Bank Melli and Bank Saderat v. Bahrain Bank Melli Iran and Bank Saderat Iran v. Bahrain (PCA Case No. 2017-25)
Iran, Islamic Republic of
Investments in Future Bank, a local commercial bank.
Claims arising out of the decision of Bahrain’s central bank to close Future Bank in 2016, after placing it under administration in 2015.
Tertiary: K - Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
PCA (Permanent Court of Arbitration)
Gaillard, E. (replaced)
Collins, L.
Dolzer, R. (replaced)
Kaufmann-Kohler, G.
Hanotiau, B.
Decided in favour of investor
444.30 mln EUR (514.20 mln USD)
243.00 mln EUR (281.20 mln USD)
Direct expropriation

Indirect expropriation

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

Full protection and security, or similar

Indirect expropriation