Álvarez y Marín Corporación and others v. Panama Álvarez y Marín Corporación S.A., Estudios Tributarios AP S.A., Stichting Administratiekantoor Anbadi, Bartus van Noordenne and Cornelis Willem van Noordenne v. Republic of Panama (ICSID Case No. ARB/15/14)
Costa Rica

Sole shareholders in Desarrollo Ecoturístico Cañaveral S.A., a real-estate company, which acquired 685 hectares of land in Panama for the development of a tourism project.
Claims arising out of decisions by the Panamanian National Authority of Lands Administration (ANATI) allegedly contradicting prior authorizations and judicial decisions centering on whether the claimants’ investment is located within the indigenous protected area of Ngäbe-Buglé.
Tertiary: L - Real estate activities
68 - Real estate activities
ICSID (International Centre for Settlement of Investment Disputes)
ICSID (International Centre for Settlement of Investment Disputes)
Fernández-Armesto, J.
Grigera Naón, H. A.
Álvarez, H. C.
Decided in favour of State
100.00 mln USD
Data not available
Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar
None - jurisdiction declined