Summary

Source: icsid.worldbank.org

I. INTRODUCTION AND PARTIES

1. This Procedural Order addresses the request for bifurcation submitted by the Republic of Panama ("Panama" or the "Respondent") on 24 July 2026, in which it asks the Tribunal to bifurcate the proceeding to address the objections to jurisdiction as a preliminary question pursuant to ICSID Arbitration Rules 42(2) and 44. Mr. Juan Carlos Argüello and Mr. Ernesto Argüello (the "Claimants") object to the request. The Claimants and the Respondent are collectively referred to as the "Parties".

...

V. DECISION

91. For the reasons set forth above, the Tribunal decides as follows:

(1) The Respondent's Request for Bifurcation is dismissed.

(2) The procedural calendar shall proceed in accordance with the non-bifurcation scenario set out in Procedural Order No. 1.

(3) The decision on costs is reserved for a later stage of the proceedings.

...