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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

Cyprus - as home State

Clear selection
Loaded 22 out of 22 Show all
No. Year of
initiation
Short case
name
Summary Outcome of
original proceedings
Respondent
State
Home State
of investor
1 2017 Bank of Cyprus v. Greece Bank of Cyprus Public Company Limited v. Hellenic Republic (ICSID Case No. ARB/17/4) Cyprus - Greece BIT (1992) ICSID ICSID Investment:

Summary:
Pending Greece Cyprus Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Fortier, L. Y. - Claimant

Bethlehem, D. - Respondent

Collins, L. - President
Data not available Data not available Data not available Pending None None None None None None None
2 2017 Mera Investment v. Serbia Mera Investment Fund Limited v. Republic of Serbia (ICSID Case No. ARB/17/2) Cyprus - Serbia BIT (2005) ICSID ICSID Investment:

Summary:
Pending Serbia Cyprus Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding von Segesser, G. - President

Fortier, L. Y. - Claimant

Cremades, B. M. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
3 2015 Littop v. Ukraine Littop Enterprises Limited, Bridgemont Ventures Limited and Bordo Management Limited v. Ukraine The Energy Charter Treaty (1994) SCC SCC Investment: Minority shareholding in PJSC Ukrnafta, an oil and gas company.

Summary: Claims arising out of government’s measures with respect to PJSC Ukrnafta’s operations, including alleged interference with the sales price of natural gas.
Minority shareholding in PJSC Ukrnafta, an oil and gas company. Pending Ukraine Cyprus Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Fortier, L. Y. - Claimant

Oreamuno Blanco, R. - Respondent

Lew, J. D. M. - President
5000.00 mln USD Data not available Data not available Pending None None None None None None None
4 2015 WCV and Channel Crossings v. Czech Republic WCV Capital Ventures Cyprus Limited and Channel Crossings Limited v. The Czech Republic Cyprus - Czech Republic BIT (2001) UNCITRAL PCA Investment: Ownership of SYNOT, a betting company.

Summary: Claims arising out of the government’s alleged cancellation of the licenses to operate video lottery terminals held by a betting company (SYNOT) owned by the claimants.
Ownership of SYNOT, a betting company. Pending Czech Republic Cyprus Tertiary: R - Arts, entertainment and recreation 92 - Gambling and betting activities Fernández-Armesto, J. - President

Alexandrov, S. A. - Claimant

Clodfelter, M. A. - Respondent
1000.00 mln CZK (41.20 mln USD) Data not available Data not available Pending None None None None None None None
5 2014 CEAC v. Montenegro CEAC Holdings Limited v. Montenegro (ICSID Case No. ARB/14/8) Cyprus - Montenegro BIT (2005) ICSID ICSID Investment: Majority shareholding in the aluminium production enterprise Kombinat Aluminijuma Podgorica (KAP), which owned a smelting plant in Podgorica, Montenegro.

Summary: Claims arising out of the alleged unlawful interference by the Government in the insolvency process of an aluminium production company in which the claimant had invested.
Majority shareholding in the aluminium production enterprise Kombinat Aluminijuma Podgorica (KAP), which owned a smelting plant in Podgorica, Montenegro. Decided in favour of State Montenegro Cyprus Secondary: C - Manufacturing 24 - Manufacture of basic metals Hanotiau, B. - President

Park, W. W. - Claimant

Stern, B. - Respondent
600.00 mln EUR (832.30 mln USD) 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

Indirect expropriation

Transfer of funds
None - jurisdiction declined Decision on the Respondent’s preliminary objections pursuant to ICSID Arbitration Rule 41(5) dated 27 January 2015

Award dated 26 July 2016
Separate Opinion of William W. Park ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Greenwood, C. - President

Kim, J. - Member

Oyekunle, T. - Member
6 2014 Cyprus Popular Bank v. Greece Cyprus Popular Bank Public Co. Ltd. v. Hellenic Republic (ICSID Case No. ARB/14/16) Cyprus - Greece BIT (1992) ICSID ICSID Investment: Data not available

Summary: Claims arising out of the alleged lack of equal treatment to the claimant in relation to other banking institutions operating in Greece, including denial of access to the mechanisms available for liquidity and capital support, such as the refusal of Greece’s Central Bank to grant emergency liquidity assistance to Laiki’s Greek branch, Marfin Egnatia Bank.
Data not available Pending Greece Cyprus Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Fernández-Armesto, J. - President

Sands, P. - Claimant

Sacerdoti, G. - Respondent
1000.00 mln EUR (1360.00 mln USD) Data not available Data not available Pending None None None None None None None
7 2014 Forminster v. Czech Republic Forminster Enterprises Limited v. The Czech Republic Cyprus - Czech Republic BIT (2001) UNCITRAL None Investment:

Summary: Claims arising out of measures imposed by the Czech Republic on the claimant’s investment.
Discontinued Czech Republic Cyprus Tertiary: G - Wholesale and retail trade; repair of motor vehicles and motorcycles 47 - Retail trade, except of motor vehicles and motorcycles Patocchi, P. M. - President

Hunter, M. J. - Claimant

Reinisch, A. - Respondent
803.20 mln CZK (39.80 mln USD) Data not available Indirect expropriation Not applicable - settled or discontinued before decision on liability Final Award dated 15 December 2014 None None None None None None
8 2014 Luxtona v. Russia Luxtona Limited v. The Russian Federation The Energy Charter Treaty (1994) UNCITRAL PCA Investment: Shareholding in the Russian-incorporated Yukos Oil Company OJSC.

Summary: Claims arising out of a series of actions undertaken by the respondent against Yukos Oil Company, including arrests, large tax assessments and liens, and the auction of the main Yukos facilities, among others, which allegedly led to the bankruptcy of the company and eliminated all value of claimant's shares in Yukos.
Shareholding in the Russian-incorporated Yukos Oil Company OJSC. Pending Russian Federation Cyprus Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Crook, J. R. - President

Radicati di Brozolo, L. - Claimant

Oreamuno Blanco, R. - Respondent
Data not available Data not available Data not available Pending Interim Award dated 22 March 2017 None Judicial review by national courts Pending (Judicial review by national courts) None None None
9 2014 Olin v. Libya Olin Holdings v. Libya Cyprus - Libya BIT (2004) ICC ICC Investment: Investments in a dairy factory.

Summary: Claims arising out of the alleged expropriation of the claimant’s dairy factory.
Investments in a dairy factory. Pending Libya Cyprus Secondary: C - Manufacturing 10 - Manufacture of food products Comair-Obeid, N. - President

Ziadé, N. - Claimant

Fadlallah, I. - Respondent
162.90 mln USD Data not available Data not available Pending Data not available Data not available None None None None None
10 2013 Europa Nova v. The Czech Republic WA Investments-Europa Nova Limited v. The Czech Republic Cyprus - Czech Republic BIT (2001)

The Energy Charter Treaty (1994)
UNCITRAL Data not available 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 Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply van Houtte, H. - President

Bishop, D. - Claimant (replaced)

Landau, T. - Respondent

Born, G. B. - Claimant
Data not available Data not available Data not available Pending None None None None None None None
11 2013 G.I.H.G. 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
12 2013 Juvel and Bithell v. Poland Juvel Ltd and Bithell Holdings Ltd. v. Poland Cyprus - Poland BIT (1992) ICC ICC Investment: Shareholding in Polish telecommunications company Sferia S.A.

Summary: Claims arising out of certain decisions by Poland’s Office of Electronic Communications which allegedly resulted in Sferia’s inability to effectively use radio frequencies in the 850 MHz band to develop an LTE mobile phone network.
Shareholding in Polish telecommunications company Sferia S.A. Pending Poland Cyprus Tertiary: J - Information and communication 61 - Telecommunications Hanotiau, B. - President

Born, G. B. - Claimant

Stern, B. - Respondent
1500.00 mln PLN (475.20 mln USD) Data not available Data not available Pending Data not available Data not available None None None None None
13 2013 Poštová banka and Istrokapital v. Greece Poštová banka, a.s. and Istrokapital SE v. Hellenic Republic (ICSID Case No. ARB/13/8) Czech Republic - Greece BIT (1991)

Cyprus - Greece BIT (1992)
ICSID ICSID Investment: Ownership by Poštová banka of Greek Government bonds, characterized by claimants as a loan to the Greek Government, a claim to money, and a right to performance under a contract having financial value.

Summary: Claims arising out of the enactment of legislation that amended sovereign bond terms retroactively and unilaterally by the Government, allegedly allowing the imposition of new terms upon bondholders against their consent if a supermajority of other bondholders consented, in the context of Greece's 2012 sovereign debt restructuring.
Ownership by Poštová banka of Greek Government bonds, characterized by claimants as a loan to the Greek Government, a claim to money, and a right to performance under a contract having financial value. Decided in favour of State Greece Cyprus

Slovakia
Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Zuleta, E. - President

Townsend, J. M. - Claimant

Stern, B. - Respondent
500.00 mln EUR (529.00 mln USD) Data not available Indirect expropriation

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

Umbrella clause
None - jurisdiction declined Award dated 9 April 2015 None ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Partial Annulment dated 29 September 2016 (ICSID annulment proceedings) None Kettani, A. - President

Edward, D. A. O. - Member

Shin, H.-T. - Member
14 2013 Seventhsun and others v. Poland Seventhsun Holding Ltd, Jevelinia Ltd, Aventon Ltd, Stanorode Ltd and Wildoro Ltd v. Poland Cyprus - Poland BIT (1992) SCC SCC Investment: 62% shareholding in Polish steel manufacturer, Huta Pokoj.

Summary: Claims arising out of the alleged freeze of the claimants' shareholding by the Polish Public Prosecutor's Office related to criminal proceedings.
62% shareholding in Polish steel manufacturer, Huta Pokoj. Decided in favour of State Poland Cyprus Secondary: C - Manufacturing 24 - Manufacture of basic metals Sekolec, J. - President

Hobér, K. - Claimant

Nowaczyk, P. - Respondent
1000.00 mln EUR (1336.00 mln USD) Data not available Direct expropriation None - all claims dismissed at the merits stage Partial Award dated 13 October 2015

Award on Costs dated 4 January 2016
None None None None None None
15 2012 Naumchenko and others v. India Maxim Naumchenko, Andrey Poluektov and Tenoch Holdings Limited v. The Republic of India (PCA Case No. 2013-23) India - Russian Federation BIT (1994)

Cyprus - India BIT (2002)
UNCITRAL PCA Investment: Majority shareholding in the Indian telecoms company ByCell India.

Summary: Claims arising out of the withdrawal by Indian authorities of an approval to grant frequency allocation licences to claimants' local telecoms company ByCell, after it had previously obtained clearance from India's Foreign Investment Board.
Majority shareholding in the Indian telecoms company ByCell India. Pending India Russian Federation

Cyprus
Tertiary: J - Information and communication 61 - Telecommunications Sepúlveda Amor, B. - President

Brower, C. N. - Claimant

Stern, B. - Respondent
400.00 mln USD Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures
Pending None None None None None None None
16 2011 Vigotop v. Hungary Vigotop Limited v. Republic of Hungary (ICSID Case No. ARB/11/22) Cyprus - Hungary BIT (1989) ICSID ICSID Investment: Shareholding in two Hungarian subsidiaries; indirect rights under a concession contract for a resort development project to which claimant's local subsidiary was a party.

Summary: Claims arising out of a series of alleged unlawful measures by the Government which culminated in the termination of certain concession contract for a resort development project that would include a casino, three luxury hotels and various attractions, known as the King's City Project.
Shareholding in two Hungarian subsidiaries; indirect rights under a concession contract for a resort development project to which claimant's local subsidiary was a party. Decided in favour of State Hungary Cyprus Tertiary: L - Real estate activities 68 - Real estate activities Sachs, K. - President

Bishop, D. - Claimant

Heiskanen, V. - Respondent
312.60 mln EUR (425.60 mln USD) Data not available Indirect expropriation None - all claims dismissed at the merits stage Award dated 1 October 2014 None None None None None None
17 2008 Mercuria Energy v. Poland Mercuria Energy Group Limited v. Republic of Poland The Energy Charter Treaty (1994) SCC SCC Investment: Ownership of a Polish subsidiary, J&S Energy, engaged in the import, distribution and marketing of oil products.

Summary: Claims arising out of the Government's implementation of a European Union Directive calling for an increase in the mandatory fuel reserves held by firms and its alleged negative impact upon Mercuria's Polish subsidiary J&S Energy engaged in the importation of fuel.
Ownership of a Polish subsidiary, J&S Energy, engaged in the import, distribution and marketing of oil products. Decided in favour of State Poland Cyprus Primary: B - Mining and quarrying

Tertiary: G - Wholesale and retail trade; repair of motor vehicles and motorcycles
6 - Extraction of crude petroleum and natural gas

46 - Wholesale trade, except of motor vehicles and motorcycles
Tercier, P. - President

Lowe, V. - Unknown

van den Berg, A. J. - Unknown
400.00 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 Decision on Jurisdiction dated 17 December 2009

Final Award dated December 2011
None None None None None None
18 2006 Libananco v. Turkey Libananco Holdings Co. Limited v. Republic of Turkey (ICSID Case No. ARB/06/8) The Energy Charter Treaty (1994) ICSID ICSID Investment: Shareholding in two Turkish utilities companies that had concluded electricity concession agreements with the Turkish Ministry of Energy.

Summary: Claims arising out of the seizure of two Turkish utility companies, Cukarova Elektrik Anonim Sirketi and Kepez Elektrik Turk Anonim Sirketi, in respect of which Libananco held shares and the cancellation of electricity generation and distribution concession agreements between the latter two entities and Turkey.
Shareholding in two Turkish utilities companies that had concluded electricity concession agreements with the Turkish Ministry of Energy. Decided in favour of State Turkey Cyprus Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Hwang, M. - President

Álvarez, H. C. - Claimant

Berman, F. - Respondent
10000.00 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

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
None - jurisdiction declined Decision on Preliminary Issues dated 23 June 2008

Award dated 2 September 2011
None ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Applicant's Request for Provisional Measures dated 7 May 2012 (ICSID annulment proceedings)

Decision on Applicant's Request for a Continued Stay of Enforcement of the Award dated 7 May 2012 (ICSID annulment proceedings)

Decision on Annulment dated 23 May 2013 (ICSID annulment proceedings)
None Rigo Sureda, A. - President

Danelius, H. - Member

Silva Romero, E. - Member
19 2005 Hulley Enterprises v. Russia Hulley Enterprises Ltd. v. Russian Federation (PCA Case No. AA 226) The Energy Charter Treaty (1994) UNCITRAL PCA Investment: Shareholding in the Russian-incorporated Yukos Oil Company OJSC.

Summary: Claims arising out of a series of actions undertaken by the respondent against Yukos Oil Company, including arrests, large tax assessments and liens, and the auction of the main Yukos facilities, among others, which allegedly led to the bankruptcy of the company and eliminated all value of claimant's shares in Yukos.
Shareholding in the Russian-incorporated Yukos Oil Company OJSC. Decided in favour of investor Russian Federation Cyprus Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Fortier, L. Y. - President

Poncet, C. - Claimant

Kaufmann-Kohler, G. - Claimant (replaced)

Price, D. M. - Claimant (replaced)

Schwebel, S. M. - Respondent
91200.00 mln USD 40000.00 mln USD Indirect expropriation

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

Arbitrary, unreasonable and/or discriminatory measures
Indirect expropriation Interim Award on Jurisdiction and Admissibility dated 30 November 2009

Final Award dated 18 July 2014
None Judicial review by national courts Award/decision set aside in its entirety (Judicial review by national courts) Judgment of the Hague District Court dated 20 April 2016 (Judicial review by national courts) None None
20 2005 Veteran Petroleum v. Russia Veteran Petroleum Limited v. The Russian Federation (PCA Case No. AA 228) The Energy Charter Treaty (1994) UNCITRAL PCA Investment: Shareholding in the Russian-incorporated Yukos Oil Company OJSC.

Summary: Claims arising out of a series of actions undertaken by the respondent against Yukos Oil Company, including arrests, large tax assessments and liens, and the auction of the main Yukos facilities, among others, which allegedly led to the bankruptcy of the company and eliminated all value of claimant's shares in Yukos.
Shareholding in the Russian-incorporated Yukos Oil Company OJSC. Decided in favour of investor Russian Federation Cyprus Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Fortier, L. Y. - President

Poncet, C. - Claimant

Kaufmann-Kohler, G. - Claimant (replaced)

Price, D. M. - Claimant (replaced)

Schwebel, S. M. - Respondent
18700.00 mln USD 8203.00 mln USD Indirect expropriation

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

Arbitrary, unreasonable and/or discriminatory measures
Indirect expropriation Interim Award on Jurisdiction and Admissibility dated 30 November 2009

Final Award dated 18 July 2014
None Judicial review by national courts Award/decision set aside in its entirety (Judicial review by national courts) Judgment of the Hague District Court dated 20 April 2016 (Judicial review by national courts) None None
21 2003 ADC v. Hungary ADC Affiliate Limited and ADC & ADMC Management Limited v. Republic of Hungary (ICSID Case No. ARB/03/16) Cyprus - Hungary BIT (1989) ICSID ICSID Investment: Rights under a contract entered into with a Hungarian State agency, ATAA, to renovate, construct and operate two terminals of Budapest-Ferihegy International Airport in Hungary.

Summary: Claims arising out of the issuance of a decree by the Minister of Transport of Hungary resulting in the takeover of all the activities related to the operation of claimants' investment, following the completion of the construction and renovation of the airport terminals at issue.
Rights under a contract entered into with a Hungarian State agency, ATAA, to renovate, construct and operate two terminals of Budapest-Ferihegy International Airport in Hungary. Decided in favour of investor Hungary Cyprus Tertiary: F - Construction

Tertiary: H - Transportation and storage

Tertiary: H - Transportation and storage
41 - Construction of buildings

51 - Air transport

52 - Warehousing and support activities for transportation
Kaplan, N. - President

Philip, A. - President (replaced)

Brower, C. N. - Claimant

van den Berg, A. J. - Respondent
99.70 mln USD 76.00 mln USD Direct expropriation

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

Full protection and security, or similar

Arbitrary, unreasonable and/or discriminatory measures
Direct expropriation Award dated 2 October 2006 None None None None None None
22 2003 Plama v. Bulgaria Plama Consortium Limited v. Republic of Bulgaria (ICSID Case No. ARB/03/24) The Energy Charter Treaty (1994)

Bulgaria - Cyprus BIT (1987)
ICSID ICSID Investment: Purchase of capital in a local joint-stock company, Nova Plama AD, which owned a local oil refinery.

Summary: Claims arising out of the Bulgarian government, national legislative, judicial authorities, and other public authorities and agencies' alleged damage to the operation of the investor's refinery, as well as their refusal or unreasonable delay in adopting adequate corrective measures.
Purchase of capital in a local joint-stock company, Nova Plama AD, which owned a local oil refinery. Decided in favour of State Bulgaria Cyprus Secondary: C - Manufacturing 19 - Manufacture of coke and refined petroleum products Salans, C. F. - President

van den Berg, A. J. - Claimant

Veeder, V. V. - Respondent
146.00 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

Arbitrary, unreasonable and/or discriminatory measures

Other
None - all claims dismissed at the merits stage Decision on Jurisdiction dated 8 February 2005

Award dated 27 August 2008
None None None None None None