Summary

Reproduced from www.worldbank.org/icsid with permission of ICSID.

Background

This dispute relates to three land plots located in Kiev, Ukraine that the Claimant acquired via two Ukrainian companies. The Claimant alleged that it had plans to develop a multi-functional complex including a luxury hotel, shopping area, multi-level parking, as well as residential, office, and retail spaces on the land. In the Claimant's view, the land plots were lost as a result of various measures by Ukraine, in violation of the BIT, most importantly through four court proceedings allegedly conducted in an irregular fashion falling short of due process.

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DECISION

Having carefully considered all of the evidence and arguments presented by the Parties, both in their written pleadings or other correspondence and in oral submissions, the Arbitral Tribunal decides,

(i) by majority, that it has jurisdiction over the claims raised by Claimant;

(ii) unanimously, that all claims are dismissed;

(iii) unanimously, that each Party shall bear its own costs and that the Parties shall bear the costs of the proceedings in equal shares. Respondent shall therefore reimburse Claimant the amount of USD 313,711.67 corresponding to its share of the costs of the proceedings advanced by Claimant.