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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

Croatia - as respondent State

Clear selection
Loaded 12 out of 12 Show all
No. Year of
initiation
Short case
name
Summary Outcome of
original proceedings
Respondent
State
Home State
of investor
1 2017 Addiko Bank v. Croatia Addiko Bank AG and Addiko Bank d.d. v. Republic of Croatia (ICSID Case No. ARB/17/37) Austria - Croatia BIT (1997) ICSID ICSID Investment: Investments in the banking industry in Croatia.

Summary: Claims arising out of the law that prescribed a change in the currency of loans, issued in Croatia, from Swiss Franc to the Euro.
Investments in the banking industry in Croatia. Pending Croatia Austria Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Data not available Data not available Data not available Data not available Pending None None None None None None None
2 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
3 2017 Erste & Steiermärkische Bank and others v. Croatia Erste & Steiermärkische Bank d.d., Erste Group Bank AG, and Steiermärkische Bank und Sparkassen AG v. Republic of Croatia (ICSID Case No. ARB/17/49) Austria - Croatia BIT (1997) ICSID ICSID Investment: Investments in the banking industry in Croatia.

Summary: Claims arising out of the law that prescribed a change in the currency of loans, issued in Croatia, from Swiss Franc to the Euro.
Investments in the banking industry in Croatia. Pending Croatia Austria Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Data not available 150.00 mln EUR (180.00 mln USD) Data not available Data not available Pending None None None None None None None
4 2017 Raiffeisen v. Croatia Raiffeisen Bank International AG and Raiffeisenbank Austria d.d. v. Republic of Croatia (ICSID Case No. ARB/17/34) Austria - Croatia BIT (1997) ICSID ICSID Investment: Investments in the banking industry in Croatia.

Summary: Claims arising out of the law that prescribed a change in the currency of loans, issued in Croatia, from Swiss Franc to the Euro.
Investments in the banking industry in Croatia. Pending Croatia Austria Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Data not available Data not available Data not available Data not available Pending None None None None None None None
5 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
6 2016 UniCredit Bank and Zagrebačka Banka v. Croatia UniCredit Bank Austria AG and Zagrebačka Banka d.d. v. Republic of Croatia (ICSID Case No. ARB/16/31) Austria - Croatia BIT (1997) ICSID ICSID Investment: Investments in banking services and debt instruments.

Summary: Claims arising out of Croatia’s law on conversion of loans denominated in Swiss francs into loans denominated in euros, requiring the claimants to adjust the respective terms of contract with customers and convert loans.
Investments in banking services and debt instruments. Pending Croatia Austria Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Reichert, K. - Claimant

Low, L. A. - President

Olik, M. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
7 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
8 2013 MOL v. Croatia MOL Hungarian Oil and Gas Company Plc v. Republic of Croatia (ICSID Case No. ARB/13/32) The Energy Charter Treaty (1994) ICSID ICSID Investment: Controlling shareholding (49 per cent) in Industrija nafte, d.d. (INA), a Croatian oil and gas company 44.8 per cent owned by the State.

Summary: Claims arising out of the alleged failure by the Government to improve the gas trading business of the company in which MOL had invested (which was loss making), as well as alleged delays and irregularities in granting licenses and the criminal prosecution of claimant's chief executive.
Controlling shareholding (49 per cent) in Industrija nafte, d.d. (INA), a Croatian oil and gas company 44.8 per cent owned by the State. Pending Croatia Hungary 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
Berman, F. - President

Park, W. W. - Claimant

Stern, B. - Respondent
Data not available Data not available Indirect expropriation

Umbrella clause
Pending Decision on Respondent's Application under ICSID Arbitration Rule 41(5) dated 2 December 2014 None None None None None None
9 2013 van Riet v. Croatia Chantal C. van Riet, Christopher van Riet and Lieven J. van Riet v. Republic of Croatia (ICSID Case No. ARB/13/12) BLEU (Belgium-Luxembourg Economic Union) - Croatia BIT (2001) ICSID ICSID Investment: Ownership of 47 plots of land along the Zablacé peninsula, acquired for developing a 15-villa luxury beachside resort.

Summary: Claims arising out of the alleged misrepresentation by Croatian authorities to the claimants by issuing them certificates affirming that certain land plots were located within the allowed construction area for the development of a real estate project, and later refusing them permission to construct on the basis that the plots were outside the construction zone and noting that the previous certificates were issued in disregard of the applicable planning laws.
Ownership of 47 plots of land along the Zablacé peninsula, acquired for developing a 15-villa luxury beachside resort. Decided in favour of State Croatia Belgium Tertiary: L - Real estate activities 68 - Real estate activities Böckstiegel, K.-H. - President

Fadlallah, I. - Claimant

Landau, T. - Respondent
30.00 mln USD Data not available Unclear None - all claims dismissed at the merits stage Award dated 2 November 2016 None None None None None None
10 2012 Gavrilovic v. Croatia Georg Gavrilovic and Gavrilovic d.o.o. v. Republic of Croatia (ICSID Case No. ARB/12/39) Austria - Croatia BIT (1997) ICSID ICSID Investment: Ownership and operation of a meat processing factory; ownership of related agricultural and grazing land in Croatia.

Summary: Claims arising out of disagreements over claimants' title to agricultural and grazing land for the investor's meat processing business in Croatia that led to unsuccessful domestic litigation for Mr. Gavrilovic and his company and the alleged subsequent statutory expropriation of his lands and commercial properties.
Ownership and operation of a meat processing factory; ownership of related agricultural and grazing land in Croatia. Pending Croatia Austria Secondary: C - Manufacturing 10 - Manufacture of food products Pryles, M. C. - President

Alexandrov, S. A. - Claimant

Scherer, M. - Respondent (replaced)

Thomas, J. C. - Respondent
193.00 mln EUR (210.60 mln USD) Data not available Direct expropriation Pending Decision on the Respondent’s request to address the objections to jurisdiction as a preliminary question dated 21 January 2015 None None None None None None
11 2007 Adria Beteiligungs v. Croatia Adria Beteiligungs v. Croatia Austria - Croatia BIT (1997) UNCITRAL PCA Investment: Rights under two joint venture agreements concluded with the state-owned Croatian Lottery to exploit gaming arcades and casinos in Croatia.

Summary: Claims arising out of the termination of the claimant's concession to operate casinos and gambling halls in Croatia, in the context of Croatia's war of independence in 1991.
Rights under two joint venture agreements concluded with the state-owned Croatian Lottery to exploit gaming arcades and casinos in Croatia. Decided in favour of State Croatia Austria Tertiary: R - Arts, entertainment and recreation 92 - Gambling and betting activities Hobér, K. - President

Kaplan, N. - Unknown

Sikiric, H. - Unknown
80.00 mln EUR (107.60 mln USD) Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
None - all claims dismissed at the merits stage Award dated 21 June 2010 None Judicial review by national courts Award/decision upheld (Judicial review by national courts) Ruling on the Application to Set-Aside the Award by the Hague Court dated 15 August 2012 (Judicial review by national courts) None None
12 2004 Ulemek v. Croatia Mr. Nedjeljko Ulemek v. Croatia Canada - Croatia BIT (1997) UNCITRAL None Investment: Shareholding in local joint venture engaged in activities concerning office machinery and equipment.

Summary: Claims arising out of the alleged mistreatment to claimant's investment in the Croatian joint venture Jugoturbina Select; particularly, concerning allegations that as a result of the general state of armed conflict and the claimant's Serbian ancestry, he was allegedly forced to leave Croatia in the spring of 1991, and his investment was confiscated and transferred to other companies.
Shareholding in local joint venture engaged in activities concerning office machinery and equipment. Decided in favour of State Croatia Canada Secondary: C - Manufacturing 28 - Manufacture of machinery and equipment n.e.c. Magnusson, S. - President

Rubins, N. - Claimant

Barbic, J. - Respondent
2.60 mln USD Data not available Direct expropriation

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

Other
None - all claims dismissed at the merits stage Award dated 28 May 2008 None Data not available Data not available Data not available Data not available Data not available