Cascade Investments NV v Republic of Turkey - ICSID Case No. ARB/18/4 - Award of the Tribunal - 20 September 2021
Country
Year
2021
Summary
Reproduced from www.worldbank.org/icsid with permission of ICSID.
AWARD
TABLE OF CONTENTS
I. INTRODUCTION AND PARTIES
II. PROCEDURAL HISTORY
III. FACTUAL BACKGROUND
IV. THE PARTIES' REQUESTS FOR RELIEF
V. JURISDICTION AND ADMISSIBILITY
VI. OVERVIEW OF THE PARTIES' POSITIONS ON LIABILITY
VII. THE TRIBUNAL'S ANALYSIS ON JURISDICTION AND ADMISSIBILITY
A. Preliminary Observations
B. Abuse of Process
(1) Relevance of the Inquiry
(2) Scope of the Inquiry
a. Foreseeable to whom?
b. How foreseeable?
c. What must be foreseeable?
d. Limited to restructuring cases?
e. Concluding observations
(3) Application to the Evidence
VIII. COSTS
IX. AWARD
I. INTRODUCTION AND PARTIES
1. This case concerns a dispute submitted to the International Centre for Settlement of Investment Disputes ("ICSID" or the "Centre") on the basis of the Agreement between the Belgo-Luxembourg Economic Union and the Government of the Republic of Turkey for Promotion and Protection of Mutual Investments signed on 27 August 1986, entered into force on 4 May 1990 (the "BIT" or "Treaty"), and the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, entered into force on 14 October 1966 (the "ICSID Convention").
2. The claimant is Cascade Investments NV ("Cascade" or the "Claimant"), a company incorporated in Belgium.
3. The respondent is the Republic of Turkey ("Turkey" or the "Respondent").
4. The Claimant and the Respondent are collectively referred to as the "Parties." The Parties' representatives and their addresses are listed above on page (i).
...
IX. AWARD
462. For the reasons set forth above, the Tribunal:
a. DISMISSES the Claimant's claims for lack of jurisdiction;
b. ORDERS the Claimant to pay the Respondent a total of [...] comprising [...] for the expended portion of the Respondent's advances to ICSID and [...] towards the Respondent's legal fees and expenses; and
c. DENIES all other relief sought by both Parties.
Members of the Tribunal
Ms. Jean E. Kalicki, President of the Tribunal
Professor Albert Jan van den Berg, Arbitrator
Professor Jan Paulsson, Arbitrator
Secretary of the Tribunal
Ms. Martina Polasek
Assistant to the Tribunal
Dr. Joel Dahlquist
Date of dispatch to the Parties: 20 September 2021