Summary

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

I. PARTIES

The Claimants are AS PNB Banka (formerly AS Norvik Banka) (the "Bank"), Mr Grigory Guselnikov, Mrs Yulia Guselnikova, Mr Alexander Guselnikov, Miss Aglaya Guselnikova and Master Pyotr Guselnikov (the "Shareholder Claimants") (together, the "Claimants"). The Bank is a joint stock company incorporated under the laws of Latvia, whereas Mr Grigory Guselnikov, Mrs Yulia Guselnikova, Mr Alexander Guselnikov, Miss Aglaya Guselnikova and Master Pyotr Guselnikov are nationals of the United Kingdom.

The Respondent is the Republic of Latvia (the "Respondent or Latvia").

The Claimants and the Respondent shall be referred to together as the "Parties".

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VII. DECISION

For the reasons stated above, the Tribunal decides that: (1) the Intra-EU Objection to the jurisdiction of the Tribunal is rejected; (2) the issue of costs incurred by the Parties to date is reserved and will be addressed in the final Award; and (3) the proceedings shall continue to the next phase in accordance with the procedural schedule to be determined by the Tribunal in a procedural order to be issued.

H.E. Judge Peter Tomka
Mr John M. Townsend
Hon. James Spigelman QC