Summary

TABLE OF CONTENTS

SELECTED ABBREVIATIONS AND TERMS
I. INTRODUCTION
A. PARTIES AND THEIR REPRESENTATIVES
B. ARBITRAL TRIBUNAL
C. ICSID SECRETARIAT
D. ASSISTANT TO THE TRIBUNAL
E. OVERVIEW OF THE DISPUTE
F. REQUESTS FOR RELIEF
G. ARBITRATION AGREEMENT
H. PROCEDURAL RULES
I. LAW GOVERNING JURISDICTION
J. RELEVANCE OF PRIOR DECISIONS AND AWARDS
K. LANGUAGE
L. PLACE OF PROCEEDINGS
M. SCOPE OF THIS AWARD
II. PROCEDURAL HISTORY
III. FACTUAL BACKGROUND
A. CLAIMANT AND HER INTERESTS IN COLOMBIA
B. THE 1997-2001 ECONOMIC CRISIS
C. FISCAL ADMINISTRATIVE MEASURES INVOLVING GRANAHORRAR
D. ADMINISTRATIVE JUDICIAL PROCEEDINGS
E. CONSTITUTIONAL COURT PROCEEDINGS
IV. ANALYSIS
A. TEMPORAL SCOPE OF THE TPA
1. The Respondent's Position
2. The Claimant's Position
3. Analysis
B. LIMITATION UNDER ARTICLE 10.18.1 TPA
1. The Respondent's Position
2. The Claimant's Position
3. Analysis
V. COSTS
1. The Respondent's Costs
2. The Claimant's Costs
3. Analysis
VI. OPERATIVE PART

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E. OVERVIEW OF THE DISPUTE

The present dispute arises out of the Republic of Colombia's fiscal, administrative and judicial, including the 2014 Order, measures allegedly resulting in the loss of the Claimant's indirect shareholding interests in Granahorrar, a Colombian financial institution. The Claimant argues that Colombia's measures violated multiple provisions of the TPA and claims compensation for damages.

The Respondent disputes the claims. As a preliminary matter, it submits that the dispute is outside the jurisdiction of the Tribunal. It further explains that its fiscal, administrative and judicial measures were required to protect the country's financial market stability in face of a severe economic crisis, and were thus in line with Colombia's obligations under international law and the TPA.

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VI. OPERATIVE PART

For the foregoing reasons, the Tribunal renders the following award:

i. The Tribunal lacks jurisdiction over the dispute before it;

ii. The arbitration costs amount in total to USD 588,896.12 and shall be borne by the Claimant, who shall thus pay USD 294,448.06 to the Respondent;

iii. The Claimant shall pay to the Respondent the amount of USD 760,458 for legal fees and costs incurred in connection with this arbitration.

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Banco Granahorrar