Netherlands

Netherlands

NO. Year of initiation Short case name Full case name Applicable IIA Arbitral rules Administering institution Summary Details of investment Outcome of original proceedings Respondent State Home State of investor Economic sector Economic subsector Arbitrators Amount claimed Amount awarded (or settled for) Breaches alleged Breaches found Decisions Individual opinions Follow-on proceeding type Follow-on proceeding status Follow-on decisions Follow-on individual opinions ICSID annulment committee members
1 2023 Andraous v. Netherlands Abdallah Andraous v. Kingdom of the Netherlands (ICSID Case No. UNCT/23/3) Lebanon - Netherlands BIT (2002) UNCITRAL ICSID Investment: Investment in Ennia Caribe Holding NV (“Ennia”) via a 1% shareholding in Ennia’s parent company, Parman International B.V., Curaçao.

Summary: Claims arising out of the decision of the Central Bank of Curaçao and Sint Maarten to take over companies that are part of the Ennia insurance group in which the claimant had invested, allegedly expropriating Ennia’s assets and depleting its value.
Investment in Ennia Caribe Holding NV (“Ennia”) via a 1% shareholding in Ennia’s parent company, Parman International B.V., Curaçao. Pending Netherlands Lebanon Tertiary: K - Financial and insurance activities 65 - Insurance, reinsurance and pension funding, except compulsory social security Salomon, C. - President

Ziadé, N. - Claimant

Nunes Pinto, J. E. - Respondent
132.90 mln USD Data not available Data not available Pending Data not available Data not available None None None None None
2 2021 RWE v. Netherlands RWE AG and RWE Eemshaven Holding II BV v. Kingdom of the Netherlands (ICSID Case No. ARB/21/4) The Energy Charter Treaty (1994) ICSID ICSID Investment: Shareholding of 100% in a coal-fired power plant in Eemshaven held through RWE Eemshaven Holding II BV, and related permits.

Summary: Claims arising out of the 2019 law prohibiting the use of coal for electricity production, which requires the shutdown of the claimants’ coal-fired power plant at the end of a 10-year transitional period on 1 January 2030.
Shareholding of 100% in a coal-fired power plant in Eemshaven held through RWE Eemshaven Holding II BV, and related permits. Discontinued Netherlands Germany Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Reed, L. - President

Boykin, J. H. - Claimant

Landau, T. - Respondent
1400.00 mln EUR (1696.00 mln USD) Data not available Indirect expropriation

Umbrella clause

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

Full protection and security, or similar

Arbitrary, unreasonable and/or discriminatory measures
Not applicable - settled or discontinued before decision on liability Data not available Data not available None None None None None
3 2021 Uniper v. Netherlands Uniper SE, Uniper Benelux Holding B.V. and Uniper Benelux N.V. v. Kingdom of the Netherlands (ICSID Case No. ARB/21/22) The Energy Charter Treaty (1994) ICSID ICSID Investment: Ownership of a coal-fired power plant, Maasvlakte 3, through Uniper Benelux N.V.

Summary: Claims arising out of the 2019 law prohibiting the use of coal for electricity production, which requires the shutdown of the claimants’ coal-fired power plant at the end of a 10-year transitional period on 1 January 2030.
Ownership of a coal-fired power plant, Maasvlakte 3, through Uniper Benelux N.V. Discontinued Netherlands Germany Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply King, B. D. - Claimant

Kalicki, J. E. - Respondent

Cicchetti, T. M. - President
Data not available Data not available Indirect expropriation

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

Arbitrary, unreasonable and/or discriminatory measures
Not applicable - settled or discontinued before decision on liability Order of the tribunal taking note of the discontinuance of the proceedings and decision on costs dated 17 March 2023 None None None None None None
NO. Year of initiation Short case name Full case name Applicable IIA Arbitral rules Administering institution Summary Details of investment Outcome of original proceedings Respondent State Home State of investor Economic sector Economic subsector Arbitrators Amount claimed Amount awarded (or settled for) Breaches alleged Breaches found Decisions Individual opinions Follow-on proceeding type Follow-on proceeding status Follow-on decisions Follow-on individual opinions ICSID annulment committee members
1 2023 Highbury and others v. Venezuela (III) Highbury International AVV, Compañía Minera de Bajo Caroní AVV, and Ramstein Trading Inc. v. Bolivarian Republic of Venezuela (III) (ICSID Case No. ARB/23/27) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment:

Summary:
Pending Venezuela, Bolivarian Republic of Netherlands Primary: B - Mining and quarrying 7 - Mining of metal ores Data not available Data not available Data not available Data not available Pending Data not available Data not available None None None None None
2 2022 AAFC and Ethiopian Capital v. Ethiopia African Asset Finance Company Holdings B.V. and Ethiopian Capital Goods Finance S.C. v. Federal Democratic Republic of Ethiopia (PCA Case No. 2023-61) Ethiopia - Netherlands BIT (2003) UNCITRAL PCA Investment:

Summary:
Pending Ethiopia Netherlands Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Reed, L. - President

Gearing, M. - Claimant

Murphy, S. D. - Respondent
Data not available Data not available Data not available Pending Data not available Data not available None None None None None
3 2022 Astronergy v. Bulgaria Astronergy Solar Netherlands B.V. v. Republic of Bulgaria (ICSID Case No. ARB/22/32) The Energy Charter Treaty (1994) ICSID ICSID Investment: Investments in photovoltaic power plants through Astronergy Solar Bulgaria Ltd.

Summary:
Investments in photovoltaic power plants through Astronergy Solar Bulgaria Ltd. Discontinued Bulgaria Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Data not available Data not available Data not available Data not available Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance of the proceeding pursuant to ICSID Arbitration Rule 56 dated 18 August 2023 None None None None None None
4 2022 Consolidated Water v. Mexico Consolidated Water Coöperatief, U.A. v. United Mexican States (ICSID Case No. ARB/22/6) Mexico - Netherlands BIT (1998) ICSID ICSID Investment: Investments through local subsidiaries, N.S.C. Agua, S.A. de C.V. and Aguas de Rosarito, S.A.P.I. de C.V., in a seawater desalination plant project in Playas de Rosarito, Mexico.

Summary: Claims arising out of Mexican state entities’ termination of a public-private partnership agreement with the claimant’s subsidiary, Aguas de Rosarito, related to the development of a seawater desalination plant.
Investments through local subsidiaries, N.S.C. Agua, S.A. de C.V. and Aguas de Rosarito, S.A.P.I. de C.V., in a seawater desalination plant project in Playas de Rosarito, Mexico. Pending Mexico Netherlands Tertiary: E - Water supply; sewerage, waste management and remediation activities 36 - Water collection, treatment and supply Data not available 57.60 mln USD Data not available Data not available Pending Data not available Data not available None None None None None
5 2022 Fábrica de Vidrio v. Venezuela (II) Fábrica de Vidrio Los Andes, C.A. and Owens-Illinois de Venezuela, C.A. v. Bolivarian Republic of Venezuela (II) (ICSID Case No. ARB(AF)/22/3) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID AF ICSID Investment: Investments in a glass production enterprise.

Summary:
Investments in a glass production enterprise. Pending Venezuela, Bolivarian Republic of Netherlands Secondary: C - Manufacturing 23 - Manufacture of other non-metallic mineral products Heiskanen, V. - President

Schill, S. - Claimant

Kohen, M. G. - Respondent
Data not available Data not available Data not available Pending Data not available Data not available None None None None None
6 2022 Nacato and others v. Venezuela Nacato N.V., Nacama N.V., Racana N.V. and Pimento N.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB(AF)/22/6) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID AF ICSID Investment: Investments in Multinacional de Seguros, C.A., a local insurance company.

Summary: Claims arising out of the Government’s 2020 resolution placing the claimants’ insurance company Multinacional de Seguros under special administration.
Investments in Multinacional de Seguros, C.A., a local insurance company. Pending Venezuela, Bolivarian Republic of Netherlands Tertiary: K - Financial and insurance activities 65 - Insurance, reinsurance and pension funding, except compulsory social security Name not available - President

Drymer, S. L. - Claimant

Name not available - Respondent
350.00 mln USD Data not available Data not available Pending Data not available Data not available None None None None None
7 2022 Plaza Centers v. Romania Plaza Centers N.V. v. Romania (ICSID Case No. ARB/22/15) Netherlands - Romania BIT (1994) ICSID ICSID Investment: Investments in a shopping and entertainment center project in Bucharest, known as the "Casa Radio" and “Dambovita center” project.

Summary:
Investments in a shopping and entertainment center project in Bucharest, known as the "Casa Radio" and “Dambovita center” project. Pending Romania Netherlands Tertiary: F - Construction 41 - Construction of buildings Weiler, T. - Claimant

Mayer, P. - Respondent

Collins, L. - President
262.20 mln EUR (273.10 mln USD) Data not available Data not available Pending Data not available Data not available None None None None None
8 2021 Alamos Gold v. Turkey Alamos Gold Holdings Coöperatief U.A. and Alamos Gold Holdings B.V. v. Republic of Turkey (ICSID Case No. ARB/21/33) Netherlands - Turkey BIT (1986) ICSID ICSID Investment: Investments in the Kirazlı gold mine project in the Çanakkale province in Turkey.

Summary: Claims arising out of the Government’s alleged non-renewal of the claimants’ mining licences and related permits for the Kirazlı gold mine development project, resulting in the suspension of construction activities on the Kirazlı project.
Investments in the Kirazlı gold mine project in the Çanakkale province in Turkey. Pending Türkiye Netherlands Primary: B - Mining and quarrying 7 - Mining of metal ores Rowley, J. W. - Claimant

Douglas, Z. - Respondent

Glick, I. - President
1000.00 mln USD Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Indirect expropriation
Pending Data not available Data not available None None None None None
9 2021 Modus Energy v. Ukraine Modus Energy International B.V. v. Ukraine The Energy Charter Treaty (1994) SCC SCC Investment: Ownership of three solar parks (Bolokhivsky Solar Park 1 LLC, Bolokhivsky Solar Park 2, Solar Zalukva LLC).

Summary: Claims arising out of the Government’s reduction of feed-in tariffs for solar power.
Ownership of three solar parks (Bolokhivsky Solar Park 1 LLC, Bolokhivsky Solar Park 2, Solar Zalukva LLC). Pending Ukraine Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Data not available 11.50 mln EUR (13.90 mln USD) Data not available Data not available Pending Data not available Data not available None None None None None
10 2021 Quanta v. Peru Quanta Services Netherlands B.V. v. Republic of Peru (ICSID Case No. ARB/21/1) Netherlands - Peru BIT (1994) ICSID ICSID Investment:

Summary:
Pending Peru Netherlands Tertiary: J - Information and communication 61 - Telecommunications Kalicki, J. E. - President

Eljuri, E. - Claimant

Pinto, M. - Respondent
Data not available Data not available Data not available Pending Data not available Data not available None None None None None
11 2021 Shell v. Nigeria (II) Shell Petroleum N.V. and The Shell Petroleum Development Company of Nigeria Limited v. Federal Republic of Nigeria (II) (ICSID Case No. ARB/21/7) Netherlands - Nigeria BIT (1992) ICSID ICSID Investment:

Summary:
Discontinued Nigeria Netherlands Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Abdel Wahab, M. S. - President

Kaplan, N. - Claimant

Banifatemi, Y. - Respondent
Data not available Data not available Data not available Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance of the proceeding pursuant to ICSID Arbitration Rule 43(1) dated 13 October 2022 None None None None None None
12 2021 United Group and others v. Serbia United Group B.V., Adria Serbia Holdco B.V., and Serbia Broadband–srpske kablovske mreže d.o.o. Beograd v. Republic of Serbia (ICSID Case No. ARB/21/5) Netherlands - Serbia BIT (2002) ICSID ICSID Investment:

Summary:
Pending Serbia Netherlands Tertiary: J - Information and communication 60 - Programming and broadcasting activities Fernández-Armesto, J. - President

Alexandrov, S. A. - Claimant

Vinuesa, R. E. - Respondent
Data not available Data not available Data not available Pending Data not available Data not available None None None None None
13 2020 Adria Group v. Croatia Adria Group B.V. and Adria Group Holding B.V. v. Republic of Croatia (ICSID Case No. ARB/20/6) Croatia - Netherlands BIT (1998) ICSID ICSID Investment: Direct and indirect ownership (95.5 per cent) of Agrokor Group, a food and retail conglomerate.

Summary: Claims arising out of the Government’s takeover and restructuring in the form of a “extraordinary administration” of Agrokor Group, owned by claimants. According to the claimants, they were coerced into transferring control over Agrokor to the State and illegally deprived of their investment based on false grounds.
Direct and indirect ownership (95.5 per cent) of Agrokor Group, a food and retail conglomerate. Pending Croatia Netherlands Tertiary: G - Wholesale and retail trade; repair of motor vehicles and motorcycles 47 - Retail trade, except of motor vehicles and motorcycles Poncet, C. - Claimant

Thomas, J. C. - Respondent

Greenwood, C. - President
Data not available Data not available Data not available Pending Decision on Intra-EU Jurisdictional Objection dated 31 October 2023 None None None None None None
14 2020 Akfel and I-Systems v. Turkey Akfel Commodities Pte. Ltd. and I-Systems Global B.V. v. Republic of Turkey (ICSID Case No. ARB/20/36) Netherlands - Turkey BIT (1986)

Singapore - Turkey BIT (2008)
ICSID ICSID Investment: Investments in Akfel Group, a gas and power company, through a shareholding of 100% in Akfel Holding and of 50% in Akpol and ISystems Global B.V. (I-Systems Global), a company incorporated in Holland.

Summary:
Investments in Akfel Group, a gas and power company, through a shareholding of 100% in Akfel Holding and of 50% in Akpol and ISystems Global B.V. (I-Systems Global), a company incorporated in Holland. Pending Türkiye Netherlands

Singapore
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Garibaldi, O. M. - Claimant

Stern, B. - Respondent

Reinisch, A. - President
Data not available Data not available Data not available Pending None None None None None None None
15 2020 Arka Energy v. Albania Arka Energy B.V. v. Republic of Albania (ICSID Case No. ARB/20/54) Albania - Netherlands BIT (1994) ICSID ICSID Investment: Investments in a photovoltaic project through local subsidiary Arkeni Solar sh.p.k.

Summary: Claims arising out of the Government’s actions related to the Akerni photovoltaic park, a construction project that a consortium involving the claimant’s subsidiary had won through a 2018 international tender process conducted by the Ministry of Infrastructure and Energy.
Investments in a photovoltaic project through local subsidiary Arkeni Solar sh.p.k. Discontinued Albania Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Beechey, J. - President

Rowley, J. W. - Claimant

Thomas, J. C. - Respondent
110.00 mln EUR (130.50 mln USD) Data not available Data not available Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance of the proceeding pursuant to ICSID Administrative and Financial Regulation 14(3)(d) dated 20 July 2022 None None None None None None
16 2020 Eni and others v. Nigeria Eni International B.V., Eni Oil Holdings B.V. and Nigerian Agip Exploration Limited v. Federal Republic of Nigeria (ICSID Case No. ARB/20/41) Netherlands - Nigeria BIT (1992) ICSID ICSID Investment: Rights under an oil prospecting licence conferring exploration rights to a deep-water block located off the coast of Nigeria.

Summary: Claims arising out of the Government’s alleged refusal to convert the claimants’ oil prospecting licence, OPL 245, into an oil mining licence on the grounds that the OPL 245 purchase by the claimants in 2011 was the product of corruption.
Rights under an oil prospecting licence conferring exploration rights to a deep-water block located off the coast of Nigeria. Pending Nigeria Netherlands Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Alexandrov, S. A. - Claimant (replaced)

Hossain, K. - Respondent (replaced)

Lévy, L. - President

Rowley, J. W. - Claimant

Douglas, Z. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
17 2020 LC Corp v. Poland LC Corp B.V. v. Republic of Poland Netherlands - Poland BIT (1992) UNCITRAL PCA Investment:

Summary:
Pending Poland Netherlands Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Data not available Data not available Data not available Data not available Pending Data not available Data not available None None None None None
18 2020 Meijer v. Georgia Bob Meijer v. Georgia (ICSID Case No. ARB/20/28) Georgia - Netherlands BIT (1998) ICSID ICSID Investment: Investments in the Anaklia Development Consortium, holding rights in the Anaklia Port Project under a concession contract.

Summary: Claims arising out of the Government’s termination of an agreement with the Anaklia Development Consortium to develop a deep water port on the Black Sea in Georgia (the Anaklia Port Project) in which the claimant had invested; the termination was allegedly preceded by a Government campaign to undermine the port project.
Investments in the Anaklia Development Consortium, holding rights in the Anaklia Port Project under a concession contract. Pending Georgia Netherlands Tertiary: F - Construction 42 - Civil engineering Hanotiau, B. - President

Poncet, C. - Claimant

Sachs, K. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
19 2020 Rabobank v. Mexico Coöperatieve Rabobank U.A. v. United Mexican States (ICSID Case No. ARB/20/23) Mexico - Netherlands BIT (1998) ICSID ICSID Investment: Loans to Oceanografía, S.A. de C.V. to finance the purchase of nine vessels for maritime transport services.

Summary: Claims arising out of the Government’s seizure of maritime shipping company Oceanografía and other measures, which allegedly resulted in the company’s bankruptcy and the loss of the claimant’s investment in Oceanografía undertaken through loans for the purchase of vessels.
Loans to Oceanografía, S.A. de C.V. to finance the purchase of nine vessels for maritime transport services. Discontinued Mexico Netherlands Tertiary: H - Transportation and storage 50 - Water transport Tribunal not constituted 230.00 mln USD Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Most-favoured nation treatment

Indirect expropriation
Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance of the proceeding pursuant to ICSID Arbitration Rule 44 dated 11 January 2022 None None None None None None
20 2020 SMM Cerro v. Peru SMM Cerro Verde Netherlands B.V. v. Republic of Peru (ICSID Case No. ARB/20/14) Netherlands - Peru BIT (1994) ICSID ICSID Investment: Shareholding of 21 per cent in Sociedad Minera Cerro Verde S.A.A. with a mining concession for a copper deposit southwest of Arequipa.

Summary: Claims arising out of the national tax authority’s mining royalty assessments on ore processed by Cerro Verde, related penalties and interest charged on Cerro Verde.
Shareholding of 21 per cent in Sociedad Minera Cerro Verde S.A.A. with a mining concession for a copper deposit southwest of Arequipa. Pending Peru Netherlands Primary: B - Mining and quarrying 7 - Mining of metal ores von Wobeser, C. - Respondent

Garibaldi, O. M. - Claimant

Blanch, J. - President
Data not available Data not available Data not available Pending Data not available Data not available None None None None None
21 2019 Dream House and others v. Egypt Robert Rogers, Ronald Rogers and Dream House v. Arab Republic of Egypt (PCA Case No. 2019-27) Egypt - Netherlands BIT (1996) UNCITRAL PCA Investment:

Summary:
Decided in favour of State Egypt Netherlands Data not available Data not available Data not available 1.90 mln USD Data not available Data not available Data not available Award dated 16 March 2021 None None None None None None
22 2019 Nationale-Nederlanden Holdinvest and others v. Argentina Nationale-Nederlanden Holdinvest B.V., Nationale-Nederlanden Intertrust B.V., NN Insurance International B.V., Orígenes AFJP S.A. (en liquidación) v. Argentine Republic (ICSID Case No. ARB/19/11) Argentina - Netherlands BIT (1992) ICSID ICSID Investment: Shareholding in Orígenes AFJP S.A., an Argentinian private pension fund.

Summary: Claims arising out of the Government’s nationalization of the country’s private pension system in 2008, and the seizure of assets held by Orígenes, which subsequently entered into liquidation.
Shareholding in Orígenes AFJP S.A., an Argentinian private pension fund. Pending Argentina Netherlands Tertiary: K - Financial and insurance activities 65 - Insurance, reinsurance and pension funding, except compulsory social security Radicati di Brozolo, L. - Claimant

Boisson de Chazournes, L. - Respondent

Unterhalter, D. - President
Data not available Data not available Data not available Pending None None None None None None None
23 2019 Saab v. Tanzania Ayoub-Farid Michel Saab v. United Republic of Tanzania (ICSID Case No. ARB/19/8) Netherlands - United Republic of Tanzania BIT (2001) ICSID ICSID Investment: Ownership of FBME Bank Limited, a commercial bank registered in Tanzania.

Summary:
Ownership of FBME Bank Limited, a commercial bank registered in Tanzania. Discontinued Tanzania, United Republic of Netherlands Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Angelet, N. - President

de Nanteuil, A. - Claimant

Niyungeko, G. - Respondent
Data not available Data not available Data not available Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance of the proceeding pursuant to ICSID Administrative and Financial Regulation 14(3)(d) dated 24 June 2021 None None None None None None
24 2019 Williams Companies and others v. Venezuela (II) The Williams Companies International Holdings B.V., WilPro Energy Services (El Furrial) Limited and WilPro Energy Services (Pigap II) Limited v. Bolivarian Republic of Venezuela (II) (ICSID Case No. ARB(AF)/19/3) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID AF ICSID Investment: Rights under long term agreements for gas supply in Venezuela; ownership and operation of gas compression and injection plants.

Summary: Claims arising out of Venezuela’s alleged failure to comply with a 2012 settlement agreement of an earlier dispute with the claimants. The earlier dispute, discontinued in 2017, concerned the termination of claimants’ long-term contract with the national oil company PDVSA for gas compression and injection and gas supply in Venezuela, followed by the seizure of their assets under a nationalization decree.
Rights under long term agreements for gas supply in Venezuela; ownership and operation of gas compression and injection plants. Pending Venezuela, Bolivarian Republic of Netherlands Primary: B - Mining and quarrying

Tertiary: D - Electricity, gas, steam and air conditioning supply
6 - Extraction of crude petroleum and natural gas

35 - Electricity, gas, steam and air conditioning supply
Abdel Wahab, M. S. - President

Shin, H.-T. - Claimant

Galindo, A. - Respondent
Data not available Data not available Data not available Pending Data not available Data not available None None None None None
25 2018 Delta Belarus v. Belarus Delta Belarus Holding BV v. Republic of Belarus (ICSID Case No. ARB/18/9) Belarus - Netherlands BIT (1995) ICSID ICSID Investment: Majority shareholding in JSC Delta Bank, a locally-incorporated financial institution.

Summary: Claims arising out of the revocation by the Central Bank of Belarus of Delta Bank’s operating licence, on the grounds that the bank was no longer meeting its obligations to depositors and creditors.
Majority shareholding in JSC Delta Bank, a locally-incorporated financial institution. Discontinued Belarus Netherlands Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Cremades, B. M. - President

Dohmann, B. - Claimant

Peter, W. - Respondent
Data not available Data not available Data not available Not applicable - settled or discontinued before decision on liability Order for the discontinuance of the proceeding for lack of payment of the required advances dated 3 June 2022 None None None None None None
26 2018 Kimberly-Clark v. Venezuela Kimberly-Clark BVBA, Kimberly-Clark Dutch Holdings, B.V., Kimberly-Clark S.L.U. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB(AF)/18/3) BLEU (Belgium-Luxembourg Economic Union) - Venezuela, Bolivarian Republic of BIT (1998)

Spain - Venezuela, Bolivarian Republic of BIT (1995)

Netherlands - Venezuela, Bolivarian Republic of BIT (1991)
ICSID AF ICSID Investment: Ownership of Kimberly-Clark Venezuela, S.C.A., a locally-incorporated company that operated a production plant of personal care products.

Summary: Claims arising out of the Government’s seizure of the claimants’ factory, following the claimants’ decision to suspend business operations in Venezuela.
Ownership of Kimberly-Clark Venezuela, S.C.A., a locally-incorporated company that operated a production plant of personal care products. Decided in favour of State Venezuela, Bolivarian Republic of Belgium

Netherlands

Spain
Secondary: C - Manufacturing 17 - Manufacture of paper and paper products Schill, S. - President (replaced)

Haigh, D. - Claimant

Stern, B. - Respondent

Kaufmann-Kohler, G. - President
Data not available Data not available Direct expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
None - jurisdiction declined Award dated 5 November 2021 (English)

Award dated 5 November 2021 (Spanish)
None None None None None None
27 2018 LSG Building Solutions and others v. Romania Anina Pro Invest Ltd, Core Value Capital GmbH, Core Value Investments GmbH & Co KG Gamma and others v. Romania (ICSID Case No. ARB/18/19) The Energy Charter Treaty (1994) ICSID ICSID Investment: Interest in a photovoltaic power plant located in Romania’s Giurgiu region.

Summary: Claims arising out of certain changes to Romania’s incentive scheme for investments in the renewable energy sector.
Interest in a photovoltaic power plant located in Romania’s Giurgiu region. Pending Romania Austria

Cyprus

Germany

Netherlands
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Fernández-Armesto, J. - President

Johnson, O. T. - Claimant

Dupuy, P.-M. - Respondent
250.00 mln USD Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures

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

Arbitrary, unreasonable and/or discriminatory measures

Other
Decision on Jurisdiction, Liability and Principles of Reparation dated 11 July 2022 Dissenting Opinion of O. Thomas Johnson None None None None None
28 2018 Smurfit Holding B.V. v. Venezuela Smurfit Holding B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/18/49) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Ownership of local subsidiary Smurfit Kappa Carton de Venezuela, a paper and packaging manufacturer.

Summary: Claims arising out of the Government’s temporary takeover and alleged interference with the claimant’s local paper and packaging manufacturing enterprise, including through the arbitrary harassment of its employees. This allegedly resulted in the claimant giving up business operations in the country in 2018.
Ownership of local subsidiary Smurfit Kappa Carton de Venezuela, a paper and packaging manufacturer. Pending Venezuela, Bolivarian Republic of Netherlands Secondary: C - Manufacturing 17 - Manufacture of paper and paper products Ramírez Hernández, R. - President

Polebaum, E. - Claimant

Douglas, Z. - Respondent (replaced)

Mann, H. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
29 2017 Airbus v. Poland Airbus Helicopters S.A.S. i Airbus S.E. v. Republic of Poland Netherlands - Poland BIT (1992) Data not available Data not available Investment:

Summary: Claims arising out of the Government’s cancellation of a contract to purchase helicopters from the claimant.
Discontinued Poland Netherlands Secondary: C - Manufacturing 30 - Manufacture of other transport equipment Alexandrov, S. A. - Claimant

Douglas, Z. - Respondent
Data not available Data not available Data not available Not applicable - settled or discontinued before decision on liability None None None None None None None
30 2017 APCL v. Gambia APCL Gambia B.V. v. Republic of The Gambia (ICSID Case No. ARB/17/40) Gambia - Netherlands BIT (2002) ICSID ICSID Investment: Investment of the alleged USD 64 million in the exploration of oil in the licensed areas.

Summary: Claims arising out of the alleged wrongful termination by the Government of licences for exploration of two off-shore oil blocks.
Investment of the alleged USD 64 million in the exploration of oil in the licensed areas. Settled Gambia Netherlands Primary: B - Mining and quarrying 9 - Mining support service activities Name not available - President

Poncet, C. - Claimant

Banifatemi, Y. - Respondent
Data not available Data not available Data not available Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance of the proceeding pursuant to ICSID Arbitration Rule 43(1) dated 7 June 2018 None None None None None None
31 2017 Buse v. Panama Jochem Bernard Buse v. Republic of Panama (ICSID Case No. ARB/17/12) Netherlands - Panama BIT (2000) ICSID ICSID Investment: Majority shareholding in Panama Wall Street, S.A., a Panamanian brokerage firm.

Summary: Claims arising out of a national financial oversight agency’s investigation into Panama Wall Street, a brokerage firm founded by the claimant in 2000, and its subsequent compulsory liquidation through Resolution SMV No. 371 of 2016.
Majority shareholding in Panama Wall Street, S.A., a Panamanian brokerage firm. Pending Panama Netherlands Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Pena Rodriguez, M. E. - Respondent

Low, L. A. - President

Boisson de Chazournes, L. - Claimant
Data not available Data not available Data not available Pending None None None None None None None
32 2017 Cunico v. Macedonia Cunico Resources N.V. v. Macedonia, former Yugoslav Republic of (ICSID Case No. ARB/17/46) Macedonia, The former Yugoslav Republic of - Netherlands BIT (1998) ICSID ICSID Investment: Full ownership of FENI Industries, a local company that served as a vehicle for the claimant’s investments in ferro-nickel mining and production operations in Macedonia.

Summary: Claims arising out of the alleged interference by the Government in the claimant’s planned sale of FENI Industries, which allegedly led to initiation of bankruptcy proceedings against FENI.
Full ownership of FENI Industries, a local company that served as a vehicle for the claimant’s investments in ferro-nickel mining and production operations in Macedonia. Discontinued North Macedonia Netherlands Primary: B - Mining and quarrying 7 - Mining of metal ores Crook, J. R. - President

Alexandrov, S. A. - Claimant

Sands, P. - Respondent
Data not available Data not available Data not available Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance of the proceeding pursuant to ICSID Arbitration Rule 43(1) dated 31 January 2020 None None None None None None
33 2017 Elitech and Razvoj v. Croatia Elitech B.V. and Razvoj Golf D.O.O. v. Republic of Croatia (ICSID Case No. ARB/17/32) Croatia - Netherlands BIT (1998) ICSID ICSID Investment: Investments in constructing a golf resort development near Dubrovnik.

Summary: Claims arising out of Croatia’s allegedly arbitrary and unfair actions that have led to a standstill in construction of a golf resort. Related facts include opposition from local politicians and residents, who complained that the project would damage the environment and threaten Dubrovnik's UNESCO World Heritage Site status, and the Croatian court rulings attempting to overturn the energy and environment ministry approval of the resort’s construction.
Investments in constructing a golf resort development near Dubrovnik. Decided in favour of State Croatia Netherlands Tertiary: F - Construction

Tertiary: R - Arts, entertainment and recreation

Tertiary: L - Real estate activities
41 - Construction of buildings

93 - Sports activities and amusement and recreation activities

68 - Real estate activities
McRae, D. M. - Respondent (replaced)

Kaufmann-Kohler, G. - President

Gotanda, J. Y. - Claimant

Stern, B. - Respondent
300.00 mln EUR (324.40 mln USD) Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Indirect expropriation
None - all claims dismissed at the merits stage Award dated 23 May 2023 None None None None None None
34 2017 Future Pipe v. Egypt Future Pipe International B.V. v. Arab Republic of Egypt (ICSID Case No. ARB/17/31) Egypt - Netherlands BIT (1996) ICSID ICSID Investment: Investments in building a water and sewage distribution network in "New Cairo", Egypt’s new administrative capital, pursuant to a contract with the State.

Summary: Claims arising out of the Government’s alleged expropriation of the claimant’s investment in a pipe manufacturing enterprise.
Investments in building a water and sewage distribution network in "New Cairo", Egypt’s new administrative capital, pursuant to a contract with the State. Discontinued Egypt Netherlands Tertiary: F - Construction 42 - Civil engineering Kim, J. - President

Pryles, M. C. - Claimant

Boisson de Chazournes, L. - Respondent
Data not available Data not available Data not available Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance of the proceeding pursuant to ICSID Arbitration Rule 43(1) dated 9 November 2022 None None None None None None
35 2017 Fynerdale v. Czech Republic Fynerdale Holdings B.V. v. The Czech Republic (PCA Case No. 2018-18) Czech Republic - Netherlands BIT (1991) UNCITRAL PCA Investment: Loans to Czech company YTRIX a.s. and Maltese company Poppyseed Limited, to be used for trade in poppy seeds produced in the Czech Republic.

Summary: Claims arising out of the Government’s alleged failure to act on the claimant’s criminal complaint regarding its business partners’ fraudulent activities, which allegedly entailed the loss of the claimant’s assets.
Loans to Czech company YTRIX a.s. and Maltese company Poppyseed Limited, to be used for trade in poppy seeds produced in the Czech Republic. Decided in favour of State Czechia Netherlands Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Wolfrum, R. - President

Orrego Vicuña, F. - Claimant (replaced)

Kühn, W. - Claimant

Boisson de Chazournes, L. - Respondent
2438.00 mln CZK (113.60 mln USD) Data not available Full protection and security, or similar

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

Indirect expropriation
None - jurisdiction declined Award dated 29 April 2021

Award on Costs dated 16 August 2021
Separate Opinion by Wolfgang Kühn None None None None None
36 2017 Gardabani and Silk Road v. Georgia Gardabani Holdings B.V. and Silk Road Holdings B.V v. Georgia (ICSID Case No. ARB/17/29) Georgia - Netherlands BIT (1998) ICSID ICSID Investment: Investments in electricity generation plants.

Summary: Claims arising out of the Government’s alleged refusal to raise electricity tariffs.
Investments in electricity generation plants. Decided in favour of investor Georgia Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Álvarez, H. C. - President

Alexandrov, S. A. - Claimant

Douglas, Z. - Respondent

Grigera Naón, H. A. - Claimant (replaced)
206.30 mln USD 75.90 mln USD Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures

Umbrella clause
Umbrella clause Award dated 27 October 2022 Dissenting Opinion by Zachary Douglas ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Mourre, A. - President

Nolan, M. D. - Member

Ó Hoisín, C. - Member
37 2017 ICL Europe v. Ethiopia ICL Europe Coöperatief U.A. v. Ethiopia (PCA Case No. 2017-26) Ethiopia - Netherlands BIT (2003) UNCITRAL PCA Investment: Investments in a potash mining project through indirect subsidiary Allana Potash Afar Plc (“Allana Potash”), which held mining concessions for the Danakil mine in Ethiopia’s Afar region.

Summary: Claims arising out of the State’s imposition of an allegedly illegal tax assessment on the claimant’s indirect subsidiary, Allana Potash, and failure to provide infrastructure support for a large-scale potash mining project in northern Ethiopia.
Investments in a potash mining project through indirect subsidiary Allana Potash Afar Plc (“Allana Potash”), which held mining concessions for the Danakil mine in Ethiopia’s Afar region. Decided in favour of State Ethiopia Netherlands Primary: B - Mining and quarrying 8 - Other mining and quarrying Donoghue, J. E. - President

Caron, D. D. - Respondent (replaced)

Murphy, S. D. - Respondent

Smit, R. H. - Claimant
200.00 mln USD Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
None - all claims dismissed at the merits stage Award dated 9 July 2021 None None None None None None
38 2017 Venoklim v. Venezuela Venoklim Holding B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB(AF)/17/4) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID AF ICSID Investment: Investments in five companies in Venezuela’s motor lubricants industry.

Summary: Claims arising out of the 2010 nationalization of a petrochemical plant.
Investments in five companies in Venezuela’s motor lubricants industry. Pending Venezuela, Bolivarian Republic of Netherlands Secondary: C - Manufacturing 19 - Manufacture of coke and refined petroleum products Damião Goncalves, E. - President

Cárdenas Mejía, J. P. - Claimant

Bottini, G. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
39 2016 Alhambra v. Kazakhstan Alhambra Resources Ltd. and Alhambra Coӧperatief U.A. v. Republic of Kazakhstan (ICSID Case No. ARB/16/12) Kazakhstan - Netherlands BIT (2002) ICSID ICSID Investment: Rights under two gold mining licences held by the claimants’ local subsidiary, Joint Venture Saga Creek Gold Company LLP, and an exploration and exploitation contract with the Republic of Kazakhstan.

Summary: Claims arising out of an allegedly unlawful assessment of taxes on the claimants’ local subsidiary Saga Creek, the withholding of required mining and financing approvals and other actions of the Government, which allegedly culminated in the bankruptcy of Saga Creek in 2015.
Rights under two gold mining licences held by the claimants’ local subsidiary, Joint Venture Saga Creek Gold Company LLP, and an exploration and exploitation contract with the Republic of Kazakhstan. Decided in favour of investor Kazakhstan Netherlands

Canada
Primary: B - Mining and quarrying 7 - Mining of metal ores van Houtte, H. - President

Beechey, J. - Claimant

Kalicki, J. E. - Respondent
100.00 mln USD Data not available Data not available Data not available Award dated 16 November 2020 None ICSID annulment proceedings

ICSID resubmission proceedings
Award/decision partially annulled (ICSID annulment proceedings)

Pending (ICSID resubmission proceedings)
Decision on Annulment dated 10 March 2023 (ICSID annulment proceedings) None Boo, L. - President

Jones, D. - Member

Ridings, P. - Member
40 2016 Amlyn v. Croatia Amlyn Holding B.V. v. Republic of Croatia (ICSID Case No. ARB/16/28) The Energy Charter Treaty (1994) ICSID ICSID Investment: Investments in the construction of a biomass power plant.

Summary: Claims arising out of a series of State measures that allegedly delayed and frustrated the claimant’s biomass power plant project, including the cancellation of a power purchase agreement with the Croatian Energy Market Operator (HROTE) and legislative changes that allegedly deprived the claimant of its status as an eligible power producer.
Investments in the construction of a biomass power plant. Decided in favour of neither party (liability found but no damages awarded) Croatia Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Alexandrov, S. A. - Claimant

Stern, B. - Respondent

Drymer, S. L. - President
71.10 mln EUR (82.80 mln USD) Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Award dated 22 October 2021 None None None None None None
41 2016 Cordoba Beheer and others v. Spain Cordoba Beheer B.V., Cross Retail S.L., Sevilla Beheer B.V., Spanish project companies v. Kingdom of Spain (ICSID Case No. ARB/16/27) The Energy Charter Treaty (1994) ICSID ICSID Investment: Investments in a renewable energy generation enterprise.

Summary: Claims arising out of a series of energy reforms undertaken by the Government affecting the renewables sector, including a 7 per cent tax on power generators’ revenues and a reduction in subsidies for renewable energy producers.
Investments in a renewable energy generation enterprise. Decided in favour of investor Spain Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Fathallah, R. - President

Dolzer, R. - Claimant (replaced)

Tanzi, A. M. - Respondent

Cameron, P. D. - Claimant
6.90 mln EUR (7.40 mln USD) 6.80 mln EUR (7.30 mln USD) Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures

Umbrella clause
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on Jurisdiction, Liability and the Principles of Quantum dated 11 February 2022

Decision on Reconsideration dated 11 August 2022

Decision on Respondent’s Second Request for Reconsideration dated 30 January 2023

Award dated 22 May 2023
Partial Dissenting Opinion by Peter D. Cameron ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Pierola Castro, N. F. - President

Reilly, L. - Member

Cooper-Rousseau, B. - Member
42 2016 Emergofin and Velbay v. Ukraine Emergofin B.V. and Velbay Holdings Ltd. v. Ukraine (ICSID Case No. ARB/16/35) Netherlands - Ukraine BIT (1994) ICSID ICSID Investment: 68.01% shareholding in Zaporozhe Aluminium Plant (“Zalk“).

Summary: Claims arising out of the Ukrainian Supreme Court’s decision (2015) to expropriate the claimants’ majority stake in the aluminium production company Zalk.
68.01% shareholding in Zaporozhe Aluminium Plant (“Zalk“). Pending Ukraine Netherlands Secondary: C - Manufacturing 24 - Manufacture of basic metals Beechey, J. - Claimant

Wood, M. - Respondent

Douglas, Z. - President
Data not available Data not available Data not available Pending None None None None None None None
43 2016 ENGIE and others v. Hungary ENGIE International Holdings BV, ENGIE SA and GDF International SAS v. Hungary (ICSID Case No. ARB/16/14) The Energy Charter Treaty (1994) ICSID ICSID Investment: Shareholding in gas companies.

Summary:
Shareholding in gas companies. Settled Hungary France

Netherlands
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Williams, D. A. R. - Claimant

Bernardini, P. - Respondent

Sachs, K. - President
642.00 mln EUR (725.60 mln USD) Data not available Data not available Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance of the proceeding pursuant to ICSID Arbitration Rule 43(1) dated 23 February 2018 None None None None None None
44 2016 Infracapital v. Spain Infracapital F1 S.à r.l. and Infracapital Solar B.V. v. Kingdom of Spain (ICSID Case No. ARB/16/18) The Energy Charter Treaty (1994) ICSID ICSID Investment: Investments in photovoltaic plants.

Summary: Claims arising out of a series of energy reforms undertaken by the Government affecting the renewables sector, including a 7 per cent tax on power generators’ revenues and a reduction in subsidies for renewable energy producers.
Investments in photovoltaic plants. Decided in favour of investor Spain Luxembourg

Netherlands
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Nunes Pinto, J. E. - President (replaced)

Cameron, P. D. - Claimant

González García, L. - Respondent

Siqueiros, E. - President
50.70 mln EUR (55.70 mln USD) 24.90 mln EUR (27.40 mln USD) Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures

Other
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on Jurisdiction, Liability and Directions on Quantum dated 13 September 2021

Decision on Respondent Request for Reconsideration regarding the Intra-EU Objection and the Merits dated 1 February 2022

Second Decision on Reconsideration dated 19 August 2022

Award dated 2 May 2023

Decision on Rectification dated 26 September 2023
Partial Dissenting Opinion by Peter D. Cameron ICSID annulment proceedings Pending (ICSID annulment proceedings) None None None
45 2016 Lao Holdings v. Laos (II) Lao Holdings N.V. v. Lao People’s Democratic Republic (II) (ICSID Case No. ARB(AF)/16/2) Lao People's Democratic Republic - Netherlands BIT (2003) ICSID AF ICSID Investment: Majority shareholding in the Savan Vegas Hotel and Casino held by the claimant’s wholly-owned subsidiary Sanum.

Summary: Claims arising out of the Government’s actions allegedly in breach of the settlement agreement concluded with the claimant and its wholly-owned subsidiary Sanum in 2014, including the seizure of the Savan Vegas Hotel and Casino, in which Sanum held an 80 per cent stake, and the discriminatory imposition of taxes on the claimant.
Majority shareholding in the Savan Vegas Hotel and Casino held by the claimant’s wholly-owned subsidiary Sanum. Pending Lao People's Democratic Republic Netherlands Tertiary: I - Accommodation and food service activities

Tertiary: R - Arts, entertainment and recreation
55 - Accommodation

92 - Gambling and betting activities
Kalicki, J. E. - President

Reichert, K. - Claimant

Boisson de Chazournes, L. - Respondent
Data not available Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

National treatment

Most-favoured nation treatment

Umbrella clause

Transfer of funds

Indirect expropriation

Direct expropriation
Pending None None None None None None None
46 2016 Nova Group v. Romania Nova Group Investments, B.V. v. Romania (ICSID Case No. ARB/16/19) Netherlands - Romania BIT (1994) ICSID ICSID Investment: Majority shareholding in Astra Asigurari, a local insurance company.

Summary: Claims arising out of the Government’s actions that allegedly led to the bankruptcy of an insurance company, Astra Asigurari, majority owned by the claimant.
Majority shareholding in Astra Asigurari, a local insurance company. Pending Romania Netherlands Tertiary: K - Financial and insurance activities 65 - Insurance, reinsurance and pension funding, except compulsory social security Kalicki, J. E. - President

Reichert, K. - Claimant

Clay, T. - Respondent
Data not available Data not available Data not available Pending Decision on an Objection to Jurisdiction dated 21 January 2021 None None None None None None
47 2016 Shell Philippines v. Philippines Shell Philippines Exploration B.V. v. Republic of the Philippines (ICSID Case No. ARB/16/22) Netherlands - Philippines BIT (1985) ICSID ICSID Investment: 45% interest, and the role of operator, in the Malampaya consortium that operates the Malampaya Deepwater Gas-to-Power Project.

Summary: Claims arising out of the Government’s allegedly unlawful order for payment of PHP 53.14 billion (USD 1.1 billion) in income taxes imposed on the Malampaya consortium that operates a natural gas development project in West Philippine Sea. The consortium also includes Chevron Malampaya LLC (45%) and the Philippine State-owned PNOC Exploration Corporation (10%).
45% interest, and the role of operator, in the Malampaya consortium that operates the Malampaya Deepwater Gas-to-Power Project. Pending Philippines Netherlands Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Veeder, V. V. - President (replaced)

Grigera Naón, H. A. - Claimant

Stern, B. - Respondent

Blanch, J. - President
Data not available Data not available Data not available Pending None None None None None None None
48 2016 Starr v. Russia Starr Russia Investments III B.V. v. Russian Federation Netherlands - Russian Federation BIT (1989) UNCITRAL Data not available Investment: Shareholding in PJSC “Investtradebank” (Investtorgbank, ITB), a Russian commercial bank.

Summary: Claims arising out of the alleged expropriation of the claimant’s shareholding in “Investtradebank” related to the bank’s placement under administration in 2015 and its restructuring.
Shareholding in PJSC “Investtradebank” (Investtorgbank, ITB), a Russian commercial bank. Pending Russian Federation Netherlands Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Data not available Data not available Data not available Data not available Pending Decision on Jurisdiction dated August 2019 Dissenting Opinion of Brigitte Stern None None None None None
49 2015 Alten Renewable v. Spain Alten Renewable Energy Developments BV v. Kingdom of Spain (SCC Case No. 2015/036) The Energy Charter Treaty (1994) SCC SCC Investment: Investments in photovoltaic plants.

Summary: Claims arising out of a series of energy reforms undertaken by the Government affecting the renewables sector, including a 7 per cent tax on power generators’ revenues and a reduction in subsidies for renewable energy producers.
Investments in photovoltaic plants. Discontinued Spain Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Baptista, L. O. - President

Jana Linetzky, A. - Claimant

Perezcano Diaz, H. - Respondent
59.40 mln EUR (69.00 mln USD) Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Not applicable - settled or discontinued before decision on liability Data not available Data not available None None None None None
50 2015 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) Netherlands - Panama BIT (2000)

Central America - Panama FTA (2002)
ICSID ICSID Investment: 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.

Summary: 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.
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. Decided in favour of State Panama Costa Rica

Netherlands
Tertiary: L - Real estate activities 68 - Real estate activities Fernández-Armesto, J. - President

Grigera Naón, H. A. - Claimant

Álvarez, H. C. - Respondent
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 Decision on Respondent's preliminary objections pursuant to ICSID Arbitration Rule 41(5) dated 27 January 2016

Reasoning of the decision on Respondent's preliminary objections pursuant to ICSID Arbitration Rule 41(5) dated 4 April 2016

Award dated 12 October 2018
Dissenting Opinion by Horacio Grigera Naón None None None None None
51 2015 B3 Croatian Courier v. Croatia B3 Croatian Courier Coöperatief U.A. v. Republic of Croatia (ICSID Case No. ARB/15/5) Croatia - Netherlands BIT (1998) ICSID ICSID Investment: Ownership of a postal services enterprise, City Ex.

Summary: Claims arising out of the Government’s alleged failure to implement measures required by EU law since Croatia’s EU accession in 2013 for the liberalization of the country’s postal services market, as well as the allegedly anti-competitive market practices of the incumbent Croatian Post.
Ownership of a postal services enterprise, City Ex. Decided in favour of neither party (liability found but no damages awarded) Croatia Netherlands Tertiary: H - Transportation and storage 53 - Postal and courier activities Hanotiau, B. - President

Stern, B. - Respondent

Alexandrov, S. A. - Claimant
53.00 mln EUR (57.80 mln USD) 0.00 mln USD Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Indirect expropriation

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Award dated 5 April 2019 None None None None None None
52 2015 CEF Energia v. Italy CEF Energia BV v. Italian Republic (SCC Case No. 158/2015) The Energy Charter Treaty (1994) SCC SCC Investment: Investments in three photovoltaic plants (Enersol, Megasol and Phenix) through direct and indirect shareholdings in related local companies.

Summary: Claims arising out of a series of governmental decrees to cut tariff incentives for some solar power projects.
Investments in three photovoltaic plants (Enersol, Megasol and Phenix) through direct and indirect shareholdings in related local companies. Decided in favour of investor Italy Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Reichert, K. - President

Sachs, K. - Claimant

Sacerdoti, G. - Respondent
10.30 mln EUR (11.80 mln USD) 9.60 mln EUR (11.00 mln USD) Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Award dated 16 January 2019 None Judicial review by national courts Pending (Judicial review by national courts) None None None
53 2015 Gilward Investments v. Ukraine Gilward Investments B.V. v. Ukraine (ICSID Case No. ARB/15/33) Netherlands - Ukraine BIT (1994) ICSID ICSID Investment: Majority shareholding (38 per cent) in AeroSvit, a Ukrainian partly State-owned airline company.

Summary: Claims arising out of the measures taken by the Government related to the bankruptcy of the claimant’s Ukrainian subsidiary, AeroSvit.
Majority shareholding (38 per cent) in AeroSvit, a Ukrainian partly State-owned airline company. Pending Ukraine Netherlands Tertiary: H - Transportation and storage 51 - Air transport Sands, P. - Respondent (replaced)

Tawil, G. S. - Claimant

Schwartz, E. - President

Knieper, R. - Respondent
695.00 mln USD Data not available Data not available Pending None None None None None None None
54 2015 Hanocal and IPIC International v. Korea Hanocal Holding B.V. and IPIC International B.V. v. Republic of Korea (ICSID Case No. ARB/15/17) Korea, Republic of - Netherlands BIT (2003) ICSID ICSID Investment: Majority shareholding in Hyundai Oilbank, a petroleum and refinery company based in the city of Seosan.

Summary: Claims arising out of the alleged tax levied on the 2010 sale of the claimants' controlling stake in Hyundai Oilbank, a petroleum and refinery company based in the city of Seosan.
Majority shareholding in Hyundai Oilbank, a petroleum and refinery company based in the city of Seosan. Discontinued Korea, Republic of Netherlands Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Park, W. W. - Respondent

Born, G. B. - Claimant

Sachs, K. - President
168.00 mln USD Data not available Data not available Not applicable - settled or discontinued before decision on liability None None None None None None None
55 2015 JKX Oil & Gas and Poltava v. Ukraine JKX Oil & Gas plc, Poltava Gas B.V. and Poltava Petroleum Company v. Ukraine (PCA Case No. 2015-11) Ukraine - United Kingdom BIT (1993)

Netherlands - Ukraine BIT (1994)

The Energy Charter Treaty (1994)
UNCITRAL PCA Investment: Investments in oil and gas production plants in Ukraine.

Summary: Claims arising from a series of alleged discriminatory State measures including legislation adopted in July 2014 that temporarily raised royalties on gas production from 28 to 55 per cent as well as regulations introduced in November 2014 that required private companies to purchase gas solely from state entity Naftogaz, and placed restrictions on other sellers.
Investments in oil and gas production plants in Ukraine. Decided in favour of investor Ukraine United Kingdom

Netherlands
Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Crawford, J. R. - President

Hanotiau, B. - Claimant

Reisman, W. M. - Respondent
270.00 mln USD 11.80 mln USD Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Data not available Award dated 6 February 2017 None Judicial review by national courts Award/decision upheld (Judicial review by national courts) Ruling of the High Court of Justice of England and Wales dated 27 October 2017 (Judicial review by national courts) None None
56 2015 MMEA and AHSI v. Senegal Menzies Middle East and Africa S.A. and Aviation Handling Services International Ltd. v. Republic of Senegal (ICSID Case No. ARB/15/21) Netherlands - Senegal BIT (1979)

Senegal - United Kingdom BIT (1980)
ICSID ICSID Investment: Ownership of subsidiary Aviation Handling Services (AHS), which provides aircraft ground-handling services at the Léopold Sédar Senghor International Airport in Dakar, Senegal.

Summary: Claims arising out of placing claimants’ company in administration by the government, which claimants view as disguised expropriation. According to the government, the measure was part of the illegal enrichment investigation against a former Senegalese minister for air transport.
Ownership of subsidiary Aviation Handling Services (AHS), which provides aircraft ground-handling services at the Léopold Sédar Senghor International Airport in Dakar, Senegal. Decided in favour of State Senegal United Kingdom

Netherlands
Tertiary: H - Transportation and storage 51 - Air transport Hanotiau, B. - President

Gharavi, H. G. - Claimant

Mayer, P. - Respondent
41.63 mln EUR (44.11 mln USD) Data not available Indirect expropriation None - jurisdiction declined Award dated 5 August 2016 None None None None None None
57 2015 Silver Ridge v. Italy Silver Ridge Power BV v. Italian Republic (ICSID Case No. ARB/15/37) The Energy Charter Treaty (1994) ICSID ICSID Investment: Ownership of 25 solar power plants in Italy with a combined capacity of over 130 megawatts.

Summary: Claims arising out of a series of governmental decrees to cut tariff incentives for some solar power projects.
Ownership of 25 solar power plants in Italy with a combined capacity of over 130 megawatts. Decided in favour of State Italy Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Simma, B. - President

Johnson, O. T. - Claimant

Cremades, B. M. - Respondent
Data not available Data not available Indirect expropriation

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

Umbrella clause
None - all claims dismissed at the merits stage Award dated 26 February 2021 Dissenting Opinion of O. Thomas Johnson None None None None None
58 2015 Total E&P v. Uganda Total E&P Uganda BV v. Republic of Uganda (ICSID Case No. ARB/15/11) Netherlands - Uganda BIT (2000) ICSID ICSID Investment: Shareholding in four oil and gas blocks in the Lake Albert Rift basin.

Summary: Claims arising out of an allegedly unlawful tax levied by the Government.
Shareholding in four oil and gas blocks in the Lake Albert Rift basin. Settled Uganda Netherlands Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Veeder, V. V. - Claimant

Hossain, K. - Respondent

Heiskanen, V. - President
Data not available Data not available Data not available Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance of the proceeding dated 3 August 2018 None None None None None None
59 2015 Watkins and others v. Spain Watkins Holdings S.à r.l. and others v. Kingdom of Spain (ICSID Case No. ARB/15/44) The Energy Charter Treaty (1994) ICSID ICSID Investment: Investments in renewable energy generation enterprises (wind farms).

Summary: Claims arising out of a series of energy reforms undertaken by the Government affecting the renewables sector, including a 7 per cent tax on power generators’ revenues and a reduction in subsidies for renewable energy producers.
Investments in renewable energy generation enterprises (wind farms). Decided in favour of investor Spain Luxembourg

Netherlands
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Pryles, M. C. - Claimant

Ruiz Fabri, H. - Respondent

Abraham, C. W. M. - President
123.90 mln EUR (137.40 mln USD) 77.00 mln EUR (85.30 mln USD) Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Umbrella clause
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Award dated 21 January 2020 Dissenting Opinion of Hélène Ruiz Fabri ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 21 February 2023 (ICSID annulment proceedings) None Boo, L. - President

Adekoya, O. - Member

Jiménez Figueres, D. - Member
60 2014 City-State v. Ukraine City-State N.V., Praktyka Asset Management Company LLC, Crystal-Invest LLC and Prodiz LLC v. Ukraine (ICSID Case No. ARB/14/9) Netherlands - Ukraine BIT (1994) ICSID ICSID Investment: Majority shareholding in the financial institution PJSC KreditPromBank.

Summary: Claims arising out of the alleged failure by Ukraine's banking authority to exercise regulatory oversight over claimants' deposits in the bank KreditPromBank after it was sold to a Ukrainian national, including the alleged transfer of the bank's assets and accounts to offshore companies in violation of Ukrainian banking regulation, and alleged government interference in domestic judicial proceedings.
Majority shareholding in the financial institution PJSC KreditPromBank. Decided in favour of investor Ukraine Netherlands Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Lowe, V. - President (replaced)

Alexandrov, S. A. - Claimant

Stern, B. - Respondent

Bull, C. - President
Data not available 8.90 mln USD Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

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

Indirect expropriation
Award dated 26 July 2018

Decision on the request for supplementary decision of the award dated 6 February 2019
Dissenting Opinion by Brigitte Stern None None None None None
61 2014 Financial Performance Holdings v. Russia Financial Performance Holdings BV (FPH) v. The Russian Federation The Energy Charter Treaty (1994) UNCITRAL PCA Investment: Loans/financing transactions.

Summary: Claims arising out of certain loans/financing transactions that were made to Yukos prior to its expropriation, but that were not recognized and repaid following the expropriation and forced bankruptcy process.
Loans/financing transactions. Discontinued Russian Federation Netherlands Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Alexandrov, S. A. - President

Haigh, D. - Claimant

Vinuesa, R. E. - Respondent
Data not available Data not available Data not available Not applicable - settled or discontinued before decision on liability None None None None None None None
62 2014 Highbury v. Venezuela (II) Highbury International AVV, Compañía Minera de Bajo Caroní AVV, and Ramstein Trading Inc. v. Bolivarian Republic of Venezuela (II) (ICSID Case No. ARB/14/10) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Rights under gold and diamond mining concession held by Caromin Venezuela and VMC Mining, companies controlled by the claimants.

Summary: Claims arising out of the alleged expropriation of two companies controlled by the claimants that held gold and diamond mining concessions, including the alleged forced takeover of the concession areas, the revocation of the concessions and non-payment of compensation.
Rights under gold and diamond mining concession held by Caromin Venezuela and VMC Mining, companies controlled by the claimants. Discontinued Venezuela, Bolivarian Republic of Netherlands

Panama
Primary: B - Mining and quarrying 7 - Mining of metal ores Fernández-Armesto, J. - President

Orrego Vicuña, F. - Claimant

Stern, B. - Respondent
209.70 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

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Not applicable - settled or discontinued before decision on liability Order for the discontinuance of the proceeding for lack of payment of the required advances, pursuant to ICSID Administrative and Financial Regulation 14(3)(d) dated 5 January 2018 None None None None None None
63 2014 Horthel and others v. Poland Horthel Systems BV, Poland Gaming Holding BV and Tesa Beheer BV v. Poland (PCA Case No. 2014-31) Netherlands - Poland BIT (1992) UNCITRAL PCA Investment: Shareholding in companies operating slot machines.

Summary: Claims arising out of Poland’s Gambling Law of 2009 restricting the operation of slot machines outside of casinos, which forced companies controlled by the claimants to stop operating most of their slot machines following the law's entry into force in January 2010 and to abandon all operations by January 2015.
Shareholding in companies operating slot machines. Decided in favour of investor Poland Netherlands Tertiary: R - Arts, entertainment and recreation 92 - Gambling and betting activities Lévy, L. - President

van Leeuwen, M. - Claimant

Thomas, J. C. - Respondent
240.00 mln PLN (56.60 mln USD) 37.70 mln PLN (9.30 mln USD) Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Indirect expropriation
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Final Award dated 16 February 2017 None Judicial review by national courts Award/decision upheld (Judicial review by national courts) Decision of the Swiss Federal Supreme Court on the Set-Aside of the Award dated 14 December 2017 (Judicial review by national courts) None None
64 2014 Masdar v. Spain Masdar Solar & Wind Cooperatief U.A. v. Kingdom of Spain (ICSID Case No. ARB/14/1) The Energy Charter Treaty (1994) ICSID ICSID Investment: Shareholding in the Spanish company Torresol Energy Investments S.A. which operated three concentrated solar power plants in Spain: Gemasolar, Termesol and Arcosol.

Summary: Claims arising out of a series of energy reforms undertaken by the Government affecting the renewables sector, including a 7 per cent tax on power generators’ revenues and a reduction in subsidies for renewable energy producers.
Shareholding in the Spanish company Torresol Energy Investments S.A. which operated three concentrated solar power plants in Spain: Gemasolar, Termesol and Arcosol. Decided in favour of investor Spain Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Beechey, J. - President

Born, G. B. - Claimant

Stern, B. - Respondent
250.00 mln EUR (297.00 mln USD) 64.50 mln EUR (76.70 mln USD) Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Award dated 16 May 2018 None ICSID annulment proceedings Discontinued (ICSID annulment proceedings) Order taking note of the discontinuance of the proceeding pursuant to ICSID Arbitration Rule 44 dated 27 November 2020 (ICSID annulment proceedings) None Pierola Castro, N. F. - Member

Wallgren-Lindholm, C. - Member

Kim, K.-Y. - President

Khan, M. A. - President (replaced)
65 2014 NextEra v. Spain NextEra Energy Global Holdings B.V. and NextEra Energy Spain Holdings B.V. v. Kingdom of Spain (ICSID Case No. ARB/14/11) The Energy Charter Treaty (1994) ICSID ICSID Investment: Construction and operation of two thermosolar plants in Extremadura, Spain.

Summary: Claims arising out of a series of energy reforms undertaken by the Government affecting the renewables sector, including a 7 per cent tax on power generators’ revenues and a reduction in subsidies for renewable energy producers.
Construction and operation of two thermosolar plants in Extremadura, Spain. Decided in favour of investor Spain Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply McRae, D. M. - President

Fortier, L. Y. - Claimant

Boisson de Chazournes, L. - Respondent
521.40 mln EUR (586.00 mln USD) 290.60 mln EUR (323.60 mln USD) Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Most-favoured nation treatment

Arbitrary, unreasonable and/or discriminatory measures

Umbrella clause
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on Jurisdiction, Liability and Quantum Principles dated 12 March 2019

Award dated 31 May 2019
None ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 18 March 2022 (ICSID annulment proceedings) None Kim, J. - President

Boo, L. - Member

Sáenz Marinero, H. - Member
66 2014 Nusa Tenggara v. Indonesia Nusa Tenggara Partnership B.V. and PT Newmont Nusa Tenggara v. Republic of Indonesia (ICSID Case No. ARB/14/15) Indonesia - Netherlands BIT (1994) ICSID ICSID Investment: Operation of the Batu Hijau copper and gold mine under a Contract of Work approved by the President of Indonesia.

Summary: Claims arising out of the introduction of export restrictions on copper, including an export duty and a ban on the export of copper concentrate which allegedly stalled production at the Batu Hijau copper and gold mine operated by the claimants.
Operation of the Batu Hijau copper and gold mine under a Contract of Work approved by the President of Indonesia. Discontinued Indonesia Netherlands Primary: B - Mining and quarrying 7 - Mining of metal ores Tribunal not constituted Data not available Data not available Data not available Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance of the proceeding issued by the Secretary-General dated 29 August 2014, pursuant to ICSID Arbitration Rule 44 None None None None None None
67 2014 Trinh and Bin Chau v. Viet Nam (II) Trinh Vinh Binh and Binh Chau JSC v. Viet Nam (II) (PCA Case No. 2015-23) Netherlands - Viet Nam BIT (1994) UNCITRAL PCA Investment:

Summary:
Decided in favour of investor Viet Nam Netherlands Data not available Data not available Name not available - President

Name not available - Claimant

Name not available - Respondent
1250.00 mln USD 37.50 mln USD Direct expropriation

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

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Award dated 10 April 2019 None None None None None None
68 2014 United Utilities v. Estonia United Utilities (Tallinn) B.V. and Aktsiaselts Tallinna Vesi v. Republic of Estonia (ICSID Case No. ARB/14/24) Estonia - Netherlands BIT (1992) ICSID ICSID Investment: Shareholding (50.4 per cent) in the company AS Talinna Vesi, which held rights under a water and wastewater services contract for the city of Tallinn.

Summary: Claims arising out of the alleged refusal by Estonian regulators to permit water tariff increases in Tallinn, which allegedly resulted in substantial losses for claimants' water services concession.
Shareholding (50.4 per cent) in the company AS Talinna Vesi, which held rights under a water and wastewater services contract for the city of Tallinn. Decided in favour of State Estonia Netherlands Tertiary: E - Water supply; sewerage, waste management and remediation activities 36 - Water collection, treatment and supply Drymer, S. L. - President

Williams, D. A. R. - Claimant

Stern, B. - Respondent
65.00 mln EUR (73.30 mln USD) Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures

Umbrella clause
None - all claims dismissed at the merits stage Award dated 21 June 2019 Dissent by David A. R. Williams None None None None None
69 2014 Vodafone v. India (I) Vodafone International Holdings BV v. India (I) (PCA Case No. 2016-35) India - Netherlands BIT (1995) UNCITRAL PCA Investment: Ownership of an Indian telecoms company.

Summary: Claims arising out of a retrospective transaction tax imposed by the Government over claimant's acquisition of Indian-based Hutchison Whampoa telecoms business.
Ownership of an Indian telecoms company. Decided in favour of investor India Netherlands Tertiary: J - Information and communication 61 - Telecommunications Fortier, L. Y. - Claimant

Lahoti, R. C. - Respondent (replaced)

Oreamuno Blanco, R. - Respondent

Berman, F. - President
Data not available Non-pecuniary relief Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Award dated 25 September 2020 None Judicial review by national courts Pending (Judicial review by national courts) None None None
70 2013 Achmea v. Slovakia (II) Achmea B.V. v. The Slovak Republic (II) (PCA Case No. 2013-12) Netherlands - Slovakia BIT (1991) UNCITRAL PCA Investment: Shareholding in a Slovak health insurer, Union zdravotna poistovna (UZP).

Summary: Claims arising out of the Government's announced plan to establish a unitary public health insurance system in Slovakia run by the State, which would allegedly entail the expropriation of Achmea’s stake in a Slovak health insurance company.
Shareholding in a Slovak health insurer, Union zdravotna poistovna (UZP). Decided in favour of State Slovakia Netherlands Tertiary: K - Financial and insurance activities 65 - Insurance, reinsurance and pension funding, except compulsory social security Lévy, L. - President

Beechey, J. - Claimant

Dupuy, P.-M. - Respondent
72.00 mln EUR (93.00 mln USD) Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
None - jurisdiction declined Award on Jurisdiction and Admissibility dated 20 May 2014 None None None None None None
71 2013 Infrastructure Services and Energia Termosolar (formerly Antin) v. Spain Infrastructure Services Luxembourg S.à.r.l. and Energia Termosolar B.V. (formerly Antin Infrastructure Services Luxembourg S.à.r.l. and Antin Energia Termosolar B.V.) v. Kingdom of Spain (ICSID Case No. ARB/13/31) The Energy Charter Treaty (1994) ICSID ICSID Investment: Direct and indirect shareholding in two solar thermo plants in Andalucía, Spain.

Summary: Claims arising out of a series of energy reforms undertaken by the Government affecting the renewables sector, including a 7 per cent tax on power generators’ revenues and a reduction in subsidies for renewable energy producers.
Direct and indirect shareholding in two solar thermo plants in Andalucía, Spain. Decided in favour of investor Spain Luxembourg

Netherlands
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Zuleta, E. - President

Orrego Vicuña, F. - Claimant (replaced)

Reichert, K. - Claimant

Thomas, J. C. - Respondent
196.00 mln EUR (229.60 mln USD) 101.00 mln EUR (115.30 mln USD) Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures

Umbrella clause
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on the Respondent’s request to address the objections to jurisdiction as a preliminary question dated 2 March 2015

Award dated 15 June 2018

Decision on the Rectification of the Award dated 29 January 2019
None ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 30 July 2021 (ICSID annulment proceedings) None Bull, C. - President

Moreno Rodríguez, J. A. - Member

Comair-Obeid, N. - Member
72 2013 Isolux v. Spain Isolux Infrastructure Netherlands B.V. v. Kingdom of Spain (SCC Case No. 2013/153) The Energy Charter Treaty (1994) SCC SCC Investment: Interests in several photovoltaic plants in Spain.

Summary: Claims arising out of a series of energy reforms undertaken by the Government affecting the renewables sector, including a 7 per cent tax on power generators’ revenues and a reduction in subsidies for renewable energy producers.
Interests in several photovoltaic plants in Spain. Decided in favour of State Spain Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Derains, Y. - President

Tawil, G. S. - Claimant

von Wobeser, C. - Respondent
68.90 mln EUR (76.10 mln USD) Data not available Data not available None - all claims dismissed at the merits stage Award dated 12 July 2016 Dissenting Opinion of Guido S. Tawil None None None None None
73 2013 Natland and others v. Czech Republic G.I.H.G. Limited, Natland Group Limited, Natland Investment Group NV, and Radiance Energy Holding S.A.R.L. v. The Czech Republic (PCA Case No. 2013-35) Czech Republic - Netherlands BIT (1991)

Cyprus - Czech Republic BIT (2001)

BLEU (Belgium-Luxembourg Economic Union) - Czech Republic BIT (1989)

The Energy Charter Treaty (1994)
UNCITRAL PCA Investment: Interests in the Czech photovoltaic sector.

Summary: Claims arising out of amendments to the pre-existing incentive regime for the renewable energy sector, including the introduction of a levy on electricity generated from solar power plants.
Interests in the Czech photovoltaic sector. Pending Czechia Cyprus

Luxembourg

Netherlands
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Heiskanen, V. - President

Bishop, D. - Claimant (replaced)

Thomas, J. C. - Respondent

Born, G. B. - Claimant (replaced)

Name not available - Claimant
90.00 mln USD Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Arbitrary, unreasonable and/or discriminatory measures
Pending Partial Award dated 20 December 2017 None Judicial review by national courts Award/decision upheld (Judicial review by national courts) Judgment of Swiss Federal Tribunal (French) dated 7 February 2020 (Judicial review by national courts) None None
74 2013 Spentex v. Uzbekistan Spentex Netherlands, B.V. v. Republic of Uzbekistan (ICSID Case No. ARB/13/26) Netherlands - Uzbekistan BIT (1996) ICSID ICSID Investment: Ownership of three Uzbek cotton processing plants for yarn production.

Summary: Claims arising out of the withdrawal by the Government of a VAT subsidy to cotton input purchases and other incentives, allegedly leading to the bankruptcy of claimant's investment in Uzbekistan.
Ownership of three Uzbek cotton processing plants for yarn production. Decided in favour of State Uzbekistan Netherlands Secondary: C - Manufacturing 13 - Manufacture of textiles Reinisch, A. - President

Alexandrov, S. A. - Claimant

Stern, B. - Respondent
100.00 mln USD Data not available Indirect expropriation

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

Most-favoured nation treatment
None - jurisdiction declined Award dated 27 December 2016 None None None None None None
75 2013 U.S. Steel v. Slovakia U.S. Steel Global Holdings I B.V. v. The Slovak Republic (PCA Case No. 2013-6) Netherlands - Slovakia BIT (1991) UNCITRAL PCA Investment: Ownership of a local steel production company.

Summary: Claims arising out of the imposition of certain electricity tariffs upon claimant's local steel plant, US Steel Košice.
Ownership of a local steel production company. Discontinued Slovakia Netherlands Secondary: C - Manufacturing 24 - Manufacture of basic metals Reisman, W. M. - President

Volterra, R. - Claimant

Crawford, J. R. - Respondent
300.00 mln USD Data not available Data not available Not applicable - settled or discontinued before decision on liability None None None None None None None
76 2012 Charanne and Construction Investments v. Spain Charanne B.V. and Construction Investments S.a.r.l. v. Spain (SCC Case No. 062/2012) The Energy Charter Treaty (1994) SCC SCC Investment: Shareholding of 18.66% (by Charanne) and 2.89% (by Construction Investments) in T-Solar Global S.A., a Spanish solar power plant.

Summary: Claims arising out of a series of energy reforms undertaken by the Government affecting the renewables sector.
Shareholding of 18.66% (by Charanne) and 2.89% (by Construction Investments) in T-Solar Global S.A., a Spanish solar power plant. Decided in favour of State Spain Luxembourg

Netherlands
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Mourre, A. - President

Tawil, G. S. - Claimant

von Wobeser, C. - Respondent
17.80 mln EUR (20.70 mln USD) Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Indirect expropriation

Other
None - all claims dismissed at the merits stage Final Award dated 21 January 2016 Dissenting Opinion of Guido Santiago Tawil None None None None None
77 2012 Emmis v. Hungary Emmis International Holding, B.V., Emmis Radio Operating, B.V., MEM Magyar Electronic Media Kereskedelmi és Szolgáltató Kft. v. Hungary (ICSID Case No. ARB/12/2) Hungary - Netherlands BIT (1987)

Hungary - Switzerland BIT (1988)
ICSID ICSID Investment: Shareholding in a Hungarian company that won a competitive tender for one of the two licenses for FM national radio-broadcasting frequencies in Hungary.

Summary: Claims arising out of the alleged expropriation of claimants' investments in nationwide FM-frequency radio-broadcasting licenses in Hungary, through the Government's decision to award the radio-broadcasting frequencies formerly held by claimants to a third party.
Shareholding in a Hungarian company that won a competitive tender for one of the two licenses for FM national radio-broadcasting frequencies in Hungary. Decided in favour of State Hungary Netherlands

Switzerland
Tertiary: J - Information and communication 60 - Programming and broadcasting activities McLachlan, C. A. - President

Lalonde, M. - Claimant

Thomas, J. C. - Respondent
Data not available Data not available Indirect expropriation

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

Umbrella clause

National treatment

Customary rules of international law

Arbitrary, unreasonable and/or discriminatory measures
None - jurisdiction declined Decision on Respondent’s Objection Under ICSID Arbitration Rule 41(5) dated 11 March 2013

Decision on Respondent's Application for Bifurcation dated 13 June 2013

Award dated 16 April 2014
None None None None None None
78 2012 Enkev Beheer v. Poland Enkev Beheer B.V. v. The Republic of Poland Netherlands - Poland BIT (1992) UNCITRAL PCA Investment: Investment in Polish subsidiary, Enkev Polska S.A., a joint stock company owning certain industrial facilities and holding a perpetual usufruct right to the property under Polish law for the use of the land as real property for 99 years.

Summary: Claims arising out of alleged threats made by the Respondent to expropriate the claimant’s investment in its Polish subsidiary.
Investment in Polish subsidiary, Enkev Polska S.A., a joint stock company owning certain industrial facilities and holding a perpetual usufruct right to the property under Polish law for the use of the land as real property for 99 years. Decided in favour of State Poland Netherlands Secondary: C - Manufacturing 32 - Other manufacturing Veeder, V. V. - President

van den Berg, A. J. - Claimant

Sachs, K. - Respondent
Data not available Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

Indirect expropriation
None - all claims dismissed at the merits stage First Partial Award dated 29 April 2014

Final Award on Costs dated 13 June 2014
None None None None None None
79 2012 Fabrica de Vidrios v. Venezuela (I) Fábrica de Vidrios Los Andes, C.A. and Owens-Illinois de Venezuela, C.A. v. Bolivarian Republic of Venezuela (I) (ICSID Case No. ARB/12/21) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Interests in two glass manufacturing companies in Venezuela.

Summary: Claims arising out of the alleged expropriation of two glass manufacturing companies in which the claimants had invested.
Interests in two glass manufacturing companies in Venezuela. Decided in favour of State Venezuela, Bolivarian Republic of Netherlands Secondary: C - Manufacturing 23 - Manufacture of other non-metallic mineral products Shin, H.-T. - President

Fortier, L. Y. - Claimant

Mourre, A. - Respondent (replaced)

Douglas, Z. - Respondent
1033.10 mln USD Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Direct expropriation

Umbrella clause
None - jurisdiction declined Award dated 13 November 2017 None ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 22 November 2019 (English) (ICSID annulment proceedings)

Decision on Annulment dated 22 November 2019 (Spanish) (ICSID annulment proceedings)
None Rigo Sureda, A. - President

Fernández Arroyo, D. P. - Member

Hanefeld, I. - Member
80 2012 Guardian Fiduciary v. Macedonia Guardian Fiduciary Trust, Ltd, f/k/a Capital Conservator Savings & Loan, Ltd v. Macedonia, former Yugoslav Republic of (ICSID Case No. ARB/12/31) Macedonia, The former Yugoslav Republic of - Netherlands BIT (1998) ICSID ICSID Investment: Accounts in the Macedonian Stopanska Banka used by the claimant for its business operations/financial services.

Summary: Claims arising out of the closure of the claimant’s bank accounts at Stopanska Banka on money laundering grounds, arrest of one of the claimant’s directors for money laundering and disclosure of this information to the public.
Accounts in the Macedonian Stopanska Banka used by the claimant for its business operations/financial services. Decided in favour of State North Macedonia Netherlands Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Heiskanen, V. - President

Bucher, A. - Claimant

Stern, B. - Respondent
20.00 mln USD Data not available Data not available None - jurisdiction declined Award dated 22 September 2015 None None None None None None
81 2012 Lao Holdings v. Laos (I) Lao Holdings N.V. v. Lao People’s Democratic Republic (I) (ICSID Case No. ARB(AF)/12/6) Lao People's Democratic Republic - Netherlands BIT (2003) ICSID AF ICSID Investment: Contributions made in the form of loans extended to local companies; majority shareholding in two hotels and casinos: Savan Vegas and Paksong Vehas; ownership stakes in certain slot clubs; business know-how.

Summary: Claims arising out of multiplicity of the Government’s actions, including an 80% tax on casino revenues and allegedly unfair and oppressive audits of the claimant’s Savan Vegas Hotel and Casino. Subsequent to a settlement reached in this case in 2014, the claimant further alleged material breaches of the settlement agreement by the Government and infringement of the claimant’s gambling monopoly rights.
Contributions made in the form of loans extended to local companies; majority shareholding in two hotels and casinos: Savan Vegas and Paksong Vehas; ownership stakes in certain slot clubs; business know-how. Decided in favour of State Lao People's Democratic Republic Netherlands Tertiary: I - Accommodation and food service activities

Tertiary: R - Arts, entertainment and recreation
55 - Accommodation

92 - Gambling and betting activities
Binnie, I. - President

Hanotiau, B. - Claimant

Stern, B. - Respondent
1000.00 mln USD Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Arbitrary, unreasonable and/or discriminatory measures

Umbrella clause

National treatment

Most-favoured nation treatment

Transfer of funds

Indirect expropriation
None - all claims dismissed at the merits stage Decision on Jurisdiction dated 21 February 2014

Settlement Agreement dated 15 June 2014

Interim Ruling on Issues Arising Under the Deed of Settlement dated 19 December 2014

Decision on the Merits dated 10 June 2015

Decision on the Merits of Claimants' Second Material Breach Application dated 15 December 2017

Award dated 6 August 2019
None Judicial review by national courts

Judicial review by national courts
Award/decision upheld (Judicial review by national courts)

Award/decision upheld (Judicial review by national courts)
Judgment of the Singapore International Commercial Court dated 10 September 2021 (Judicial review by national courts)

Judgment of the Court of Appeal of Singapore dated 24 November 2022 (Judicial review by national courts)
None None
82 2012 MNSS and RCA v. Montenegro MNSS B.V. and Recupero Credito Acciaio N.V v. Montenegro (ICSID Case No. ARB(AF)/12/8) Macedonia, The former Yugoslav Republic of - Netherlands BIT (1998) ICSID AF ICSID Investment: Majority shareholding in a steel production company located in Montenegro.

Summary: Claims arising out of alleged Government interference with the operation and management of a steel production facility in which the claimants had invested, leading to its bankruptcy.
Majority shareholding in a steel production company located in Montenegro. Decided in favour of neither party (liability found but no damages awarded) Montenegro Netherlands Secondary: C - Manufacturing 24 - Manufacture of basic metals Rigo Sureda, A. - President

Gaillard, E. - Claimant

Stern, B. - Respondent

Schreuer, C. H. - Respondent (replaced)
100.00 mln EUR (114.50 mln USD) 0.00 mln USD Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Arbitrary, unreasonable and/or discriminatory measures

Most-favoured nation treatment

Transfer of funds

Indirect expropriation

Direct expropriation
Full protection and security, or similar Award dated 4 May 2016

Decision on the Request for Supplementary Decision dated 24 October 2016
None None None None None None
83 2012 Novera v. Bulgaria Novera AD, Novera Properties B.V. and Novera Properties N.V. v. Republic of Bulgaria (ICSID Case No. ARB/12/16) Bulgaria - Netherlands BIT (1999) ICSID ICSID Investment: Rights under a waste management concession agreement for the city of Sofia, Bulgaria.

Summary: Claims arising out of the Government's early termination of a 15-year concession to provide waste collection, street cleaning and snow-clearing services in Sofia, Bulgaria, due to alleged health and safety concerns.
Rights under a waste management concession agreement for the city of Sofia, Bulgaria. Data not available Bulgaria Netherlands Tertiary: E - Water supply; sewerage, waste management and remediation activities 38 - Waste collection, treatment and disposal activities; materials recovery Townsend, J. M. - President

Schwebel, S. M. - Claimant

Caron, D. D. - Respondent
Data not available Data not available Data not available Data not available Award dated 27 August 2015 None None None None None None
84 2012 Slovak Gas v. Slovakia Slovak Gas Holding BV, GDF International SAS and E.ON Ruhrgas International GmbH v. Slovak Republic (ICSID Case No. ARB/12/7) The Energy Charter Treaty (1994) ICSID ICSID Investment: Shareholding of 49 per cent in the Slovakian natural gas supplier Slovenský plynárenský priemysel (SPP).

Summary: Claims arising out of legislative amendments affecting Slovakian price regulation in the gas sector that were allegedly in contravention of certain shareholder's agreement concluded between the claimants and Slovakia, among other actions allegedly resulting in financial losses for claimants' investment in a Slovakian gas company.
Shareholding of 49 per cent in the Slovakian natural gas supplier Slovenský plynárenský priemysel (SPP). Settled Slovakia France

Germany

Netherlands
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Landau, T. - President

Douglas, Z. - Claimant

Thomas, J. C. - Respondent
Data not available Non-pecuniary relief Indirect expropriation Not applicable - settled or discontinued before decision on liability Settlement deed dated 14 December 2012

Award embodying the parties' settlement agreement dated 19 March 2013
None None None None None None
85 2011 Highbury v. Venezuela (I) Highbury International AVV and Ramstein Trading Inc. v. Bolivarian Republic of Venezuela (I) (ICSID Case No. ARB/11/1) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Controlling shareholding in two Venezuelan subsidiary companies, Compañía Minera del Bajo Caroní and V.M.C. Mining Company, C.A., that held seven gold and diamonds mining concessions in Venezuela; rights under certain compensatory agreement.

Summary: Claims arising out of the Government's alleged coercive taking of the areas where claimants held mining concessions within the region of the Lower Caroní River without payment of compensation.
Controlling shareholding in two Venezuelan subsidiary companies, Compañía Minera del Bajo Caroní and V.M.C. Mining Company, C.A., that held seven gold and diamonds mining concessions in Venezuela; rights under certain compensatory agreement. Decided in favour of State Venezuela, Bolivarian Republic of Netherlands

Panama
Primary: B - Mining and quarrying 7 - Mining of metal ores Barros Bourie, E. - President

Tawil, G. S. - Claimant

von Wobeser, C. - Respondent
633.00 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

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
None - jurisdiction declined Award dated 26 September 2013 None ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 9 September 2019 (Spanish) (ICSID annulment proceedings) None Fernández Rozas, J. C. - President

Patocchi, P. M. - Member

Castellanos Howell, A. R. - Member
86 2011 Khan Resources v. Mongolia Khan Resources Inc., Khan Resources B.V. and Cauc Holding Company Ltd. v. the Government of Mongolia and Monatom Co., Ltd. (PCA Case No. 2011-09) The Energy Charter Treaty (1994) UNCITRAL PCA Investment: Majority shareholding in Mongolian joint venture subsidiary that held uranium mining and exploration licenses in Mongolia.

Summary: Claims arising out of Mongolia’s cancellation of claimant's mining and exploration licenses for a uranium deposit located in the Dornod province in northeastern Mongolia.
Majority shareholding in Mongolian joint venture subsidiary that held uranium mining and exploration licenses in Mongolia. Decided in favour of investor Mongolia Canada

Netherlands

British Virgin Islands
Primary: B - Mining and quarrying 7 - Mining of metal ores Williams, D. A. R. - President

Fortier, L. Y. - Claimant

Hanotiau, B. - Respondent
358.00 mln USD 80.00 mln USD Indirect expropriation

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

Full protection and security, or similar

Arbitrary, unreasonable and/or discriminatory measures

Umbrella clause
Umbrella clause Decision on Jurisdiction dated 25 July 2012

Award dated 2 March 2015
None Judicial review by national courts Pending (Judicial review by national courts) None None None
87 2011 Longreef v. Venezuela Longreef Investments A.V.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/11/5) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Shareholding in a Venezuelan coffee production company.

Summary: Claims arising out of the Government's nationalization of Compañia Anónima Café Fama de América, a 120-year old coffee company in which the claimant had invested.
Shareholding in a Venezuelan coffee production company. Decided in favour of investor Venezuela, Bolivarian Republic of Netherlands Secondary: C - Manufacturing 10 - Manufacture of food products Edward, D. A. O. - President

Gómez-Pinzón, E. - Claimant

Mourre, A. - Respondent (replaced)

Malintoppi, L. - Respondent
500.00 mln USD 43.00 mln USD Direct expropriation

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

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Decision on Jurisdiction dated 12 February 2014

Award dated 6 November 2017
None ICSID annulment proceedings Unknown (ICSID annulment proceedings) Decision on Annulment dated 27 July 2022 (ICSID annulment proceedings) None Pawlak, D. - President

Argueta Pinto, M. - Member

Bulnes Serrano, F. - Member
88 2011 OIEG v. Venezuela OI European Group B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/11/25) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Interests in two industrial plants for production and distribution of glass containers, held indirectly through two locally-incorporated companies.

Summary: Claims arising out of disagreements between the parties over the amount of compensation owed by the Government for the nationalization of two expropriated glass manufacturing plants in which the claimant had invested.
Interests in two industrial plants for production and distribution of glass containers, held indirectly through two locally-incorporated companies. Decided in favour of investor Venezuela, Bolivarian Republic of Netherlands Secondary: C - Manufacturing 23 - Manufacture of other non-metallic mineral products Fernández-Armesto, J. - President

Orrego Vicuña, F. - Claimant

Mourre, A. - Respondent
929.50 mln USD 372.40 mln USD Direct expropriation

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

Full protection and security, or similar

Umbrella clause

Transfer of funds

Arbitrary, unreasonable and/or discriminatory measures
Direct expropriation

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

Umbrella clause
Award dated 10 March 2015 None ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Application for Annulment dated 6 December 2018 (ICSID annulment proceedings) None Castellanos Howell, A. R. - President

Bernardini, P. - Member

Pawlak, D. - Member
89 2011 The PV Investors v. Spain The PV Investors v. Spain (PCA Case No. 2012-14) The Energy Charter Treaty (1994) UNCITRAL PCA Investment: Interests in photovoltaic energy installations in Spain.

Summary: Claims arising out of a series of energy reforms undertaken by the Government affecting the renewables sector, including a 7 per cent tax on power generators’ revenues and a reduction in subsidies for renewable energy producers.
Interests in photovoltaic energy installations in Spain. Decided in favour of investor Spain Germany

Luxembourg

Netherlands
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Kaufmann-Kohler, G. - President

Brower, C. N. - Claimant

Sepúlveda Amor, B. - Respondent
1900.00 mln EUR (2200.00 mln USD) 91.10 mln EUR (99.80 mln USD) Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on Bifurcation dated March 2013

Final Award dated 28 February 2020

Preliminary Award on Jurisdiction dated 13 October 2014
Concurring and Dissenting Opinion of Charles N. Brower

Concurring and Dissenting Opinion of Charles N. Brower
Judicial review by national courts Award/decision upheld (Judicial review by national courts) Decision of the Swiss Federal Tribunal dated 23 February 2021 (French) (Judicial review by national courts) None None
90 2011 Tulip Real Estate v. Turkey Tulip Real Estate Investment and Development Netherlands B.V. v. Republic of Turkey (ICSID Case No. ARB/11/28) Netherlands - Turkey BIT (1986) ICSID ICSID Investment: Majority shareholding in local investment vehicle that held rights under a license to complete a real estate development project in Turkey; loans; "direct out-of-pocket expenses"; performance bond.

Summary: Claims arising out of the alleged Government's termination of a mixed-use residential and commercial real estate development project in Istanbul, known as Ispartakule III, in which the claimant held interests.
Majority shareholding in local investment vehicle that held rights under a license to complete a real estate development project in Turkey; loans; "direct out-of-pocket expenses"; performance bond. Decided in favour of State Türkiye Netherlands Tertiary: L - Real estate activities 68 - Real estate activities Griffith, G. - President

Jaffe, M. E. - Claimant

Knieper, R. - Respondent
450.00 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

Umbrella clause

National treatment

Other
None - all claims dismissed at the merits stage Award dated 10 March 2014

Decision on Bifurcated Jurisdictional Issue dated 5 March 2013
Separate Opinion of Michael Evan Jaffe on the Question of Attribution Under Art 8, ILC Articles (Award) ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 30 December 2015 (ICSID annulment proceedings) None Tomka, P. - President

Booth, C. - Member

Schreuer, C. H. - Member
91 2011 Williams Companies and others v. Venezuela (I) The Williams Companies, International Holdings B.V., WilPro Energy Services (El Furrial) Limited and WilPro Energy Services (Pigap II) Limited v. Bolivarian Republic of Venezuela (I) (ICSID Case No. ARB/11/10) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Rights under long term agreements for gas supply in Venezuela; ownership and operation of gas compression and injection plants.

Summary: Claims arising out of the Government's termination of claimants' long term agreements entered into with the national oil company PDVSA for gas compression and injection and gas supply in Venezuela, followed by the seizure of their assets under a nationalisation decree and the alleged failure to comply with payment obligations for services rendered before the companies' nationalisation.
Rights under long term agreements for gas supply in Venezuela; ownership and operation of gas compression and injection plants. Settled Venezuela, Bolivarian Republic of Netherlands

United Kingdom
Primary: B - Mining and quarrying

Tertiary: D - Electricity, gas, steam and air conditioning supply
6 - Extraction of crude petroleum and natural gas

35 - Electricity, gas, steam and air conditioning supply
Tribunal not constituted 1200.00 mln USD 420.00 mln USD Data not available Not applicable - settled or discontinued before decision on liability Order of the Secretary-General Taking Note of the Discontinuance of the Proceeding Pursuant to ICSID Arbitration Rule 45 dated 8 February 2017 None None None None None None
92 2010 AES v. Kazakhstan AES Corporation and Tau Power B.V. v. Republic of Kazakhstan (ICSID Case No. ARB/10/16) Kazakhstan - United States of America BIT (1992)

The Energy Charter Treaty (1994)
ICSID ICSID Investment: Ownership of a number of power facilities and trading companies that held rights under long-term concessions concluded with the Government.

Summary: Claims arising out of a series of actions including fines and tariff restrictions imposed to claimants by Kazakh competition authorities concerning energy prices that allegedly had adverse financial impacts on the company’s operations in the country.
Ownership of a number of power facilities and trading companies that held rights under long-term concessions concluded with the Government. Decided in favour of neither party (liability found but no damages awarded) Kazakhstan United States of America

Netherlands
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Tercier, P. - President

Born, G. B. - President (replaced)

Sachs, K. - Claimant

Lowe, V. - Respondent
1290.00 mln USD 0.00 mln USD Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures

Transfer of funds

Full protection and security, or similar
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Award dated 1 November 2013 None None None None None None
93 2009 ETI v. Bolivia (II) E.T.I. Euro Telecom International N.V. v. Republic of Bolivia (II) Bolivia, Plurinational State of - Netherlands BIT (1992) UNCITRAL PCA Investment: Shareholding in a Bolivian telecoms company.

Summary: Claims arising out of the Government's transfer of claimant's 50 per cent stake in the Bolivian telecoms company Entel to the State after the company was nationalized in 2007.
Shareholding in a Bolivian telecoms company. Settled Bolivia, Plurinational State of Netherlands Tertiary: J - Information and communication 61 - Telecommunications Simma, B. - President

Orrego Vicuña, F. - Claimant

Sands, P. - Respondent
700.00 mln EUR (961.60 mln USD) 50.00 mln USD Direct expropriation

Unclear
Not applicable - settled or discontinued before decision on liability Data not available Data not available None None None None None
94 2009 Holcim v. Venezuela Holcim Limited, Holderfin B.V. and Caricement B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/09/3) Switzerland - Venezuela, Bolivarian Republic of BIT (1993)

Netherlands - Venezuela, Bolivarian Republic of BIT (1991)
ICSID ICSID Investment: Ownership interests in Venezuelan cement production enterprise.

Summary: Claims arising out of the Government's 2008 nationalization of foreign-owned cement companies in Venezuela, including the claimants, and the alleged cease of compensation negotiations between Holcim and the national oil company PDVSA.
Ownership interests in Venezuelan cement production enterprise. Settled Venezuela, Bolivarian Republic of Netherlands

Switzerland
Secondary: C - Manufacturing 23 - Manufacture of other non-metallic mineral products Fernández-Armesto, J. - President

Brower, C. N. - Claimant

Abi-Saab, G. - Respondent
Data not available 650.00 mln USD Direct expropriation Not applicable - settled or discontinued before decision on liability None None None None None None None
95 2009 Itera v. Georgia (II) Itera International Energy LLC and Itera Group NV v. Georgia (II) (ICSID Case No. ARB/09/22) Georgia - United States of America BIT (1994)

Georgia - Netherlands BIT (1998)
ICSID ICSID Investment: Rights under a Debt Restructuring Agreement concluded between Georgia and the claimants concerning debts to Itera of various Georgian public sector organizations and state-owned companies related to gas supply services.

Summary: Claims arising out of the alleged restructuring of significant gas debts owed by Georgian state-owned entities to Itera and actions subsequently taken by Georgia that rendered the claimants’ investments valueless, including the bankruptcy proceedings of a chemical fertilizer plant in the city of Rustavi in which Itera had acquired a majority shareholding.
Rights under a Debt Restructuring Agreement concluded between Georgia and the claimants concerning debts to Itera of various Georgian public sector organizations and state-owned companies related to gas supply services. Settled Georgia United States of America

Netherlands
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Tribunal not constituted Data not available Data not available Data not available Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance of the proceeding issued by the Secretary-General dated 19 November 2010, pursuant to Arbitration Rule 43(1) None None None None None None
96 2009 KT Asia v. Kazakhstan KT Asia Investment Group B.V. v. Republic of Kazakhstan (ICSID Case No. ARB/09/8) Kazakhstan - Netherlands BIT (2002) ICSID ICSID Investment: Minority shareholding in the Kazakh entity BTA Bank.

Summary: Claims arising out of the Government's alleged forced nationalization of claimant's interest in BTA Bank, by means of Kazakhstan's acquisition of around 75 per cent of the shares of BTA through the National Welfare Fund Samruk-Kazyna.
Minority shareholding in the Kazakh entity BTA Bank. Decided in favour of State Kazakhstan Netherlands Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Kaufmann-Kohler, G. - President

Glick, I. - Claimant

Thomas, J. C. - Respondent
1500.00 mln USD Data not available Indirect expropriation None - jurisdiction declined Award dated October 17, 2013 None ICSID annulment proceedings Discontinued (ICSID annulment proceedings) Order for the discontinuance of the proceeding issued by the ad hoc Committee dated 20 November 2014, pursuant to ICSID Administrative and Financial Regulation 14(3)(d) and (e) (ICSID annulment proceedings) None Oreamuno Blanco, R. - President

Boo, L. - Member

Pryles, M. C. - Member
97 2008 Achmea v. Slovakia (I) Achmea B.V. (formerly Eureko B.V.) v. The Slovak Republic (I) (PCA Case No. 2008-13) Netherlands - Slovakia BIT (1991) UNCITRAL PCA Investment: Ownership of company that had obtained a share of around 8.5 per cent in the Slovak health insurance market (wholly owned subsidiary).

Summary: Claims arising out of various legislative measures introduced by Slovakia that allegedly constituted a systematic reversal of the previous liberalisation of the Slovak health insurance market that had prompted the claimant to invest in the Slovak Republic’s health insurance sector.
Ownership of company that had obtained a share of around 8.5 per cent in the Slovak health insurance market (wholly owned subsidiary). Decided in favour of investor Slovakia Netherlands Tertiary: K - Financial and insurance activities 65 - Insurance, reinsurance and pension funding, except compulsory social security Lowe, V. - President

van den Berg, A. J. - Claimant

Veeder, V. V. - Respondent

Tomka, P. - Respondent (replaced)
65.00 mln EUR (84.70 mln USD) 22.00 mln EUR (28.80 mln USD) Indirect expropriation

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

Full protection and security, or similar

Transfer of funds

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Transfer of funds
Award on Jurisdiction, Arbitrability and Suspension dated 26 October 2010

Final Award dated 7 December 2012
None Judicial review by national courts

Judicial review by national courts

Judicial review by national courts
Award/decision upheld (Judicial review by national courts)

Award/decision upheld (Judicial review by national courts)

Award/decision set aside in its entirety (Judicial review by national courts)
Judgment of the Higher Regional Court of Frankfurt dated 10 May 2012 (Judicial review by national courts)

Preliminary Decision of the German Federal Supreme Court dated 19 September 2013 (Judicial review by national courts)

Judgment of the Higher Regional Court of Frankfurt dated 18 December 2014 (Judicial review by national courts)

Decision of the Federal Court of Justice dated 3 March 2016 (Judicial review by national courts)

Judgment of the Grand Chamber of the European Court of Justice dated 6 March 2018 (Judicial review by national courts)

Decision of the German Federal Supreme Court dated 31 October 2018 (Judicial review by national courts)
None None
98 2008 Alapli v. Turkey Alapli Elektrik B.V. v. Republic of Turkey (ICSID Case No. ARB/08/13) The Energy Charter Treaty (1994)

Netherlands - Turkey BIT (1986)
ICSID ICSID Investment: Rights under a concession agreement for electricity generation concluded between a Turkish Ministry and a company that later assigned its rights to another company in which the claimant had acquired shares.

Summary: Claims arising out of a concession to develop, finance, construct, own, operate and transfer a combined cycle power plant in Turkey and a number of legislative changes in 2000 concerning infrastructure projects in Turkey.
Rights under a concession agreement for electricity generation concluded between a Turkish Ministry and a company that later assigned its rights to another company in which the claimant had acquired shares. Decided in favour of State Türkiye Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Park, W. W. - President

Lalonde, M. - Claimant

Stern, B. - Respondent
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

Umbrella clause
None - jurisdiction declined Award dated 16 July 2012 Dissenting Opinion of Marc Lalonde (Award) ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 10 July 2014 (ICSID annulment proceedings) None Hanotiau, B. - President

Böckstiegel, K.-H. - Member

Khan, M. A. - Member
99 2008 CEMEX v. Venezuela CEMEX Caracas Investments B.V. and CEMEX Caracas II Investments B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/08/15) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Indirect ownership interest in the Venezuelan cement production company Cemex Venezuela.

Summary: Claims arising out of the Government's 2008 nationalization of foreign-owned cement companies in Venezuela, including the claimants, and disagreements over the amount of compensation owed to CEMEX.
Indirect ownership interest in the Venezuelan cement production company Cemex Venezuela. Settled Venezuela, Bolivarian Republic of Netherlands Secondary: C - Manufacturing 23 - Manufacture of other non-metallic mineral products Guillaume, G. - President

von Mehren, R. - Claimant

Abi-Saab, G. - Respondent
1200.00 mln USD 600.00 mln USD Direct expropriation Not applicable - settled or discontinued before decision on liability Decision on Jurisdiction dated 30 December 2010

Order taking note of the discontinuance of the proceeding issued by the Tribunal dated 15 February 2012, pursuant to ICSID Arbitration Rule 43(1)
None None None None None None
100 2008 HICEE v. Slovakia HICEE B.V. v. The Slovak Republic (PCA Case No. 2009-11) Netherlands - Slovakia BIT (1991) UNCITRAL PCA Investment: Shareholding in two Slovakian health insurance companies, which were subsidiaries of another Slovakian entity in turn wholly owned by the claimant.

Summary: Claims arising out of the Government's adoption of a number of changes and amendments to the laws on health insurance since 2007, including an Act by which health insurance companies were prohibited from distributing profits and made subject to a cap on their permissible administrative expenses.
Shareholding in two Slovakian health insurance companies, which were subsidiaries of another Slovakian entity in turn wholly owned by the claimant. Decided in favour of State Slovakia Netherlands Tertiary: K - Financial and insurance activities 65 - Insurance, reinsurance and pension funding, except compulsory social security Berman, F. - President

Brower, C. N. - Claimant

Tomka, P. - Respondent
1000.00 mln EUR (1388.00 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

Transfer of funds

Arbitrary, unreasonable and/or discriminatory measures
None - jurisdiction declined Partial Award dated 23 May 2011

Supplementary and Final Award dated 17 October 2011
Dissenting Opinion of Judge Charles N. Brower (Partial Award) None None None None None
101 2008 Itera v. Georgia (I) Itera International Energy LLC and Itera Group NV v. Georgia (I) (ICSID Case No. ARB/08/7) Georgia - United States of America BIT (1994)

Georgia - Netherlands BIT (1998)
ICSID ICSID Investment: Rights under a Debt Restructuring Agreement concluded between Georgia and the claimants concerning debts to Itera of various Georgian public sector organizations and state-owned companies related to gas supply services.

Summary: Claims arising out of the alleged restructuring of significant gas debts owed by Georgian state-owned entities to Itera and actions subsequently taken by Georgia that rendered the claimants’ investments valueless, including the bankruptcy proceedings of a chemical fertilizer plant in the city of Rustavi in which Itera had acquired a majority shareholding.
Rights under a Debt Restructuring Agreement concluded between Georgia and the claimants concerning debts to Itera of various Georgian public sector organizations and state-owned companies related to gas supply services. Discontinued Georgia Netherlands

United States of America
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Danelius, H. - President

Orrego Vicuña, F. - Claimant

Stern, B. - Respondent
46.40 mln USD Data not available Unclear Not applicable - settled or discontinued before decision on liability Decision on the Admissibility of Ancillary Claims dated 4 December 2009

Order taking note of the discontinuance of the proceeding issued by the Tribunal dated 19 November 2010, pursuant to ICSID Arbitration Rule 43(1)
Dissenting Opinion of Professor Francisco Orrego Vicuña (Decision on the Admissibility of Ancillary Claims) None None None None None
102 2008 Millicom v. Senegal Millicom International Operations B.V. and Sentel GSM S.A. v. Republic of Senegal (ICSID Case No. ARB/08/20) Netherlands - Senegal BIT (1979) ICSID ICSID Investment: Rights under a GSM concession concluded between the Senegalese Government and Milicom's Senegalese wholly-owned subsidiary.

Summary: Claims arising out of the Government's issuance of a decree revoking a 20-year telecommunications license that had been granted to Milicom's local subsidiary Sentel by a previous administration.
Rights under a GSM concession concluded between the Senegalese Government and Milicom's Senegalese wholly-owned subsidiary. Settled Senegal Netherlands Tertiary: J - Information and communication 61 - Telecommunications Tercier, P. - President

Hobér, K. - Claimant

Abraham, R. - Respondent
Data not available Non-pecuniary relief Direct expropriation

Most-favoured nation treatment
Not applicable - settled or discontinued before decision on liability Decision on Jurisdiction of the Arbitral Tribunal dated 16 July 2010

Award embodying the parties' settlement agreement dated 27 November 2012
None None None None None None
103 2007 Bureau Veritas v. Paraguay Bureau Veritas, Inspection, Valuation, Assesment and Control, BIVAC B.V. v. Republic of Paraguay (ICSID Case No. ARB/07/9) Netherlands - Paraguay BIT (1992) ICSID ICSID Investment: Rights under a pre-shipment inspection contract concluded between BIVAC and Paraguay's Ministry of Finance.

Summary: Claims arising out of Paraguay's alleged non-payment of invoices to the investor under a contract in which Bureau Veritas was to provide pre-shipment inspection support to the Paraguayan Customs Agency, to assist the collection of import duties.
Rights under a pre-shipment inspection contract concluded between BIVAC and Paraguay's Ministry of Finance. Settled Paraguay Netherlands Tertiary: M - Professional, scientific and technical activities 74 - Other professional, scientific and technical activities Knieper, R. - President

Fortier, L. Y. - Claimant

Sands, P. - Respondent
36.10 mln USD 21.00 mln USD Indirect expropriation

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

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Not applicable - settled or discontinued before decision on liability Decision of the Tribunal on Objections to Jurisdiction dated 29 May 2009

Further Decision on Objections to Jurisdiction dated 9 October 2012

Order taking note of the discontinuance issued by the Tribunal dated 7 August 2014, pursuant to Arbitration Rule 43(1)
None None None None None None
104 2007 ConocoPhillips v. Venezuela ConocoPhillips Petrozuata B.V., ConocoPhillips Hamaca B.V. and ConocoPhillips Gulf of Paria B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/07/30) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Interests in two extra-heavy oil projects located in the Venezuelan region of the Orinoco Oil Belt, and in an offshore project for the extract of light to medium crude oil, under profit sharing agreements concluded with the Government.

Summary: Claims arising out of Venezuela's nationalization of three oil projects in which the claimants had interests, after having increased their applicable royalty rate and income tax.
Interests in two extra-heavy oil projects located in the Venezuelan region of the Orinoco Oil Belt, and in an offshore project for the extract of light to medium crude oil, under profit sharing agreements concluded with the Government. Decided in favour of investor Venezuela, Bolivarian Republic of Netherlands Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Keith, K. - President (replaced)

Fortier, L. Y. - Claimant

Abi-Saab, G. - Respondent (replaced)

Brownlie, I. - Respondent (replaced)

Bucher, A. - Respondent

Zuleta, E. - President
30305.00 mln USD 8366.10 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

Arbitrary, unreasonable and/or discriminatory measures
Direct expropriation Decision on Jurisdiction and Merits dated 3 September 2013

Decision on Respondent's Request for Reconsideration dated 10 March 2014

Decision on Respondent's Request for Reconsideration dated 9 February 2016

Interim Decision dated 17 January 2017

Award dated 8 March 2019

Decision on the Rectification of the Award dated 29 August 2019
Dissenting Opinion of Georges Abi-Saab (Decision on Jurisdiction and Merits)

Dissenting Opinion of Georges Abi-Saab (Decision on Respondent's Request for Reconsideration)

Dissenting Opinion of Andreas Bucher
ICSID annulment proceedings Pending (ICSID annulment proceedings) None None Hascher, D. - President

Fernández Arroyo, D. P. - Member

Boo, L. - Member

Kim, K.-Y. - Member (replaced)
105 2007 Eni Dación v. Venezuela Eni Dación B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/07/4) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Hydrocarbon rights under an operating service contract concluded between claimant and the State-owned company PDVSA.

Summary: Claims arising out the investor's refusal to sign an amended contract which would allegedly grant a majority stake in its oil venture to the Venezuelan State and the subsequent seizure of its assets and the Government's nationalization of the Dación oil field in which the claimant, a Dutch subsidiary of Italy's oil and gas company Eni Spa, had invested.
Hydrocarbon rights under an operating service contract concluded between claimant and the State-owned company PDVSA. Settled Venezuela, Bolivarian Republic of Netherlands Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Tribunal not constituted 1000.00 mln USD 700.00 mln USD Unclear Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance issued by the Acting Secretary-General dated 18 APril 2008, pursuant to ICSID Arbitration Rule 44 None None None None None None
106 2007 ETI v. Bolivia (I) E.T.I. Euro Telecom International N.V. v. Plurinational State of Bolivia (I) (ICSID Case No. ARB/07/28) Bolivia, Plurinational State of - Netherlands BIT (1992) ICSID ICSID Investment: Shareholding in a Bolivian telecoms company.

Summary: Claims arising out of the Government's transfer of claimant's 50 per cent stake in the Bolivian telecoms company Entel to the State after the company was nationalized in 2007.
Shareholding in a Bolivian telecoms company. Settled Bolivia, Plurinational State of Netherlands Tertiary: J - Information and communication 61 - Telecommunications Simma, B. - President

Orrego Vicuña, F. - Claimant

Sands, P. - Respondent
700.00 mln EUR (961.60 mln USD) 50.00 mln USD Direct expropriation

Unclear
Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance of the proceeding issued by the Tribunal dated 21 October 2009, pursuant to ICSID Arbitration Rule 44 None None None None None None
107 2007 Invesmart v. Czech Republic Invesmart v. Czech Republic Czech Republic - Netherlands BIT (1991) UNCITRAL None Investment: Majority shareholding in Union Banka, a bank established under the laws of the Czech Republic.

Summary: Claims arising out of the alleged withdrawal by the Czech Republic of previous commitments to provide State support to the foreign-owned bank.
Majority shareholding in Union Banka, a bank established under the laws of the Czech Republic. Decided in favour of State Czechia Netherlands Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Pryles, M. C. - President

Bernardini, P. - Claimant

Thomas, J. C. - Respondent
250.00 mln EUR (349.10 mln USD) Data not available Indirect expropriation

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

Direct expropriation

Arbitrary, unreasonable and/or discriminatory measures

Umbrella clause
None - all claims dismissed at the merits stage Award dated 26 June 2009 None Data not available Data not available Data not available Data not available Data not available
108 2007 Liman Caspian Oil v. Kazakhstan Liman Caspian Oil BV and NCL Dutch Investment BV v. Republic of Kazakhstan (ICSID Case No. ARB/07/14) The Energy Charter Treaty (1994) ICSID ICSID Investment: Rights under a license to explore and extract hydrocarbons in Kazakhstan acquired by one of the claimants though an assignment agreement.

Summary: Claims arising out of the transfer of claimants' license to explore and extract hydrocarbons in the Liman block in Western Kazakhstan.
Rights under a license to explore and extract hydrocarbons in Kazakhstan acquired by one of the claimants though an assignment agreement. Decided in favour of State Kazakhstan Netherlands Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Böckstiegel, K.-H. - President

Hobér, K. - Claimant

Crawford, J. R. - Respondent
200.00 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 - all claims dismissed at the merits stage Award dated 22 June 2010 None None None None None None
109 2007 Mobil and others v. Venezuela Mobil Cerro Negro Holding, Ltd., Mobil Cerro Negro, Ltd., Mobil Corporation and others v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/07/27) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Interests in two extra-heavy crude oil projects located in the Venezuelan region of the Orinoco Oil Belt, under profit sharing agreements concluded with the Government.

Summary: Claims arising out of Venezuela's nationalization of two oil projects in which the claimants had interests known as the Cerro Negro Project and La Ceiba Project (after having increased their applicable royalty rate and income tax) and subsequent disagreements between the parties concerning the amount of compensation owed to the investor.
Interests in two extra-heavy crude oil projects located in the Venezuelan region of the Orinoco Oil Belt, under profit sharing agreements concluded with the Government. Decided in favour of investor Venezuela, Bolivarian Republic of Bahamas

United States of America

Netherlands
Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Guillaume, G. - President

Kaufmann-Kohler, G. - Claimant

El-Kosheri, A. S. - Respondent
14679.00 mln USD 1600.00 mln USD Direct expropriation

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

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Decision on Jurisdiction dated 10 June 2010

Award of the Tribunal dated 9 October 2014
None ICSID annulment proceedings

ICSID resubmission proceedings
Award/decision partially annulled (ICSID annulment proceedings)

Decided in favour of the investor (ICSID resubmission proceedings)
Decision on Annulment dated 9 March 2017 (ICSID annulment proceedings)

Award dated 10 July 2023 (ICSID resubmission proceedings)
None Berman, F. - President

Abraham, C. W. M. - Member

Knieper, R. - Member
110 2007 Saba Fakes v. Turkey Saba Fakes v. Republic of Turkey (ICSID Case No. ARB/07/20) Netherlands - Turkey BIT (1986) ICSID ICSID Investment: Majority shareholding in the Turkish telecommunications company Telsim.

Summary: Claims arising out of the receivership and the alleged subsequent forced sale by Turkish authorities of assets held by Telsim, a major mobile phone company in which the claimant had invested.
Majority shareholding in the Turkish telecommunications company Telsim. Decided in favour of State Türkiye Netherlands Tertiary: J - Information and communication 61 - Telecommunications Gaillard, E. - President

van Houtte, H. - Claimant

Lévy, L. - Respondent
19000.00 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

Transfer of funds

Arbitrary, unreasonable and/or discriminatory measures

Other
None - jurisdiction declined Decision on Preliminary Issues dated 6 October 2008

Award dated 14 July 2010
None None None None None None
111 2007 Shell v. Nigeria (I) Shell Nigeria Ultra Deep Limited v. Federal Republic of Nigeria (I) (ICSID Case No. ARB/07/18) Netherlands - Nigeria BIT (1992) ICSID ICSID Investment: Rights under an ultra-deep offshore production sharing agreement concluded between Nigeria's national oil company and the claimant.

Summary: Claims arising out of the alleged breach of a production-sharing contract concluded between Shell Nigeria and Nigeria's state oil company (NNPC), after the State ordered NNPC's portion of the venture to be handed over to a private company, Malabu Oil and Gas, with which the claimant had farmed the relevant exploration block.
Rights under an ultra-deep offshore production sharing agreement concluded between Nigeria's national oil company and the claimant. Discontinued Nigeria Netherlands Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Fernández-Armesto, J. - President

Elaraby, N. - President (replaced)

Park, W. W. - Claimant

Gharavi, H. G. - Respondent
1800.00 mln USD Data not available Data not available Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance of the proceeding issued by the Tribunal dated 1 August 2011, pursuant to ICSID Arbitration Rule 43(1) None None None None None None
112 2006 Azpetrol v. Azerbaijan Azpetrol International Holdings B.V., Azpetrol Group B.V. and Azpetrol Oil Services Group B.V. v. Republic of Azerbaijan (ICSID Case No. ARB/06/15) The Energy Charter Treaty (1994) ICSID ICSID Investment: Shareholding in the Dutch-incorporated companies Azpetrol Group and Azpetrol Oil Services Group, engaged in oil and gas distribution, trade, storage and transportation activities.

Summary: Claims arising out of Azpetrol International Holdings’s loss of its shares in Azpetrol Group and Azpetrol Oil Services Group, after an Azerbaijan court decided the original purchase contract had been ineffective, and returned the shares to their former owner.
Shareholding in the Dutch-incorporated companies Azpetrol Group and Azpetrol Oil Services Group, engaged in oil and gas distribution, trade, storage and transportation activities. Decided in favour of State Azerbaijan Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply

Tertiary: H - Transportation and storage

Tertiary: H - Transportation and storage
35 - Electricity, gas, steam and air conditioning supply

49 - Land transport and transport via pipelines

52 - Warehousing and support activities for transportation
Feliciano, F. P. - President

Watts, A. - President (replaced)

Brower, C. N. - Claimant

Greenwood, C. - Respondent
300.00 mln USD Data not available Indirect expropriation

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

Transfer of funds

Arbitrary, unreasonable and/or discriminatory measures

Other
None - jurisdiction declined Award dated 8 September 2009 None None None None None None
113 2006 Oostergetel v. Slovakia Jan Oostergetel and Theodora Laurentius v. The Slovak Republic Netherlands - Slovakia BIT (1991) UNCITRAL None Investment: Majority shareholding in a yarn and thread manufacturing enterprise, Bratislavská cvernová továreň (BCT) that had been privatised by the Government.

Summary: Claims arising out of alleged actions and omissions by the Slovak authorities that resulted in BCT's bankruptcy, including actions taken by a Bratislava court and the local tax office.
Majority shareholding in a yarn and thread manufacturing enterprise, Bratislavská cvernová továreň (BCT) that had been privatised by the Government. Decided in favour of State Slovakia Netherlands Secondary: C - Manufacturing 13 - Manufacture of textiles Kaufmann-Kohler, G. - President

Briner, R. - President (replaced)

Wladimiroff, M. - Claimant

Trapl, V. - Respondent
1359.00 mln SKK (63.00 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 - all claims dismissed at the merits stage Decision on Jurisdiction dated 30 April 2010

Final Award dated 23 April 2012
None None None None None None
114 2006 Rail World v. Estonia Rail World LLC and others v. Republic of Estonia (ICSID Case No. ARB/06/6) Estonia - Netherlands BIT (1992)

Estonia - United States of America BIT (1994)
ICSID ICSID Investment: Rights under an operations contract concluded with the State concerning railway related services.

Summary: Claims arising out of Estonia's renationalisation of its national railway, which allegedly reversed a planned privatisation and modified claimants' rail operations contract.
Rights under an operations contract concluded with the State concerning railway related services. Settled Estonia Netherlands

United States of America
Tertiary: F - Construction 42 - Civil engineering Kaufmann-Kohler, G. - President

Böckstiegel, K.-H. - Claimant

Gaillard, E. - Respondent

Raeside, M. - Respondent (replaced)
440.00 mln USD 200.00 mln USD Data not available Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance issued by the Tribunal dated 5 February 2007, pursuant to Arbitration Rule 43(1) None None None None None None
115 2006 Rompetrol v. Romania The Rompetrol Group N.V. v. Romania (ICSID Case No. ARB/06/3) Netherlands - Romania BIT (1994) ICSID ICSID Investment: Controlling shareholding in Rompetrol Rafinare S.A., a privatised Romanian company which owned and operated an oil refinery and petrochemical complex.

Summary: Claims arising out of investigations undertaken by Romanian anti-corruption and criminal prosecution authorities relating to the privatisation of an oil refinery company, shortly after the sale of the controlling shares to the claimant, allegedly including the arrest, detention, travel-ban and wire-tapping of key company's executives.
Controlling shareholding in Rompetrol Rafinare S.A., a privatised Romanian company which owned and operated an oil refinery and petrochemical complex. Decided in favour of neither party (liability found but no damages awarded) Romania Netherlands Secondary: C - Manufacturing 19 - Manufacture of coke and refined petroleum products Berman, F. - President

Donovan, D. - Claimant

Lalonde, M. - Respondent
100.00 mln USD 0.00 mln USD Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Arbitrary, unreasonable and/or discriminatory measures

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

Full protection and security, or similar

Arbitrary, unreasonable and/or discriminatory measures

Other
Decision on Respondent’s Preliminary Objections on Jurisdiction and Admissibility dated 18 April 2008

Award dated 6 May 2013
None None None None None None
116 2006 Shell v. Nicaragua Shell Brands International AG and Shell Nicaragua S.A. v. Republic of Nicaragua (ICSID Case No. ARB/06/14) Netherlands - Nicaragua BIT (2000) ICSID ICSID Investment: Intellectual property rights, i.e. trademarks concerning the Shell logo and brand name in Nicaragua.

Summary: Claims arising out of Nicaragua's alleged seizure of trademarks of the investors after a local court issued a USD 489 million judgment against Shell Oil in a class action suit by former banana workers, which had alleged damages arising from a myriad of health effects linked to banana pesticides supposedly supplied by Shell Oil.
Intellectual property rights, i.e. trademarks concerning the Shell logo and brand name in Nicaragua. Settled Nicaragua Netherlands Secondary: C - Manufacturing 20 - Manufacture of chemicals and chemical products Tribunal not constituted Data not available Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance issued by the Secretary-General dated 12 March 2007, pursuant to ICSID Arbitration Rule 44 None None None None None None
117 2005 Funnekotter v. Zimbabwe Bernardus Henricus Funnekotter and others v. Republic of Zimbabwe (ICSID Case No. ARB/05/6) Netherlands - Zimbabwe BIT (1996) ICSID ICSID Investment: Direct and indirect ownership of large commercial farms in Zimbabwe.

Summary: Claims arising out of the enactment of a Land Acquisition Act and other measures authorizing the Government to acquire compulsorily any rural land when the acquisition was deemed necessary for agricultural settlement purposes under which the claimants' properties were allegedly expropriated without compensation, including the presence of war veterans and settlers that forced the claimants to vacate their farms.
Direct and indirect ownership of large commercial farms in Zimbabwe. Decided in favour of investor Zimbabwe Netherlands Primary: A - Agriculture, forestry and fishing 1 - Crop and animal production, hunting and related service activities Guillaume, G. - President

Cass, R. A. - Claimant

Wasi Zafar, M. - Respondent
12.40 mln EUR (15.60 mln USD) 8.20 mln EUR (10.60 mln USD) Direct expropriation

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

Full protection and security, or similar

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Direct expropriation Award dated 22 April 2009 None None None None None None
118 2005 I&I Beheer v. Venezuela I&I Beheer B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/05/4) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Ownership of promissory notes originally issued by a Venezuelan State-owned bank.

Summary: Claims arising out of the alleged non-payment of two promissory notes acquired by the claimant that had been originally issued in 1981 by Venezuela's State-owned agricultural development bank, Bandagro.
Ownership of promissory notes originally issued by a Venezuelan State-owned bank. Discontinued Venezuela, Bolivarian Republic of Netherlands Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Böckstiegel, K.-H. - President

Brower, C. N. - Claimant

Dupuy, P.-M. - Respondent
300.00 mln USD Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance issued by the Tribunal dated 28 December 2007, pursuant to Article 44 of the ICSID Convention None None None None None None
119 2005 K+ VP v. Czech Republic K+ Venture Partners v. Czech Republic Czech Republic - Netherlands BIT (1991) UNCITRAL None Investment: Ownership of local subsidiary that had contracted with the Czech Ministry of Local Development for investment in local businesses.

Summary: Claims arising out of the termination of a contract concluded between the Dutch firm's Czech subsidiary and Czech authorities despite allegedly achieving the agreed results, and involving unpaid contractual premium for administration of certain public funds.
Ownership of local subsidiary that had contracted with the Czech Ministry of Local Development for investment in local businesses. Settled Czechia Netherlands Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Sachs, K. - President

Reichert, K. - Unknown

Wälde, T. W. - Unknown
140.00 mln CZK (7.60 mln USD) Data not available Data not available Not applicable - settled or discontinued before decision on liability Data not available Data not available None None None None None
120 2005 Mittal v. Czech Republic Mittal Steel Company N.V. v. Czech Republic Czech Republic - Netherlands BIT (1991) UNCITRAL None Investment: Production and distribution of basic metals, including steel and iron.

Summary: Claims arising out of the respondent's alleged discriminatory treatment to the investor in connection with the privatization of the local steel enterprise Vitkovice Steel; particularly, the exclusion of the claimant from bidding on Vitkovice.
Production and distribution of basic metals, including steel and iron. Settled Czechia Netherlands Secondary: C - Manufacturing 24 - Manufacture of basic metals Steyn, J. - President

Bernardini, P. - Unknown

Greenwood, C. - Unknown
1400.00 mln USD Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures
Not applicable - settled or discontinued before decision on liability Data not available Data not available None None None None None
121 2005 TSA Spectrum v. Argentina TSA Spectrum de Argentina S.A. v. Argentine Republic (ICSID Case No. ARB/05/5) Argentina - Netherlands BIT (1992) ICSID ICSID Investment: Ownership of local subsidiary that had concluded a contract with Argentina's telecommunications authority for the administration, management and control of the radio spectrum.

Summary: Claims arising out of the termination of the concession contract entered into with the claimant through a resolution deciding that the national's telecommunications authority would operate the installations and assets that were the object of the contract due to the investor's alleged illicit enrichment.
Ownership of local subsidiary that had concluded a contract with Argentina's telecommunications authority for the administration, management and control of the radio spectrum. Decided in favour of State Argentina Netherlands Tertiary: J - Information and communication 61 - Telecommunications Danelius, H. - President

Aldonas, G. D. - Claimant

Abi-Saab, G. - Respondent
Data not available Data not available Indirect expropriation

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

Full protection and security, or similar

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
None - jurisdiction declined Award dated19 December 2008 Dissenting Opinion of Arbitrator Grant D. Aldonas (Award)

Concurring Opinion of Arbitrator Georges Abi-Saab (Award)
None None None None None
122 2004 ABCI Investments v. Tunisia ABCI Investments Limited v. Republic of Tunisia (ICSID Case No. ARB/04/12) Netherlands - Tunisia BIT (1963)

Netherlands - Tunisia BIT (1998)
ICSID ICSID Investment: Acquisition of shares in a banking institution.

Summary: Claims arising out of the alleged takeover of claimant's controlling stake in a French-Tunisian bank by duress, including criminal proceedings against shareholders taken by the respondent following claimant's attempts to enforce an ICC award.
Acquisition of shares in a banking institution. Decided in favour of State Tunisia Netherlands Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Orrego Vicuña, F. - President (replaced)

Bernardini, P. - Claimant (replaced)

Kaufmann-Kohler, G. - Respondent (replaced)

Stern, B. - Respondent (replaced)

Hanotiau, B. - President

Fortier, L. Y. - Claimant

Tercier, P. - Respondent
Data not available 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 Decision on Jurisdiction dated 18 February 2011

Decision on Liability dated 17 July 2017

Award dated 22 December 2023
Dissenting Opinion of Professor Brigitte Stern (Decision on Jurisdiction) None None None None None
123 2004 ABN Amro v. India ABN Amro N.V. v. Republic of India India - Netherlands BIT (1995) UNCITRAL None Investment: Creditor of loans associated with the financing of the Dabhol energy project in Maharashtra, India.

Summary: Claims arising out of respondent's alleged failure to protect the investor's loans in the Dabhol combined cycle power plant project in India, the default of which resulted in significant losses to the claimant's financing of the failed project.
Creditor of loans associated with the financing of the Dabhol energy project in Maharashtra, India. Settled India Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Schreuer, C. H. - Unknown

Greenwood, C. - Unknown

Name not available - President
42.80 mln USD Non-pecuniary relief Data not available Not applicable - settled or discontinued before decision on liability Data not available Data not available Data not available Data not available Data not available Data not available Data not available
124 2004 Eastern Sugar v. Czech Republic Eastern Sugar B.V. v. The Czech Republic (SCC Case No. 088/2004) Czech Republic - Netherlands BIT (1991) UNCITRAL SCC Investment: Interests in local sugar producing facilities.

Summary: Claims arising out of various regulatory sugar regimes put in place by the respondent from 2000 onwards; particularly, the Czech Republic’s allocation of sugar quotas based on the European Union’s agricultural quota system that allegedly affected the claimant's investments.
Interests in local sugar producing facilities. Decided in favour of investor Czechia Netherlands Secondary: C - Manufacturing 10 - Manufacture of food products Karrer, P. A. - President

Volterra, R. - Claimant

Gaillard, E. - Respondent
88.50 mln EUR (113.10 mln USD) 25.40 mln EUR (33.70 mln USD) Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures
Final Award dated 12 April 2007

Partial Award dated 27 March 2007
Partial Dissenting Opinion of Robert Volterra (Final Award) None None None None None
125 2004 Interbrew v. Slovenia Interbrew v. Slovenia (ICSID Case No. ARB/04/17) Netherlands - Slovenia BIT (1996) ICSID ICSID Investment: Minority shareholding in the second largest local brewer company.

Summary: Claims arising out of the alleged role of the Slovenian Government concerning the acquisition of equity interests in the second largest local brewer Pivovarna Union.
Minority shareholding in the second largest local brewer company. Settled Slovenia Netherlands Secondary: C - Manufacturing 11 - Manufacture of beverages Orrego Vicuña, F. - President

Brower, C. N. - Claimant

Feliciano, F. P. - Respondent
Data not available 70.70 mln USD Data not available Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance issued by the Tribunal dated 18 July 2005, pursuant to ICSID Arbitration Rule 44 None None None None None None
126 2004 Offshore Power v. India Offshore Power Production C.V., Travamark Two B.V., EFS India-Energy B.V., Enron B.V., and Indian Power Investments B.V. v. Republic of India India - Netherlands BIT (1995) UNCITRAL None Investment: Majority shareholding, through subsidiary company, of the Indian Dabhol Power Company.

Summary: Claims arising out of respondent alleged failure to protect claimants' investment in the Dabhol power plant project in India, which resulted in significant losses to the claimants' financing of the failed project.
Majority shareholding, through subsidiary company, of the Indian Dabhol Power Company. Settled India Netherlands Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Lalonde, M. - Unknown

Cooke, L. - Unknown

Name not available - President
4000.00 mln USD Non-pecuniary relief Data not available Not applicable - settled or discontinued before decision on liability Data not available Data not available Data not available Data not available Data not available Data not available Data not available
127 2004 Trinh and Binh Chau v. Viet Nam (I) Trinh Vinh Binh and Binh Chau Joint Stock Company v. Socialist Republic of Viet Nam (I) Netherlands - Viet Nam BIT (1994) UNCITRAL SCC Investment: Ownership of a food-processing factory, a garment factory and various tourism assets.

Summary: Claims arising out of the alleged unlawful confiscation of real estate and other claimants' assets without compensation, including the criminal conviction of Mr. Trinh.
Ownership of a food-processing factory, a garment factory and various tourism assets. Settled Viet Nam Netherlands Secondary: C - Manufacturing

Tertiary: L - Real estate activities
10 - Manufacture of food products

68 - Real estate activities
Baker, C. M. - President

Hobér, K. - Unknown

Stern, B. - Unknown
100.00 mln USD Data not available Direct expropriation Not applicable - settled or discontinued before decision on liability Award dated 14 March 2007 None None None None None None
128 2003 Eureko v. Poland Eureko B.V. v. Republic of Poland Netherlands - Poland BIT (1992) UNCITRAL None Investment: Shareholding in an insurance enterprise owned by the Polish State Treasury.

Summary: Claims arising out of the privatisation of a Polish insurance company and subsequent alleged actions by the Minister of the State Treasury of Poland which negatively affected the corporate governance of the company in which the claimants had invested.
Shareholding in an insurance enterprise owned by the Polish State Treasury. Settled Poland Netherlands Tertiary: K - Financial and insurance activities 65 - Insurance, reinsurance and pension funding, except compulsory social security Fortier, L. Y. - President

Schwebel, S. M. - Claimant

Rajski, J. - Respondent
10000.00 mln USD 12750.00 mln PLN (4379.00 mln USD) Indirect expropriation

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

Full protection and security, or similar

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Indirect expropriation

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

Umbrella clause

Arbitrary, unreasonable and/or discriminatory measures
Partial Award dated 19 August 2005 Dissenting Opinion of Mr. Jerzy Rajski (Partial Award) Judicial review by national courts Award/decision upheld (Judicial review by national courts) Setting Aside of Award, Judgment of Court of First Instance of Brussels dated 23 November 2006 (Judicial review by national courts) None None
129 2002 Aguas del Tunari v. Bolivia Aguas del Tunari S.A. v. Republic of Bolivia (ICSID Case No. ARB/02/3) Bolivia, Plurinational State of - Netherlands BIT (1992) ICSID ICSID Investment: Rights under a concession contract for the provision of water and sewerage services to the City of Cochabamba, Bolivia.

Summary: Claims arising out of alleged actions and omissions of the government leading up to the rescission of a concession agreement entered into with the claimant.
Rights under a concession contract for the provision of water and sewerage services to the City of Cochabamba, Bolivia. Settled Bolivia, Plurinational State of Netherlands Tertiary: E - Water supply; sewerage, waste management and remediation activities

Tertiary: E - Water supply; sewerage, waste management and remediation activities
36 - Water collection, treatment and supply

37 - Sewerage
Caron, D. D. - President

Álvarez, H. C. - Claimant

Alberro-Semerena, J. L. - Respondent
50.00 mln USD Data not available Unclear Not applicable - settled or discontinued before decision on liability Decision on Jurisdiction dated 21 October 2005

Order taking note of the discontinuance issued by the Tribunal dated 28 March 2006, pursuant to ICSID Arbitration Rule 44
Dissenting Declaration of Jose Luis Alberro-Semerena (Decision on Jurisdiction) None None None None None
130 2001 Saluka v. Czech Republic Saluka Investments BV v. The Czech Republic Czech Republic - Netherlands BIT (1991) UNCITRAL PCA Investment: Ownership of a controlling block of shares from the Czech state-owned bank IPB.

Summary: Claims arising out of the imposition of a forced administration upon the investor's banking enterprise by the Czech National Bank.
Ownership of a controlling block of shares from the Czech state-owned bank IPB. Settled Czechia Netherlands Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Watts, A. - President

Lauterpacht, E. - President (replaced)

Fortier, L. Y. - Claimant

Price, D. M. - Claimant (replaced)

Behrens, P. - Respondent
1900.00 mln USD 6000.00 mln CZK (281.00 mln USD) Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on Jurisdiction over the Czech Republic's Counterclaim dated 7 May 2004

Partial Award dated 17 March 2006
None Judicial review by national courts Award/decision upheld (Judicial review by national courts) Decision of the Swiss Federal Tribunal dated 7 September 2006 (Judicial review by national courts) None None
131 2000 CME v. Czech Republic CME Czech Republic B.V. v. The Czech Republic Czech Republic - Netherlands BIT (1991) UNCITRAL None Investment: Ownership interest in broadcasting company holding an exclusive broadcasting license; assets including tangible (buildings, studio equipment) and intangible (intellectual property rights) property.

Summary: Claims arising out of actions and omissions attributed to the Media Council, an organ of the Czech Republic that allegedly commercially destroyed the broadcasting station operator which was partly owned by the investor.
Ownership interest in broadcasting company holding an exclusive broadcasting license; assets including tangible (buildings, studio equipment) and intangible (intellectual property rights) property. Decided in favour of investor Czechia Netherlands Tertiary: J - Information and communication 60 - Programming and broadcasting activities Kühn, W. - President

Schwebel, S. M. - Claimant

Hándl, J. - Respondent
495.20 mln USD 270.00 mln USD Indirect expropriation

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

Full protection and security, or similar

Arbitrary, unreasonable and/or discriminatory measures
Indirect expropriation

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

Full protection and security, or similar

Arbitrary, unreasonable and/or discriminatory measures
Partial Award dated 13 September 2001

Final Award dated 14 March 2003
Dissenting opinion of the Arbitrator JUDr Jaroslav Hándl (Partial Award) Judicial review by national courts Award/decision upheld (Judicial review by national courts) Challenge of Arbitral Award, Judgment of SVEA Court of Appeal published at 42 ILM 919, dated 15 May 2003 (Judicial review by national courts) None None
132 1996 FEDAX v. Venezuela FEDAX N.V. v. The Republic of Venezuela (ICSID Case No. ARB/96/3) Netherlands - Venezuela, Bolivarian Republic of BIT (1991) ICSID ICSID Investment: Ownership of government promissory notes.

Summary: Claims arising out of the alleged lack of payment of certain debt instruments issued by the Government which were assigned by way of endorsement to the claimant.
Ownership of government promissory notes. Decided in favour of investor Venezuela, Bolivarian Republic of Netherlands Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Orrego Vicuña, F. - President

Heth, M. - Claimant

Owen, B. R. - Respondent
0.60 mln USD 0.60 mln USD Umbrella clause Umbrella clause Decision on Jurisdiction dated 11 July 1997

Award dated 9 March 1998
None None None None None None