certain slot clubs; business know-how. Pending Lao People's Democratic Republic Netherlands Tertiary: I - Accommodation and food service activities

Tertiary: R - Arts, entertainment and recreation
55 - Accommodation

92 - Gambling and betting activities
Binnie, I. - President

Hanotiau, B. - Claimant

Stern, B. - Respondent
1000.00 mln USD Data not available 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

Umbrella clause

National treatment

Most-favoured nation treatment

Transfer of funds

Indirect expropriation
Pending Decision on Jurisdiction dated 21 February 2014

Settlement Agreement dated 15 June 2014

Interim Ruling on Issues Arising Under the Deed of Settlement dated 19 December 2014

Decision on the Merits dated 10 June 2015

Decision on the Merits of Claimants' Second Material Breach Application dated 15 December 2017
None None None None None None
52 2012 MNSS and RCA v. Montenegro MNSS B.V. and Recupero Credito Acciaio N.V v. Montenegro (ICSID Case No. ARB(AF)/12/8) Macedonia, The former Yugoslav Republic of - Netherlands BIT (1998) ICSID AF ICSID Investment: Majority shareholding in a steel production company located in Montenegro.

Summary: Claims arising out of alleged Government interference with the operation and management of a steel production facility in which the claimants had invested, leading to its bankruptcy.
Majority shareholding in a steel production company located in Montenegro. Decided in favour of neither party (liability found but no damages awarded) Montenegro Netherlands Secondary: C - Manufacturing 24 - Manufacture of basic metals Rigo Sureda, A. - President

Gaillard, E. - Claimant

Stern, B. - Respondent

Schreuer, C. H. - Respondent (replaced)
100.00 mln EUR (114.50 mln USD) 0.00 mln USD 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

Most-favoured nation treatment

Transfer of funds

Indirect expropriation

Direct expropriation
Full protection and security, or similar Award dated 4 May 2016

Decision on the Request for Supplementary Decision dated 24 October 2016
None None None None None None
53 2012 Novera v. Bulgaria Novera AD, Novera Properties B.V. and Novera Properties N.V. v. Republic of Bulgaria (ICSID Case No. ARB/12/16) Bulgaria - Netherlands BIT (1999) ICSID ICSID Investment: Rights under a waste management concession agreement for the city of Sofia, Bulgaria.

Summary: Claims arising out of the Government's early termination of a 15-year concession to provide waste collection, street cleaning and snow-clearing services in Sofia, Bulgaria, due to alleged health and safety concerns.
Rights under a waste management concession agreement for the city of Sofia, Bulgaria. Data not available Bulgaria Netherlands Tertiary: E - Water supply; sewerage, waste management and remediation activities 38 - Waste collection, treatment and disposal activities; materials recovery Townsend, J. M. - President

Schwebel, S. M. - Claimant

Caron, D. D. - Respondent
Data not available Data not available Data not available Data not available Award dated 27 August 2015 None None None None None None
54 2012 Slovak Gas v. Slovakia Slovak Gas Holding BV, GDF International SAS and E.ON Ruhrgas International GmbH v. Slovak Republic (ICSID Case No. ARB/12/7) The Energy Charter Treaty (1994) ICSID ICSID Investment: Shareholding of 49 per cent in the Slovakian natural gas supplier Slovenský plynárenský priemysel (SPP).

Summary: Claims arising out of legislative amendments affecting Slovakian price regulation in the gas sector that were allegedly in contravention of certain shareholder's agreement concluded between the claimants and Slovakia, among other actions allegedly resulting in financial losses for claimants' investment in a Slovakian gas company.
Shareholding of 49 per cent in the Slovakian natural gas supplier Slovenský plynárenský priemysel (SPP). Settled Slovakia France

Germany

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

Douglas, Z. - Claimant

Thomas, J. C. - Respondent
Data not available Non-pecuniary relief Indirect expropriation Not applicable - settled or discontinued before decision on liability Settlement deed dated 14 December 2012

Award embodying the parties' settlement agreement dated 19 March 2013
None None None None None None
55 2011 Highbury International v. Venezuela Highbury International AVV and Ramstein Trading Inc. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/11/1) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Controlling shareholding in two Venezuelan subsidiary companies, Compañía Minera del Bajo Caroní and V.M.C. Mining Company, C.A., that held seven gold and diamonds mining concessions in Venezuela; rights under certain compensatory agreement.

Summary: Claims arising out of the Government's alleged coercive taking of the areas where claimants held mining concessions within the region of the Lower Caroní River without payment of compensation.
Controlling shareholding in two Venezuelan subsidiary companies, Compañía Minera del Bajo Caroní and V.M.C. Mining Company, C.A., that held seven gold and diamonds mining concessions in Venezuela; rights under certain compensatory agreement. Decided in favour of State Venezuela, Bolivarian Republic of Netherlands

Panama
Primary: B - Mining and quarrying 7 - Mining of metal ores Barros Bourie, E. - President

Tawil, G. S. - Claimant

von Wobeser, C. - Respondent
633.00 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
None - jurisdiction declined Award dated 26 September 2013 None ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Fernández Rozas, J. C. - President

Patocchi, P. M. - Member

Castellanos Howell, A. R. - Member
56 2011 Khan Resources v. Mongolia Khan Resources Inc., Khan Resources B.V. and Cauc Holding Company Ltd. v. the Government of Mongolia and Monatom Co., Ltd. The Energy Charter Treaty (1994) UNCITRAL PCA Investment: Majority shareholding in Mongolian joint venture subsidiary that held uranium mining and exploration licenses in Mongolia.

Summary: Claims arising out of Mongolia’s cancellation of claimant's mining and exploration licenses for a uranium deposit located in the Dornod province in northeastern Mongolia.
Majority shareholding in Mongolian joint venture subsidiary that held uranium mining and exploration licenses in Mongolia. Decided in favour of investor Mongolia Canada

Netherlands

British Virgin Islands
Primary: B - Mining and quarrying 7 - Mining of metal ores Williams, D. A. R. - President

Fortier, L. Y. - Claimant

Hanotiau, B. - Respondent
358.00 mln USD 80.00 mln USD Indirect 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

Umbrella clause
Umbrella clause Decision on Jurisdiction dated 25 July 2012

Award dated 2 March 2015
None Judicial review by national courts Pending (Judicial review by national courts) None None None
57 2011 Longreef v. Venezuela Longreef Investments A.V.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/11/5) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Shareholding in a Venezuelan coffee production company.

Summary: Claims arising out of the Government's nationalization of Compañia Anónima Café Fama de América, a 120-year old coffee company in which the claimant had invested.
Shareholding in a Venezuelan coffee production company. Decided in favour of investor Venezuela, Bolivarian Republic of Netherlands Secondary: C - Manufacturing 10 - Manufacture of food products Edward, D. A. O. - President

Gómez-Pinzón, E. - Claimant

Mourre, A. - Respondent (replaced)

Malintoppi, L. - Respondent
500.00 mln USD 43.00 mln USD Direct expropriation

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

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Decision on Jurisdiction dated 12 February 2014

Award dated 6 November 2017
None None None None None None
58 2011 OIEG v. Venezuela OI European Group B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/11/25) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Interests in two industrial plants for production and distribution of glass containers, held indirectly through two locally-incorporated companies.

Summary: Claims arising out of disagreements between the parties over the amount of compensation owed by the Government for the nationalization of two expropriated glass manufacturing plants in which the claimant had invested.
Interests in two industrial plants for production and distribution of glass containers, held indirectly through two locally-incorporated companies. Decided in favour of investor Venezuela, Bolivarian Republic of Netherlands Secondary: C - Manufacturing 23 - Manufacture of other non-metallic mineral products Fernández-Armesto, J. - President

Orrego Vicuña, F. - Claimant

Mourre, A. - Respondent
929.50 mln USD 372.40 mln USD Direct expropriation

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

Full protection and security, or similar

Umbrella clause

Transfer of funds

Arbitrary, unreasonable and/or discriminatory measures
Direct expropriation

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

Umbrella clause
Award dated 10 March 2015 None ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Castellanos Howell, A. R. - President

Bernardini, P. - Member

Pawlak, D. - Member
59 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
60 2011 Tulip Real Estate v. Turkey Tulip Real Estate Investment and Development Netherlands B.V. v. Republic of Turkey (ICSID Case No. ARB/11/28) Netherlands - Turkey BIT (1986) ICSID ICSID Investment: Majority shareholding in local investment vehicle that held rights under a license to complete a real estate development project in Turkey; loans; "direct out-of-pocket expenses"; performance bond.

Summary: Claims arising out of the alleged Government's termination of a mixed-use residential and commercial real estate development project in Istanbul, known as Ispartakule III, in which the claimant held interests.
Majority shareholding in local investment vehicle that held rights under a license to complete a real estate development project in Turkey; loans; "direct out-of-pocket expenses"; performance bond. Decided in favour of State Turkey Netherlands Tertiary: L - Real estate activities 68 - Real estate activities Griffith, G. - President

Jaffe, M. E. - Claimant

Knieper, R. - Respondent
450.00 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

National treatment

Other
None - all claims dismissed at the merits stage Award dated 10 March 2014

Decision on Bifurcated Jurisdictional Issue dated 5 March 2013
Separate Opinion of Michael Evan Jaffe on the Question of Attribution Under Art 8, ILC Articles (Award) ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 30 December 2015 (ICSID annulment proceedings) None Tomka, P. - President

Booth, C. - Member

Schreuer, C. H. - Member
61 2011 Williams Companies and others v. Venezuela The Williams Companies, International Holdings B.V., WilPro Energy Services (El Furrial) Limited and WilPro Energy Services (Pigap II) Limited v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/11/10) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Rights under long term agreements for gas supply in Venezuela; ownership and operation of gas compression and injection plants.

Summary: Claims arising out of the Government's termination of claimants' long term agreements entered into with the national oil company PDVSA for gas compression and injection and gas supply in Venezuela, followed by the seizure of their assets under a nationalisation decree and the alleged failure to comply with payment obligations for services rendered before the companies' nationalisation.
Rights under long term agreements for gas supply in Venezuela; ownership and operation of gas compression and injection plants. Settled Venezuela, Bolivarian Republic of Netherlands

United Kingdom
Primary: B - Mining and quarrying

Tertiary: D - Electricity, gas, steam and air conditioning supply
6 - Extraction of crude petroleum and natural gas

35 - Electricity, gas, steam and air conditioning supply
Tribunal not constituted Data not available Data not available Data not available Not applicable - settled or discontinued before decision on liability Order of the Secretary-General Taking Note of the Discontinuance of the Proceeding Pursuant to ICSID Arbitration Rule 45 dated 8 February 2017 None None None None None None
62 2010 AES v. Kazakhstan AES Corporation and Tau Power B.V. v. Republic of Kazakhstan (ICSID Case No. ARB/10/16) Kazakhstan - United States of America BIT (1992)

The Energy Charter Treaty (1994)
ICSID ICSID Investment: Ownership of a number of power facilities and trading companies that held rights under long-term concessions concluded with the Government.

Summary: Claims arising out of a series of actions including fines and tariff restrictions imposed to claimants by Kazakh competition authorities concerning energy prices that allegedly had adverse financial impacts on the company’s operations in the country.
Ownership of a number of power facilities and trading companies that held rights under long-term concessions concluded with the Government. Decided in favour of neither party (liability found but no damages awarded) Kazakhstan United States of America

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

Born, G. B. - President (replaced)

Sachs, K. - Claimant

Lowe, V. - Respondent
1290.00 mln USD 0.00 mln USD Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

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

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures

Transfer of funds

Full protection and security, or similar
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Award dated 1 November 2013 None None None None None None
63 2009 ETI v. Bolivia (II) E.T.I. Euro Telecom International N.V. v. Republic of Bolivia (II) Bolivia, Plurinational State of - Netherlands BIT (1992) UNCITRAL PCA Investment: Shareholding in a Bolivian telecoms company.

Summary: Claims arising out of the Government's transfer of claimant's 50 per cent stake in the Bolivian telecoms company Entel to the State after the company was nationalized in 2007.
Shareholding in a Bolivian telecoms company. Settled Bolivia, Plurinational State of Netherlands Tertiary: J - Information and communication 61 - Telecommunications Simma, B. - President

Orrego Vicuña, F. - Claimant

Sands, P. - Respondent
700.00 mln EUR (961.60 mln USD) 50.00 mln USD Direct expropriation

Unclear
Not applicable - settled or discontinued before decision on liability Data not available Data not available None None None None None
64 2009 Holcim v. Venezuela Holcim Limited, Holderfin B.V. and Caricement B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/09/3) Switzerland - Venezuela, Bolivarian Republic of BIT (1993)

Netherlands - Venezuela, Bolivarian Republic of BIT (1991)
ICSID ICSID Investment: Ownership interests in Venezuelan cement production enterprise.

Summary: Claims arising out of the Government's 2008 nationalization of foreign-owned cement companies in Venezuela, including the claimants, and the alleged cease of compensation negotiations between Holcim and the national oil company PDVSA.
Ownership interests in Venezuelan cement production enterprise. Settled Venezuela, Bolivarian Republic of Netherlands

Switzerland
Secondary: C - Manufacturing 23 - Manufacture of other non-metallic mineral products Fernández-Armesto, J. - President

Brower, C. N. - Claimant

Abi-Saab, G. - Respondent
Data not available 650.00 mln USD Direct expropriation Not applicable - settled or discontinued before decision on liability None None None None None None None
65 2009 Itera v. Georgia (II) Itera International Energy LLC and Itera Group NV v. Georgia (II) (ICSID Case No. ARB/09/22) Georgia - United States of America BIT (1994)

Georgia - Netherlands BIT (1998)
ICSID ICSID Investment: Rights under a Debt Restructuring Agreement concluded between Georgia and the claimants concerning debts to Itera of various Georgian public sector organizations and state-owned companies related to gas supply services.

Summary: Claims arising out of the alleged restructuring of significant gas debts owed by Georgian state-owned entities to Itera and actions subsequently taken by Georgia that rendered the claimants’ investments valueless, including the bankruptcy proceedings of a chemical fertilizer plant in the city of Rustavi in which Itera had acquired a majority shareholding.
Rights under a Debt Restructuring Agreement concluded between Georgia and the claimants concerning debts to Itera of various Georgian public sector organizations and state-owned companies related to gas supply services. Settled Georgia United States of America

Netherlands
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Tribunal not constituted Data not available 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 19 November 2010, pursuant to Arbitration Rule 43(1) None None None None None None
66 2009 KT Asia v. Kazakhstan KT Asia Investment Group B.V. v. Republic of Kazakhstan (ICSID Case No. ARB/09/8) Kazakhstan - Netherlands BIT (2002) ICSID ICSID Investment: Minority shareholding in the Kazakh entity BTA Bank.

Summary: Claims arising out of the Government's alleged forced nationalization of claimant's interest in BTA Bank, by means of Kazakhstan's acquisition of around 75 per cent of the shares of BTA through the National Welfare Fund Samruk-Kazyna.
Minority shareholding in the Kazakh entity BTA Bank. Decided in favour of State Kazakhstan Netherlands Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Kaufmann-Kohler, G. - President

Glick, I. - Claimant

Thomas, J. C. - Respondent
1500.00 mln USD Data not available Indirect expropriation None - jurisdiction declined Award dated October 17, 2013 None ICSID annulment proceedings Discontinued (ICSID annulment proceedings) Order for the discontinuance of the proceeding issued by the ad hoc Committee dated 20 November 2014, pursuant to ICSID Administrative and Financial Regulation 14(3)(d) and (e) (ICSID annulment proceedings) None Oreamuno Blanco, R. - President

Boo, L. - Member

Pryles, M. C. - Member
67 2008 Achmea v. Slovakia (I) Achmea B.V. (formerly Eureko B.V.) v. The Slovak Republic (I) (PCA Case No. 2008-13) Netherlands - Slovakia BIT (1991) UNCITRAL PCA Investment: Ownership of company that had obtained a share of around 8.5 per cent in the Slovak health insurance market (wholly owned subsidiary).

Summary: Claims arising out of various legislative measures introduced by Slovakia that allegedly constituted a systematic reversal of the previous liberalisation of the Slovak health insurance market that had prompted the claimant to invest in the Slovak Republic’s health insurance sector.
Ownership of company that had obtained a share of around 8.5 per cent in the Slovak health insurance market (wholly owned subsidiary). Decided in favour of investor Slovakia Netherlands Tertiary: K - Financial and insurance activities 65 - Insurance, reinsurance and pension funding, except compulsory social security Lowe, V. - President

van den Berg, A. J. - Claimant

Veeder, V. V. - Respondent

Tomka, P. - Respondent (replaced)
65.00 mln EUR (84.70 mln USD) 22.00 mln EUR (28.80 mln USD) Indirect expropriation

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

Full protection and security, or similar

Transfer of funds

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

Transfer of funds
Award on Jurisdiction, Arbitrability and Suspension dated 26 October 2010

Award dated 7 December 2012
None Judicial review by national courts

Judicial review by national courts

Judicial review by national courts
Award/decision upheld (Judicial review by national courts)

Award/decision upheld (Judicial review by national courts)

Pending (Judicial review by national courts)
Judgment of the Higher Regional Court of Frankfurt dated 10 May 2012 (Judicial review by national courts)

Preliminary Decision of the German Federal Supreme Court dated 19 September 2013 (Judicial review by national courts)

Judgment of the Higher Regional Court of Frankfurt dated 18 December 2014 (Judicial review by national courts)

Decision of the Federal Court of Justice dated 3 March 2016 (Judicial review by national courts)
None None
68 2008 Alapli v. Turkey Alapli Elektrik B.V. v. Republic of Turkey (ICSID Case No. ARB/08/13) The Energy Charter Treaty (1994)

Netherlands - Turkey BIT (1986)
ICSID ICSID Investment: Rights under a concession agreement for electricity generation concluded between a Turkish Ministry and a company that later assigned its rights to another company in which the claimant had acquired shares.

Summary: Claims arising out of a concession to develop, finance, construct, own, operate and transfer a combined cycle power plant in Turkey and a number of legislative changes in 2000 concerning infrastructure projects in Turkey.
Rights under a concession agreement for electricity generation concluded between a Turkish Ministry and a company that later assigned its rights to another company in which the claimant had acquired shares. Decided in favour of State Turkey Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Park, W. W. - President

Lalonde, M. - Claimant

Stern, B. - Respondent
100.00 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
None - jurisdiction declined Award dated 16 July 2012 Dissenting Opinion of Marc Lalonde (Award) ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 10 July 2014 (ICSID annulment proceedings) None Hanotiau, B. - President

Böckstiegel, K.-H. - Member

Khan, M. A. - Member
69 2008 CEMEX v. Venezuela CEMEX Caracas Investments B.V. and CEMEX Caracas II Investments B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/08/15) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Indirect ownership interest in the Venezuelan cement production company Cemex Venezuela.

Summary: Claims arising out of the Government's 2008 nationalization of foreign-owned cement companies in Venezuela, including the claimants, and disagreements over the amount of compensation owed to CEMEX.
Indirect ownership interest in the Venezuelan cement production company Cemex Venezuela. Settled Venezuela, Bolivarian Republic of Netherlands Secondary: C - Manufacturing 23 - Manufacture of other non-metallic mineral products Guillaume, G. - President

von Mehren, R. - Claimant

Abi-Saab, G. - Respondent
1200.00 mln USD 600.00 mln USD Direct expropriation Not applicable - settled or discontinued before decision on liability Decision on Jurisdiction dated 30 December 2010

Order taking note of the discontinuance of the proceeding issued by the Tribunal dated 15 February 2012, pursuant to ICSID Arbitration Rule 43(1)
None None None None None None
70 2008 HICEE v. Slovakia HICEE B.V. v. The Slovak Republic (PCA Case No. 2009-11) Netherlands - Slovakia BIT (1991) UNCITRAL PCA Investment: Shareholding in two Slovakian health insurance companies, which were subsidiaries of another Slovakian entity in turn wholly owned by the claimant.

Summary: Claims arising out of the Government's adoption of a number of changes and amendments to the laws on health insurance since 2007, including an Act by which health insurance companies were prohibited from distributing profits and made subject to a cap on their permissible administrative expenses.
Shareholding in two Slovakian health insurance companies, which were subsidiaries of another Slovakian entity in turn wholly owned by the claimant. Decided in favour of State Slovakia Netherlands Tertiary: K - Financial and insurance activities 65 - Insurance, reinsurance and pension funding, except compulsory social security Berman, F. - President

Brower, C. N. - Claimant

Tomka, P. - Respondent
1000.00 mln EUR (1388.00 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

Transfer of funds

Arbitrary, unreasonable and/or discriminatory measures
None - jurisdiction declined Partial Award dated 23 May 2011

Supplementary and Final Award dated 17 October 2011
Dissenting Opinion of Judge Charles N. Brower (Partial Award) None None None None None
71 2008 Itera v. Georgia (I) Itera International Energy LLC and Itera Group NV v. Georgia (I) (ICSID Case No. ARB/08/7) Georgia - United States of America BIT (1994)

Georgia - Netherlands BIT (1998)
ICSID ICSID Investment: Rights under a Debt Restructuring Agreement concluded between Georgia and the claimants concerning debts to Itera of various Georgian public sector organizations and state-owned companies related to gas supply services.

Summary: Claims arising out of the alleged restructuring of significant gas debts owed by Georgian state-owned entities to Itera and actions subsequently taken by Georgia that rendered the claimants’ investments valueless, including the bankruptcy proceedings of a chemical fertilizer plant in the city of Rustavi in which Itera had acquired a majority shareholding.
Rights under a Debt Restructuring Agreement concluded between Georgia and the claimants concerning debts to Itera of various Georgian public sector organizations and state-owned companies related to gas supply services. Discontinued Georgia Netherlands

United States of America
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Danelius, H. - President

Orrego Vicuña, F. - Claimant

Stern, B. - Respondent
46.40 mln USD Data not available Unclear Not applicable - settled or discontinued before decision on liability Decision on the Admissibility of Ancillary Claims dated 4 December 2009

Order taking note of the discontinuance of the proceeding issued by the Tribunal dated 19 November 2010, pursuant to ICSID Arbitration Rule 43(1)
Dissenting Opinion of Professor Francisco Orrego Vicuña (Decision on the Admissibility of Ancillary Claims) None None None None None
72 2008 Millicom v. Senegal Millicom International Operations B.V. and Sentel GSM S.A. v. Republic of Senegal (ICSID Case No. ARB/08/20) Netherlands - Senegal BIT (1979) ICSID ICSID Investment: Rights under a GSM concession concluded between the Senegalese Government and Milicom's Senegalese wholly-owned subsidiary.

Summary: Claims arising out of the Government's issuance of a decree revoking a 20-year telecommunications license that had been granted to Milicom's local subsidiary Sentel by a previous administration.
Rights under a GSM concession concluded between the Senegalese Government and Milicom's Senegalese wholly-owned subsidiary. Settled Senegal Netherlands Tertiary: J - Information and communication 61 - Telecommunications Tercier, P. - President

Hobér, K. - Claimant

Abraham, R. - Respondent
Data not available Non-pecuniary relief Direct expropriation

Most-favoured nation treatment
Not applicable - settled or discontinued before decision on liability Decision on Jurisdiction of the Arbitral Tribunal dated 16 July 2010

Award embodying the parties' settlement agreement dated 27 November 2012
None None None None None None
73 2007 Bureau Veritas v. Paraguay Bureau Veritas, Inspection, Valuation, Assesment and Control, BIVAC B.V. v. Republic of Paraguay (ICSID Case No. ARB/07/9) Netherlands - Paraguay BIT (1992) ICSID ICSID Investment: Rights under a pre-shipment inspection contract concluded between BIVAC and Paraguay's Ministry of Finance.

Summary: Claims arising out of Paraguay's alleged non-payment of invoices to the investor under a contract in which Bureau Veritas was to provide pre-shipment inspection support to the Paraguayan Customs Agency, to assist the collection of import duties.
Rights under a pre-shipment inspection contract concluded between BIVAC and Paraguay's Ministry of Finance. Settled Paraguay Netherlands Tertiary: M - Professional, scientific and technical activities 74 - Other professional, scientific and technical activities Knieper, R. - President

Fortier, L. Y. - Claimant

Sands, P. - Respondent
36.10 mln USD 21.00 mln USD Indirect expropriation

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

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Not applicable - settled or discontinued before decision on liability Decision of the Tribunal on Objections to Jurisdiction dated 29 May 2009

Further Decision on Objections to Jurisdiction dated 9 October 2012

Order taking note of the discontinuance issued by the Tribunal dated 7 August 2014, pursuant to Arbitration Rule 43(1)
None None None None None None
74 2007 ConocoPhillips v. Venezuela ConocoPhillips Petrozuata B.V., ConocoPhillips Hamaca B.V. and ConocoPhillips Gulf of Paria B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/07/30) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Interests in two extra-heavy oil projects located in the Venezuelan region of the Orinoco Oil Belt, and in an offshore project for the extract of light to medium crude oil, under profit sharing agreements concluded with the Government.

Summary: Claims arising out of Venezuela's nationalization of three oil projects in which the claimants had interests, after having increased their applicable royalty rate and income tax.
Interests in two extra-heavy oil projects located in the Venezuelan region of the Orinoco Oil Belt, and in an offshore project for the extract of light to medium crude oil, under profit sharing agreements concluded with the Government. Pending Venezuela, Bolivarian Republic of Netherlands Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Keith, K. - President (replaced)

Fortier, L. Y. - Claimant

Abi-Saab, G. - Respondent (replaced)

Brownlie, I. - Respondent (replaced)

Bucher, A. - Respondent

Zuleta, E. - President
30305.00 mln USD Data not available Direct expropriation

Indirect 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 Decision on Jurisdiction and Merits dated 3 September 2013

Decision on Respondent's Request for Reconsideration dated 10 March 2014

Decision on Respondent's Request for Reconsideration dated 9 February 2016

Interim Decision dated 17 January 2017
Dissenting Opinion of Georges Abi-Saab (Decision on Jurisdiction and Merits)

Dissenting Opinion of Georges Abi-Saab (Decision on Respondent's Request for Reconsideration)

Dissenting Opinion of Andreas Bucher
None None None None None
75 2007 Eni Dación v. Venezuela Eni Dación B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/07/4) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Hydrocarbon rights under an operating service contract concluded between claimant and the State-owned company PDVSA.

Summary: Claims arising out the investor's refusal to sign an amended contract which would allegedly grant a majority stake in its oil venture to the Venezuelan State and the subsequent seizure of its assets and the Government's nationalization of the Dación oil field in which the claimant, a Dutch subsidiary of Italy's oil and gas company Eni Spa, had invested.
Hydrocarbon rights under an operating service contract concluded between claimant and the State-owned company PDVSA. Settled Venezuela, Bolivarian Republic of Netherlands Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Tribunal not constituted 1000.00 mln USD 700.00 mln USD Unclear Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance issued by the Acting Secretary-General dated 18 APril 2008, pursuant to ICSID Arbitration Rule 44 None None None None None None
76 2007 ETI v. Bolivia (I) E.T.I. Euro Telecom International N.V. v. Plurinational State of Bolivia (I) (ICSID Case No. ARB/07/28) Bolivia, Plurinational State of - Netherlands BIT (1992) ICSID ICSID Investment: Shareholding in a Bolivian telecoms company.

Summary: Claims arising out of the Government's transfer of claimant's 50 per cent stake in the Bolivian telecoms company Entel to the State after the company was nationalized in 2007.
Shareholding in a Bolivian telecoms company. Settled Bolivia, Plurinational State of Netherlands Tertiary: J - Information and communication 61 - Telecommunications Simma, B. - President

Orrego Vicuña, F. - Claimant

Sands, P. - Respondent
700.00 mln EUR (961.60 mln USD) 50.00 mln USD Direct expropriation

Unclear
Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance of the proceeding issued by the Tribunal dated 21 October 2009, pursuant to ICSID Arbitration Rule 44 None None None None None None
77 2007 Invesmart v. Czech Republic Invesmart v. Czech Republic Czech Republic - Netherlands BIT (1991) UNCITRAL None Investment: Majority shareholding in Union Banka, a bank established under the laws of the Czech Republic.

Summary: Claims arising out of the alleged withdrawal by the Czech Republic of previous commitments to provide State support to the foreign-owned bank.
Majority shareholding in Union Banka, a bank established under the laws of the Czech Republic. Decided in favour of State Czech Republic Netherlands Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Pryles, M. C. - President

Bernardini, P. - Claimant

Thomas, J. C. - Respondent
250.00 mln EUR (349.10 mln USD) Data not available Indirect expropriation

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

Direct expropriation

Arbitrary, unreasonable and/or discriminatory measures

Umbrella clause
None - all claims dismissed at the merits stage Award dated 26 June 2009 None Data not available Data not available Data not available Data not available Data not available
78 2007 Liman Caspian Oil v. Kazakhstan Liman Caspian Oil BV and NCL Dutch Investment BV v. Republic of Kazakhstan (ICSID Case No. ARB/07/14) The Energy Charter Treaty (1994) ICSID ICSID Investment: Rights under a license to explore and extract hydrocarbons in Kazakhstan acquired by one of the claimants though an assignment agreement.

Summary: Claims arising out of the transfer of claimants' license to explore and extract hydrocarbons in the Liman block in Western Kazakhstan.
Rights under a license to explore and extract hydrocarbons in Kazakhstan acquired by one of the claimants though an assignment agreement. Decided in favour of State Kazakhstan Netherlands Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Böckstiegel, K.-H. - President

Hobér, K. - Claimant

Crawford, J. R. - Respondent
200.00 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
None - all claims dismissed at the merits stage Award dated 22 June 2010 None None None None None None
79 2007 Mobil and others v. Venezuela Mobil Cerro Negro Holding, Ltd., Mobil Cerro Negro, Ltd., Mobil Corporation and others v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/07/27) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Interests in two extra-heavy crude oil projects located in the Venezuelan region of the Orinoco Oil Belt, under profit sharing agreements concluded with the Government.

Summary: Claims arising out of Venezuela's nationalization of two oil projects in which the claimants had interests known as the Cerro Negro Project and La Ceiba Project (after having increased their applicable royalty rate and income tax) and subsequent disagreements between the parties concerning the amount of compensation owed to the investor.
Interests in two extra-heavy crude oil projects located in the Venezuelan region of the Orinoco Oil Belt, under profit sharing agreements concluded with the Government. Decided in favour of investor Venezuela, Bolivarian Republic of Bahamas

United States of America

Netherlands
Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Guillaume, G. - President

Kaufmann-Kohler, G. - Claimant

El-Kosheri, A. S. - Respondent
14679.00 mln USD 1600.00 mln USD Direct expropriation

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

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Decision on Jurisdiction dated 10 June 2010

Award of the Tribunal dated 9 October 2014
None ICSID annulment proceedings Award/decision partially annulled (ICSID annulment proceedings) Decision on Annulment dated 9 March 2017 (ICSID annulment proceedings) None Berman, F. - President

Abraham, C. W. M. - Member

Knieper, R. - Member
80 2007 Saba Fakes v. Turkey Saba Fakes v. Republic of Turkey (ICSID Case No. ARB/07/20) Netherlands - Turkey BIT (1986) ICSID ICSID Investment: Majority shareholding in the Turkish telecommunications company Telsim.

Summary: Claims arising out of the receivership and the alleged subsequent forced sale by Turkish authorities of assets held by Telsim, a major mobile phone company in which the claimant had invested.
Majority shareholding in the Turkish telecommunications company Telsim. Decided in favour of State Turkey Netherlands Tertiary: J - Information and communication 61 - Telecommunications Gaillard, E. - President

van Houtte, H. - Claimant

Lévy, L. - Respondent
19000.00 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

Transfer of funds

Arbitrary, unreasonable and/or discriminatory measures

Other
None - jurisdiction declined Decision on Preliminary Issues dated 6 October 2008

Award dated 14 July 2010
None None None None None None
81 2007 Shell v. Nigeria Shell Nigeria Ultra Deep Limited v. Federal Republic of Nigeria (ICSID Case No. ARB/07/18) Netherlands - Nigeria BIT (1992) ICSID ICSID Investment: Rights under an ultra-deep offshore production sharing agreement concluded between Nigeria's national oil company and the claimant.

Summary: Claims arising out of the alleged breach of a production-sharing contract concluded between Shell Nigeria and Nigeria's state oil company (NNPC), after the State ordered NNPC's portion of the venture to be handed over to a private company, Malabu Oil and Gas, with which the claimant had farmed the relevant exploration block.
Rights under an ultra-deep offshore production sharing agreement concluded between Nigeria's national oil company and the claimant. Discontinued Nigeria Netherlands Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Fernández-Armesto, J. - President

Elaraby, N. - President (replaced)

Park, W. W. - Claimant

Gharavi, H. G. - Respondent
1800.00 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 Tribunal dated 1 August 2011, pursuant to ICSID Arbitration Rule 43(1) None None None None None None
82 2006 Azpetrol v. Azerbaijan Azpetrol International Holdings B.V., Azpetrol Group B.V. and Azpetrol Oil Services Group B.V. v. Republic of Azerbaijan (ICSID Case No. ARB/06/15) The Energy Charter Treaty (1994) ICSID ICSID Investment: Shareholding in the Dutch-incorporated companies Azpetrol Group and Azpetrol Oil Services Group, engaged in oil and gas distribution, trade, storage and transportation activities.

Summary: Claims arising out of Azpetrol International Holdings’s loss of its shares in Azpetrol Group and Azpetrol Oil Services Group, after an Azerbaijan court decided the original purchase contract had been ineffective, and returned the shares to their former owner.
Shareholding in the Dutch-incorporated companies Azpetrol Group and Azpetrol Oil Services Group, engaged in oil and gas distribution, trade, storage and transportation activities. Decided in favour of State Azerbaijan Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply

Tertiary: H - Transportation and storage

Tertiary: H - Transportation and storage
35 - Electricity, gas, steam and air conditioning supply

49 - Land transport and transport via pipelines

52 - Warehousing and support activities for transportation
Feliciano, F. P. - President

Watts, A. - President (replaced)

Brower, C. N. - Claimant

Greenwood, C. - Respondent
300.00 mln USD Data not available Indirect expropriation

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

Transfer of funds

Arbitrary, unreasonable and/or discriminatory measures

Other
None - jurisdiction declined Award dated 8 September 2009 None None None None None None
83 2006 Oostergetel v. Slovakia Jan Oostergetel and Theodora Laurentius v. The Slovak Republic Netherlands - Slovakia BIT (1991) UNCITRAL None Investment: Majority shareholding in a yarn and thread manufacturing enterprise, Bratislavská cvernová továreň (BCT) that had been privatised by the Government.

Summary: Claims arising out of alleged actions and omissions by the Slovak authorities that resulted in BCT's bankruptcy, including actions taken by a Bratislava court and the local tax office.
Majority shareholding in a yarn and thread manufacturing enterprise, Bratislavská cvernová továreň (BCT) that had been privatised by the Government. Decided in favour of State Slovakia Netherlands Secondary: C - Manufacturing 13 - Manufacture of textiles Kaufmann-Kohler, G. - President

Briner, R. - President (replaced)

Wladimiroff, M. - Claimant

Trapl, V. - Respondent
1359.00 mln SKK (63.00 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
None - all claims dismissed at the merits stage Decision on Jurisdiction dated 30 April 2010

Final Award dated 23 April 2012
None None None None None None
84 2006 Rail World v. Estonia Rail World LLC and others v. Republic of Estonia (ICSID Case No. ARB/06/6) Estonia - Netherlands BIT (1992)

Estonia - United States of America BIT (1994)
ICSID ICSID Investment: Rights under an operations contract concluded with the State concerning railway related services.

Summary: Claims arising out of Estonia's renationalisation of its national railway, which allegedly reversed a planned privatisation and modified claimants' rail operations contract.
Rights under an operations contract concluded with the State concerning railway related services. Settled Estonia Netherlands

United States of America
Tertiary: F - Construction 42 - Civil engineering Kaufmann-Kohler, G. - President

Böckstiegel, K.-H. - Claimant

Gaillard, E. - Respondent

Raeside, M. - Respondent (replaced)
440.00 mln USD 200.00 mln USD Data not available Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance issued by the Tribunal dated 5 February 2007, pursuant to Arbitration Rule 43(1) None None None None None None
85 2006 Rompetrol v. Romania The Rompetrol Group N.V. v. Romania (ICSID Case No. ARB/06/3) Netherlands - Romania BIT (1994) ICSID ICSID Investment: Controlling shareholding in Rompetrol Rafinare S.A., a privatised Romanian company which owned and operated an oil refinery and petrochemical complex.

Summary: Claims arising out of investigations undertaken by Romanian anti-corruption and criminal prosecution authorities relating to the privatisation of an oil refinery company, shortly after the sale of the controlling shares to the claimant, allegedly including the arrest, detention, travel-ban and wire-tapping of key company's executives.
Controlling shareholding in Rompetrol Rafinare S.A., a privatised Romanian company which owned and operated an oil refinery and petrochemical complex. Decided in favour of neither party (liability found but no damages awarded) Romania Netherlands Secondary: C - Manufacturing 19 - Manufacture of coke and refined petroleum products Berman, F. - President

Donovan, D. - Claimant

Lalonde, M. - Respondent
100.00 mln USD 0.00 mln USD 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

Other
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

Other
Decision on Respondent’s Preliminary Objections on Jurisdiction and Admissibility dated 18 April 2008

Award dated 6 May 2013
None None None None None None
86 2006 Shell v. Nicaragua Shell Brands International AG and Shell Nicaragua S.A. v. Republic of Nicaragua (ICSID Case No. ARB/06/14) Netherlands - Nicaragua BIT (2000) ICSID ICSID Investment: Intellectual property rights, i.e. trademarks concerning the Shell logo and brand name in Nicaragua.

Summary: Claims arising out of Nicaragua's alleged seizure of trademarks of the investors after a local court issued a USD 489 million judgment against Shell Oil in a class action suit by former banana workers, which had alleged damages arising from a myriad of health effects linked to banana pesticides supposedly supplied by Shell Oil.
Intellectual property rights, i.e. trademarks concerning the Shell logo and brand name in Nicaragua. Settled Nicaragua Netherlands Secondary: C - Manufacturing 20 - Manufacture of chemicals and chemical products Tribunal not constituted Data not available Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance issued by the Secretary-General dated 12 March 2007, pursuant to ICSID Arbitration Rule 44 None None None None None None
87 2005 Funnekotter v. Zimbabwe Bernardus Henricus Funnekotter and others v. Republic of Zimbabwe (ICSID Case No. ARB/05/6) Netherlands - Zimbabwe BIT (1996) ICSID ICSID Investment: Direct and indirect ownership of large commercial farms in Zimbabwe.

Summary: Claims arising out of the enactment of a Land Acquisition Act and other measures authorizing the Government to acquire compulsorily any rural land when the acquisition was deemed necessary for agricultural settlement purposes under which the claimants' properties were allegedly expropriated without compensation, including the presence of war veterans and settlers that forced the claimants to vacate their farms.
Direct and indirect ownership of large commercial farms in Zimbabwe. Decided in favour of investor Zimbabwe Netherlands Primary: A - Agriculture, forestry and fishing 1 - Crop and animal production, hunting and related service activities Guillaume, G. - President

Cass, R. A. - Claimant

Wasi Zafar, M. - Respondent
12.40 mln EUR (15.60 mln USD) 8.20 mln EUR (10.60 mln USD) Direct 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
Direct expropriation Award dated 22 April 2009 None None None None None None
88 2005 I&I Beheer v. Venezuela I&I Beheer B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/05/4) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Ownership of promissory notes originally issued by a Venezuelan State-owned bank.

Summary: Claims arising out of the alleged non-payment of two promissory notes acquired by the claimant that had been originally issued in 1981 by Venezuela's State-owned agricultural development bank, Bandagro.
Ownership of promissory notes originally issued by a Venezuelan State-owned bank. Discontinued Venezuela, Bolivarian Republic of Netherlands Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Böckstiegel, K.-H. - President

Brower, C. N. - Claimant

Dupuy, P.-M. - Respondent
300.00 mln USD Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance issued by the Tribunal dated 28 December 2007, pursuant to Article 44 of the ICSID Convention None None None None None None
89 2005 K+ VP v. Czech Republic K+ Venture Partners v. Czech Republic Czech Republic - Netherlands BIT (1991) UNCITRAL None Investment: Ownership of local subsidiary that had contracted with the Czech Ministry of Local Development for investment in local businesses.

Summary: Claims arising out of the termination of a contract concluded between the Dutch firm's Czech subsidiary and Czech authorities despite allegedly achieving the agreed results, and involving unpaid contractual premium for administration of certain public funds.
Ownership of local subsidiary that had contracted with the Czech Ministry of Local Development for investment in local businesses. Settled Czech Republic Netherlands Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Sachs, K. - President

Reichert, K. - Unknown

Wälde, T. W. - Unknown
140.00 mln CZK (7.60 mln USD) Data not available Data not available Not applicable - settled or discontinued before decision on liability Data not available Data not available None None None None None
90 2005 Mittal v. Czech Republic Mittal Steel Company N.V. v. Czech Republic Czech Republic - Netherlands BIT (1991) UNCITRAL None Investment: Production and distribution of basic metals, including steel and iron.

Summary: Claims arising out of the respondent's alleged discriminatory treatment to the investor in connection with the privatization of the local steel enterprise Vitkovice Steel; particularly, the exclusion of the claimant from bidding on Vitkovice.
Production and distribution of basic metals, including steel and iron. Settled Czech Republic Netherlands Secondary: C - Manufacturing 24 - Manufacture of basic metals Steyn, J. - President

Bernardini, P. - Unknown

Greenwood, C. - Unknown
1400.00 mln USD Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures
Not applicable - settled or discontinued before decision on liability Data not available Data not available None None None None None
91 2005 TSA Spectrum v. Argentina TSA Spectrum de Argentina S.A. v. Argentine Republic (ICSID Case No. ARB/05/5) Argentina - Netherlands BIT (1992) ICSID ICSID Investment: Ownership of local subsidiary that had concluded a contract with Argentina's telecommunications authority for the administration, management and control of the radio spectrum.

Summary: Claims arising out of the termination of the concession contract entered into with the claimant through a resolution deciding that the national's telecommunications authority would operate the installations and assets that were the object of the contract due to the investor's alleged illicit enrichment.
Ownership of local subsidiary that had concluded a contract with Argentina's telecommunications authority for the administration, management and control of the radio spectrum. Decided in favour of State Argentina Netherlands Tertiary: J - Information and communication 61 - Telecommunications Danelius, H. - President

Aldonas, G. D. - Claimant

Abi-Saab, G. - Respondent
Data not available 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
None - jurisdiction declined Award dated19 December 2008 Dissenting Opinion of Arbitrator Grant D. Aldonas (Award)

Concurring Opinion of Arbitrator Georges Abi-Saab (Award)
None None None None None
92 2004 ABCI Investments v. Tunisia ABCI Investments Limited v. Republic of Tunisia (ICSID Case No. ARB/04/12) Netherlands - Tunisia BIT (1963)

Netherlands - Tunisia BIT (1998)
ICSID ICSID Investment: Acquisition of shares in a banking institution.

Summary: Claims arising out of the alleged takeover of claimant's controlling stake in a French-Tunisian bank by duress, including criminal proceedings against shareholders taken by the respondent following claimant's attempts to enforce an ICC award.
Acquisition of shares in a banking institution. Pending Tunisia Netherlands Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Orrego Vicuña, F. - President

Bernardini, P. - Claimant (replaced)

Stern, B. - Respondent

Kaufmann-Kohler, G. - Respondent (replaced)

Fortier, L. Y. - Claimant
0.00 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
Pending Decision on Jurisdiction dated 18 February 2011

Decision on Liability dated 17 July 2017
Dissenting Opinion of Professor Brigitte Stern (Decision on Jurisdiction) None None None None None
93 2004 ABN Amro v. India ABN Amro N.V. v. Republic of India India - Netherlands BIT (1995) UNCITRAL None Investment: Creditor of loans associated with the financing of the Dabhol energy project in Maharashtra, India.

Summary: Claims arising out of respondent's alleged failure to protect the investor's loans in the Dabhol combined cycle power plant project in India, the default of which resulted in significant losses to the claimant's financing of the failed project.
Creditor of loans associated with the financing of the Dabhol energy project in Maharashtra, India. Settled India Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Schreuer, C. H. - Unknown

Greenwood, C. - Unknown

Name not available - President
42.80 mln USD Non-pecuniary relief Data not available Not applicable - settled or discontinued before decision on liability Data not available Data not available Data not available Data not available Data not available Data not available Data not available
94 2004 Eastern Sugar v. Czech Republic Eastern Sugar B.V. v. The Czech Republic (SCC Case No. 088/2004) Czech Republic - Netherlands BIT (1991) UNCITRAL SCC Investment: Interests in local sugar producing facilities.

Summary: Claims arising out of various regulatory sugar regimes put in place by the respondent from 2000 onwards; particularly, the Czech Republic’s allocation of sugar quotas based on the European Union’s agricultural quota system that allegedly affected the claimant's investments.
Interests in local sugar producing facilities. Decided in favour of investor Czech Republic Netherlands Secondary: C - Manufacturing 10 - Manufacture of food products Karrer, P. A. - President

Volterra, R. - Claimant

Gaillard, E. - Respondent
88.50 mln EUR (113.10 mln USD) 25.40 mln EUR (33.70 mln USD) 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
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures
Final Award dated 12 April 2007

Partial Award dated 27 March 2007
Partial Dissenting Opinion of Robert Volterra (Final Award) None None None None None
95 2004 Interbrew v. Slovenia Interbrew v. Slovenia (ICSID Case No. ARB/04/17) Netherlands - Slovenia BIT (1996) ICSID ICSID Investment: Minority shareholding in the second largest local brewer company.

Summary: Claims arising out of the alleged role of the Slovenian Government concerning the acquisition of equity interests in the second largest local brewer Pivovarna Union.
Minority shareholding in the second largest local brewer company. Settled Slovenia Netherlands Secondary: C - Manufacturing 11 - Manufacture of beverages Orrego Vicuña, F. - President

Brower, C. N. - Claimant

Feliciano, F. P. - Respondent
Data not available 70.70 mln USD Data not available Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance issued by the Tribunal dated 18 July 2005, pursuant to ICSID Arbitration Rule 44 None None None None None None
96 2004 Offshore Power v. India Offshore Power Production C.V., Travamark Two B.V., EFS India-Energy B.V., Enron B.V., and Indian Power Investments B.V. v. Republic of India India - Netherlands BIT (1995) UNCITRAL None Investment: Majority shareholding, through subsidiary company, of the Indian Dabhol Power Company.

Summary: Claims arising out of respondent alleged failure to protect claimants' investment in the Dabhol power plant project in India, which resulted in significant losses to the claimants' financing of the failed project.
Majority shareholding, through subsidiary company, of the Indian Dabhol Power Company. Settled India Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Lalonde, M. - Unknown

Cooke, L. - Unknown

Name not available - President
4000.00 mln USD Non-pecuniary relief Data not available Not applicable - settled or discontinued before decision on liability Data not available Data not available Data not available Data not available Data not available Data not available Data not available
97 2004 Trinh and Binh Chau v. Viet Nam Trinh Vinh Binh and Binh Chau Joint Stock Company v. Socialist Republic of Viet Nam Netherlands - Viet Nam BIT (1994) UNCITRAL SCC Investment: Ownership of a food-processing factory, a garment factory and various tourism assets.

Summary: Claims arising out of the alleged unlawful confiscation of real estate and other claimants' assets without compensation, including the criminal conviction of Mr. Trinh.
Ownership of a food-processing factory, a garment factory and various tourism assets. Settled Viet Nam Netherlands Secondary: C - Manufacturing

Tertiary: L - Real estate activities
10 - Manufacture of food products

68 - Real estate activities
Baker, C. M. - President

Hobér, K. - Unknown

Stern, B. - Unknown
100.00 mln USD Data not available Direct expropriation Not applicable - settled or discontinued before decision on liability Award dated 14 March 2007 None None None None None None
98 2003 Eureko v. Poland Eureko B.V. v. Republic of Poland Netherlands - Poland BIT (1992) UNCITRAL None Investment: Shareholding in an insurance enterprise owned by the Polish State Treasury.

Summary: Claims arising out of the privatisation of a Polish insurance company and subsequent alleged actions by the Minister of the State Treasury of Poland which negatively affected the corporate governance of the company in which the claimants had invested.
Shareholding in an insurance enterprise owned by the Polish State Treasury. Settled Poland Netherlands Tertiary: K - Financial and insurance activities 65 - Insurance, reinsurance and pension funding, except compulsory social security Fortier, L. Y. - President

Schwebel, S. M. - Claimant

Rajski, J. - Respondent
10000.00 mln USD 12750.00 mln PLN (4379.00 mln USD) 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
Indirect expropriation

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

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Partial Award dated 19 August 2005 Dissenting Opinion of Mr. Jerzy Rajski (Partial Award) Judicial review by national courts Award/decision upheld (Judicial review by national courts) Setting Aside of Award, Judgment of Court of First Instance of Brussels dated 23 November 2006 (Judicial review by national courts) None None
99 2002 Aguas del Tunari v. Bolivia Aguas del Tunari S.A. v. Republic of Bolivia (ICSID Case No. ARB/02/3) Bolivia, Plurinational State of - Netherlands BIT (1992) ICSID ICSID Investment: Rights under a concession contract for the provision of water and sewerage services to the City of Cochabamba, Bolivia.

Summary: Claims arising out of alleged actions and omissions of the government leading up to the rescission of a concession agreement entered into with the claimant.
Rights under a concession contract for the provision of water and sewerage services to the City of Cochabamba, Bolivia. Settled Bolivia, Plurinational State of Netherlands Tertiary: E - Water supply; sewerage, waste management and remediation activities

Tertiary: E - Water supply; sewerage, waste management and remediation activities
36 - Water collection, treatment and supply

37 - Sewerage
Caron, D. D. - President

Álvarez, H. C. - Claimant

Alberro-Semerena, J. L. - Respondent
Data not available Data not available Indirect expropriation

Unclear
Not applicable - settled or discontinued before decision on liability Decision on Jurisdiction dated 21 October 2005

Order taking note of the discontinuance issued by the Tribunal dated 28 March 2006, pursuant to ICSID Arbitration Rule 44
Dissenting Declaration of Jose Luis Alberro-Semerena (Decision on Jurisdiction) None None None None None
100 2001 Saluka v. Czech Republic Saluka Investments BV v. The Czech Republic Czech Republic - Netherlands BIT (1991) UNCITRAL PCA Investment: Ownership of a controlling block of shares from the Czech state-owned bank IPB.

Summary: Claims arising out of the imposition of a forced administration upon the investor's banking enterprise by the Czech National Bank.
Ownership of a controlling block of shares from the Czech state-owned bank IPB. Settled Czech Republic Netherlands Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Watts, A. - President

Lauterpacht, E. - President (replaced)

Fortier, L. Y. - Claimant

Price, D. M. - Claimant (replaced)

Behrens, P. - Respondent
1900.00 mln USD 6000.00 mln CZK (281.00 mln USD) Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on Jurisdiction over the Czech Republic's Counterclaim dated 7 May 2004

Partial Award dated 17 March 2006
None Judicial review by national courts Award/decision upheld (Judicial review by national courts) Decision of the Swiss Federal Tribunal dated 7 September 2006 (Judicial review by national courts) None None
101 2000 CME v. Czech Republic CME Czech Republic B.V. v. The Czech Republic Czech Republic - Netherlands BIT (1991) UNCITRAL None Investment: Ownership interest in broadcasting company holding an exclusive broadcasting license; assets including tangible (buildings, studio equipment) and intangible (intellectual property rights) property.

Summary: Claims arising out of actions and omissions attributed to the Media Council, an organ of the Czech Republic that allegedly commercially destroyed the broadcasting station operator which was partly owned by the investor.
Ownership interest in broadcasting company holding an exclusive broadcasting license; assets including tangible (buildings, studio equipment) and intangible (intellectual property rights) property. Decided in favour of investor Czech Republic Netherlands Tertiary: J - Information and communication 60 - Programming and broadcasting activities Kühn, W. - President

Schwebel, S. M. - Claimant

Hándl, J. - Respondent
495.20 mln USD 270.00 mln USD Indirect 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
Indirect 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
Partial Award dated 13 September 2001

Final Award dated 14 March 2003
Dissenting opinion of the Arbitrator JUDr Jaroslav Hándl (Partial Award) Judicial review by national courts Award/decision upheld (Judicial review by national courts) Challenge of Arbitral Award, Judgment of SVEA Court of Appeal published at 42 ILM 919, dated 15 May 2003 (Judicial review by national courts) None None
102 1996 FEDAX v. Venezuela FEDAX N.V. v. The Republic of Venezuela (ICSID Case No. ARB/96/3) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Ownership of government promissory notes.

Summary: Claims arising out of the alleged lack of payment of certain debt instruments issued by the Government which were assigned by way of endorsement to the claimant.
Ownership of government promissory notes. Decided in favour of investor Venezuela, Bolivarian Republic of Netherlands Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Orrego Vicuña, F. - President

Heth, M. - Claimant

Owen, B. R. - Respondent
0.60 mln USD 0.60 mln USD Umbrella clause Umbrella clause Decision on Jurisdiction dated 11 July 1997

Award dated 9 March 1998
None None None None None None