Cyprus Popular Bank Public Co. Ltd. v Hellenic Republic - ICSID Case No. ARB/14/16 - Excerpts of Award incl Annex Decision on Jurisdiction and Liability 8 January 2019 - 15 April 2021
Country
Year
2021
Summary
Source: icsid.worldbank.org (Document, does not apply to summary and/or TDM IACL Case Report below).
Case Report (free download)
Case Report by Vishal Aggarwal, Editor Ignacio Torterola
Summary
Tribunal found that a wrong committed by a State against an investor gives rise to a right to reparation of the economic harm sustained, in accordance with principles of general international law and that the that the standard is thus that of full reparation. There must be a causal link between the State's wrongful act (cause) and the damage suffered. Tribunal observed no loss of opportunity in the present case. The Tribunal found that the Respondent must pay a total of EUR 34.5 million (for Loss 1 and Loss 3 Sub-Head 1), to the Claimant, as compensation for breach of Article 2 and 3 of the BIT.
Main issues
The quantification of damages and interest of the claims over which the Tribunal has decided it has jurisdiction, namely violation by Respondent of its obligations under Articles 2 and 3 of the BIT and consequences that follow from such violation.
Case report provided by International Arbitration Case Law (IACL)
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