Summary

Reproduced from www.worldbank.org/icsid with permission of ICSID. (Document, does not apply to summary and/or TDM IACL Case Report below).

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Case Report (free download)

Case Report by Jake Lowther, Editor: Ignacio Torterola

Summary

The Claimants brought an action for relief against the Republic of Cyprus (Cyprus) pursuant to the Cyprus-Greece BIT and the Belgium-Luxembourg Economic Union-Cyprus BIT ('BITs') alleging Cyprus violated the BITs prohibition against expropriation without compensation and the Claimants' right to fair and equitable treatment. In a bifurcated proceeding, the Tribunal heard jurisdictional objections on, inter alia, the inoperability of the arbitration provisions contained in the BITs under EU law, the multi-party dispute, whether the claims qualified as 'investments' under the BITs and the ICSID Convention and whether the notice requirements under the BITs had been fulfilled. In its Decision on Jurisdiction, a majority of the Tribunal found that it had jurisdiction in the case and that the multi-party claim was admissible. In a Statement of Dissent, Arbitrator Marcelo G. Kohen set out the reasons for his decision to vote against the majority.

Main issues

Jurisdiction - Competence of the Arbitral Tribunal, Conflict of Treaties, Qualifying Investment, Qualifying Investor, Multi-Party Claim; Admissibility - Multi-Party Claim

Theodoros Adamakopoulos and others v Republic of Cyprus - ICSID Case No. ARB/15/49 - Decision on Jurisdiction - 7 February 2020

Case report provided by International Arbitration Case Law (IACL)

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