Summary

Source: icsid.worldbank.org

I. INTRODUCTION

1. On 8 August 2023, the International Centre for Settlement of Investment Disputes ["ICSID" or "Centre"] received a request for arbitration ["RfA"] submitted by Afriland First Group SA, Afriland First Bank SA, Mr. Joseph Toubi, and Dr. Paul Kammogne Fokam ["Claimants"], as supplemented by letter of 16 August 2023, against the Democratic Republic of the Congo ["DRC" or "Respondent"].

2. The RfA was made pursuant to Article 10 of the Interministerial Order No. 092/CAB/MIN/PLAN/2005 and No. 111 CAB/MIN/FIN/2005 of 18 July 2005 approving the investment project of the company Afriland First Bank Congo Démocratique SA ["Interministerial Order" or "Order"]1 as well as Article 38 of the Law No. 004/2002 of 21 February 2002 ["Investment Code" or "Code"]2, and pursuant to Article 36 of the Convention on the Settlement of Investment Disputes between States and Nationals of Other States ["ICSID Convention"] and the ICSID Institution Rules in force as of 1 July 2022 ["ICSID Institution Rules"].

3. On 28 August 2023, the Secretary-General of ICSID registered the RfA, pursuant to Article 36 of the ICSID Convention and ICSID Institution Rules 6 and 73.

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V. DECISION

328. For the reasons set forth in the preceding paragraphs, the Tribunal decides as follows:

1. REJECTS the Bifurcated Jurisdictional Objection;

2. DECLARES that Afriland First Group SA has standing to act as a Claimant in the present proceedings;

3. ORDERS the continuation of the proceedings as between Afriland First Group SA, Afriland First Bank SA, Mr. Joseph Toubi, and Dr. Paul Kammogne Fokam and the Democratic Republic of the Congo;

4. POSTPONES any other decision, including on costs.

329. All Decisions have been adopted unanimously, except for Decision 2, which has been approved by majority of the members of the Tribunal.

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