Summary

1. STEWARD MALTA LIMITED (MALTA)
2. STEWARD MALTA MANAGEMENT LIMITED (MALTA)
3. STEWARD MALTA ASSETS LIMITED (MALTA)
v.
GOVERNMENT OF THE REPUBLIC OF MALTA
v.
1. STEWARD HEALTH CARE INTERNATIONAL LIMITED (MALTA)
2. STEWARD HEALTH CARE INTERNATIONAL S.L.U. (SPAIN)
3. STEWARD HEALTH CARE INTERNATIONAL INVESTORS LLC (DELAWARE)

Before the Arbitral Tribunal composed of
Dr. Michael W. Bühler, Presiding Arbitrator
David Kavanagh KC, Co-Arbitrator
Dr. Cecilia Carrara, Co-Arbitrator

I. INTRODUCTION

A. OVERVIEW OF THE DISPUTE

1. The present arbitration relates to a dispute between the Parties arising out of a Services Concession Agreement dated 30 November 2015 and related agreements in relation to a concession granted by the GoM to the Claimants for the redevelopment, maintenance, management and administration of three public hospitals in Malta (the "Concession"). The Concession came to an end under circumstances disputed between the Parties, causing both Parties to make significant claims against each other, which are the subject of this Final Award.

2. Sadly, the concession for these hospitals turned out to be a failure and gave rise to different proceedings, including before the Courts of Malta. The primary victims of this failure are the citizens of Malta who were anxious of receiving through a private public partnership improved health care services in an improved hospital environment in their beautiful country.

...

X. THE ARBITRAL TRIBUNAL'S HOLDINGS

1091. For the above reasons and findings, the Arbitral Tribunal hereby:

(i) Declares that it has no jurisdiction over the Remaining AP.

(ii) Orders the Respondent, as part of the restoration pursuant to article 1209 MCC, to pay the Claimants the sum of Euro 4,789,462 with simple interest thereon at the rate of 8% per annum from 8 November 2024 until 7 November 2025, and to be compounded annually from 8 November 2025 until the date of payment in full, it being understood that the aforementioned amount includes the set-off of the sum of Euro 41,484,224 representing the Respondent's indirect tax liability claim pursued by the Commissioner of Revenue against Claimant No 2.

(iii) Decides that the ICC costs of arbitration in the amount of USD 1,525,000 are to be borne by the Parties in equal shares.

(iv) Decides that each Party shall bear its own costs of legal representation, of its experts and related expenses claimed in this arbitration, except as stated in sub- paragraphs (v) and (vi) below.

(v) Orders the Claimants to pay to the Respondent the amounts of GBP 203,101.65, Euro 66,693.60 and USD 1,237.50 pursuant to the Emergency Arbitrator's Order, with interest thereon at the rate of 8% per annum, compounded annually, from 14 April 2023 until the date of payment in full.

(vi) Orders the Respondent to pay to the Claimants the amount of Euro 91.692.20, with interest thereon at the rate of 8% per annum, compounded annually, from the date of this Award until the date of payment in full.

(vii) Dismisses all other claims and requests of the Parties as being either unfounded or moot.