EBO Invest and others v. Latvia EBO Invest AS, Rox Holding AS and Staur Eiendom AS v. Republic of Latvia (ICSID Case No. ARB/16/38)
Shared ownership of SIA Rixport (72% belong to EBO Invest AS, 18% to Staur Eiendom and 10% to Rox Holding), a local company established for the development of the Riga Airport Business Park.
Claims arising out of the actions of the Riga airport administration, a State-owned entity, relating to the claimants’ project to develop the Riga Airport Business Park. The investors undertook to construct a hotel connected to the airport under a lease agreement signed in 2006 and were granted exclusive rights to operate short-term parking at the airport. The projects have failed allegedly due to the airport administration’s frequent changes to its plans, reducing the scale of the airport expansion, routing railway tracks through the planned location of the hotel, and cancelling the investors’ rights to operate the parking.
Tertiary: F - Construction
41 - Construction of buildings
ICSID (International Centre for Settlement of Investment Disputes)
ICSID (International Centre for Settlement of Investment Disputes)
Schwartz, E.
Hobér, K.
Landau, T.
Decided in favour of State
41.90 mln EUR (45.90 mln USD)
Data not available
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Indirect expropriation

Umbrella clause
None - all claims dismissed at the merits stage