Rand Investments Ltd and others v Republic of Serbia - ICSID Case No. ARB/18/8 - Decision on the Claimant's Request for a Supplementary Decision on the Award - 27 October 2023
Country
Year
2023
Summary
Source: icsid.worldbank.org
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INTRODUCTION AND PARTIES
1. This arbitration concerns a dispute submitted to the International Centre for Settlement of Investment Disputes ("ICSID" or the "Centre") under the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (the "ICSID Convention"). It arises out of the Agreement between Canada and the Republic of Serbia for the Promotion and Protection of Investments, which was signed on 1 September 2014 and entered into force on 27 April 2015 (the "Canada-Serbia BIT" or the "Treaty"), and the Agreement between Serbia and Montenegro and the Republic of Cyprus on Reciprocal Promotion and Protection of Investments, which was signed on 21 July 2005 and entered into force on 23 December 2005.
2. The claimants are Rand Investments Ltd., ("Rand Investments"), a company incorporated under the laws of Canada, Mr. William Archibald Rand ("Mr. Rand"), a natural person having the nationality of Canada, Ms. Kathleen Elizabeth Rand, a natural person having the nationality of Canada, Ms. Allison Ruth Rand, a natural person having the nationality of Canada, Mr. Robert Harry Leander Rand, a natural person having the nationality of Canada (together, the "Canadian Claimants"), and Sembi Investment Limited ("Sembi"), a company incorporated under the laws of Cyprus (together, the Canadian Claimants and Sembi are referred to as the "Claimants").
3. The respondent is the Republic of Serbia ("Serbia" or the "Respondent").
4. The Claimants and the Respondent are collectively referred to as the "Parties". The Parties' representatives and their addresses are listed above on page (i).
5. By an award dated 29 June 2023 (the "Award"), the Tribunal composed of Prof. Gabrielle Kaufmann-Kohler (a Swiss national), Mr. Baiju S. Vasani (a British and U.S. national), and Prof. Marcelo G. Kohen (an Argentine national), decided by majority as follows:
"a. DECLARES that it has jurisdiction over Mr. Rand's claims under the Canada-Serbia BIT in respect of his interest in the Beneficially Owned Shares and that these claims are admissible;
b. DENIES jurisdiction over all other claims under the Canada-Serbia BIT and the Cyprus-Serbia BIT;
c. DECLARES that the Respondent has breached Article 6(1) of the Canada-Serbia BIT;
d. ORDERS the Respondent to pay EUR 14,572,730 to Mr. William Rand, together with interest at the average EURIBOR for 6 months deposits plus 2% per annum, compounded semi-annually, until the date of payment;
e. ORDERS the Parties to each bear 50% of the Tribunal's fees and expenses and ICSID's fees as notified by ICSID;
f. ORDERS the Parties to bear their own legal fees and other costs;
g. DISMISSES all remaining claims and requests for relief".1
6. Prof. Kohen issued a Dissenting Opinion in which he expressed his disagreement with the majority's conclusions on the Tribunal's jurisdiction over Mr. Rand, the admissibility of Mr. Rand's claims, the breach of Article 6(1) of the Canada-Serbia BIT and, by way of consequence, the award of damages.
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DECISION
47. For the reasons set forth above, the Tribunal:
a. SUPPLEMENTS paragraph 717(d) of the Award to read as follows:
"ORDERS the Respondent to pay EUR 14,572,730 to Mr. William Rand, together with interest at the average EURIBOR for 6 months deposits plus 2% per annum, compounded semi-annually, from 21 October 2015 until the date of payment;"
b. ORDERS the Parties to each bear 50% of the Tribunal's fees and expenses incurred in relation to this decision, as notified by ICSID;
c. ORDERS that each Party shall bear its legal fees and other costs incurred in connection with this decision; and,
d. DISMISSES all remaining claims and requests for relief.
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