Summary

Source: icsid.worldbank.org (Document, does not apply to summary and/or TDM IACL Case Report below).

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Case Report (free download)

Case Report by Marco Primo, Editor Ignacio Torterola

Summary

Claimants, Rand Investments Ltd. and others, brought an action for relief against the Republic of Serbia pursuant to the Agreement between Canada and the Republic of Serbia for the Promotion and Protection of Investments (Canada-Serbia BIT) and the Agreement between Serbia and Cyprus on Reciprocal Promotion and Protection of Investments (Cyprus-Serbia BIT) (together, "the Treaties"). Claimants alleged that Serbia had breached, inter alia, obligations related to expropriation, fair and equitable treatment, full protection and security, and other protections under the aforementioned treaties. The Tribunal addressed Serbia's jurisdictional objections and determined that it had jurisdiction over the dispute, while reserving the decision on costs for a later stage.

Main issues

The case centers on Serbia's consent to international arbitration under the Canada-Serbia BIT and the ICSID Convention, as well as the legal question of whether the Claimants had made an investment under these frameworks. A key issue involved the alleged expropriation of shares in BD Agro and breaches of the fair and equitable treatment standard. Another significant matter was the role of beneficial ownership and indirect shareholding in determining the Claimants' standing, as the Claimants argued they indirectly owned BD Agro through various contractual and corporate structures.

Rand Investments Ltd and others v Republic of Serbia - ICSID Case No. ARB/18/8 - Award and Dissenting Opinion of Professor Marcelo G. Kohen - 29 June 2023

Case report provided by International Arbitration Case Law (IACL)

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