France

France

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 2021 Severgroup and KN v. France Severgroup and KN Holdings v. French Republic France - Russian Federation BIT (1989) UNCITRAL Data not available Investment:

Summary:
Pending France Russian Federation 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 2013 Serter v. France Erbil Serter v. French Republic (ICSID Case No. ARB/13/22) France - Turkey BIT (2006) ICSID ICSID Investment: Intellectual property rights concerning the design of advanced hull forms.

Summary: Claims arising out of disagreements over certain ship hull design related to Mr. Serter's experience, as ship designer and architect, in research, development and design of advanced hull forms.
Intellectual property rights concerning the design of advanced hull forms. Discontinued France Türkiye Tertiary: H - Transportation and storage

Tertiary: M - Professional, scientific and technical activities
50 - Water transport

71 - Architectural and engineering activities; technical testing and analysis
Gharavi, H. G. - Claimant

Clay, T. - Respondent

Name not available - 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 pursuant to ICSID Arbitration Rule 45 dated 2 March 2018 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 2021 ADP and Vinci Airports v. Chile ADP International S.A. and Vinci Airports S.A.S. v. Republic of Chile (ICSID Case No. ARB/21/40) Chile - France BIT (1992) ICSID ICSID Investment:

Summary:
Pending Chile France Tertiary: F - Construction 41 - Construction of buildings 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 2021 Finetis v. Morocco Finetis SARL and Finetis Maroc SA v. Kingdom of Morocco (ICSID Case No. ARB/21/44) France - Morocco BIT (1996) ICSID ICSID Investment:

Summary:
Pending Morocco France Tertiary: J - Information and communication 61 - Telecommunications Data not available Data not available Data not available Data not available Pending Data not available Data not available None None None None None
3 2021 HeidelbergCement and others v. Egypt HeidelbergCement AG, HeidelbergCement France S.A.S., Italcementi S.P.A., Ciments Français S.A.S. v. Arab Republic of Egypt (ICSID Case No. ARB/21/50) Egypt - Germany BIT (2005)

Egypt - France BIT (1974)

Egypt - Italy BIT (1989)
ICSID ICSID Investment:

Summary:
Pending Egypt Germany

France

Italy
Secondary: C - Manufacturing 23 - Manufacture of other non-metallic mineral products Data not available Data not available Data not available Data not available Pending Data not available Data not available None None None None None
4 2021 Vicat v. Egypt Vicat S.A. v. Arab Republic of Egypt (ICSID Case No. ARB/21/35) Egypt - France BIT (1974) ICSID ICSID Investment: Majority shareholding in Sinaï Cement Company.

Summary: Claims arising out of the Government’s alleged attempts to force the claimant to reduce its majority shareholding in Sinaï Cement Company by blocking Sinaï Cement’s management processes and operations. According to the claimant, Sinaï Cement faced a deadlock due to Government authorities’ interpretation of the legislation on foreign interests in the Sinai region.
Majority shareholding in Sinaï Cement Company. Pending Egypt France Secondary: C - Manufacturing 23 - Manufacture of other non-metallic mineral products Name not available - President

Radicati di Brozolo, L. - Claimant

Griffith, G. - Respondent
Data not available Data not available Data not available Pending Data not available Data not available None None None None None
5 2021 VINCI v. Peru VINCI Highways SAS and VINCI Concessions SAS v. Republic of Peru (ICSID Case No. ARB/21/60) France - Peru BIT (1993) ICSID ICSID Investment:

Summary:
Pending Peru France Tertiary: F - Construction 42 - Civil engineering Data not available Data not available Data not available Data not available Pending Data not available Data not available None None None None None
6 2020 JCDecaux v. Czechia JCDecaux SA v. Czech Republic (ICSID Case No. ARB/20/33) Czech Republic - France BIT (1990) ICSID ICSID Investment: Indirect shareholding of 70 per cent in local advertising enterprise RENCAR, via Austrian group company Gewista.

Summary: Claims arising out of the termination by a publicly owned company, Transport Enterprises of the City of Prague (Dopravní podnik hl. m. Prahy), of a rental agreement for advertising spaces with RENCAR.
Indirect shareholding of 70 per cent in local advertising enterprise RENCAR, via Austrian group company Gewista. Pending Czechia France Tertiary: M - Professional, scientific and technical activities 73 - Advertising and market research Hobér, K. - Claimant

Vinuesa, R. E. - Respondent

Mance, J. - President
40.00 mln EUR (43.30 mln USD) Data not available Data not available Pending None None None None None None None
7 2020 Kiwan v. Kuwait Bachar Kiwan v. State of Kuwait (ICSID Case No. ARB/20/53) France - Kuwait BIT (1989) ICSID ICSID Investment: Indirect shareholding of 45% in Al Waseet International Group, a group of companies in the publishing and media sector, via a holding company.

Summary: Claims arising out of the Government’s alleged seizure of the claimant’s investments following criminal investigations on fraud charges and the claimant's imprisonment.
Indirect shareholding of 45% in Al Waseet International Group, a group of companies in the publishing and media sector, via a holding company. Pending Kuwait France Tertiary: J - Information and communication 58 - Publishing activities Miles, W. J. - President

Hanotiau, B. - Claimant

Vinuesa, R. E. - Respondent
493.00 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

Other
Pending None None None None None None None
8 2020 Orange v. Iraq Orange S.A. v. Republic of Iraq (ICSID Case No. ARB/20/42) France - Iraq BIT (2010) ICSID ICSID Investment: Shareholding in Korek Telecom, a telecommunications company.

Summary: Claims arising out of a regulatory agency’s decision to annul the claimant’s acquisition of shares in Korek Telecom and the Government’s order to transfer these shares back to the original Iraqi shareholders without paying compensation to the claimant.
Shareholding in Korek Telecom, a telecommunications company. Pending Iraq France Tertiary: J - Information and communication 61 - Telecommunications Hosking, J. - President

Grigera Naón, H. A. - Claimant

von Wobeser, C. - Respondent
500.00 mln USD Data not available Data not available Pending None None None None None None None
9 2019 Société Générale v. Croatia Société Générale S.A. v. Republic of Croatia (ICSID Case No. ARB/19/33) Croatia - France BIT (1996) ICSID ICSID Investment:

Summary:
Pending Croatia France Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Tercier, P. - President (replaced)

Bermann, G. - Claimant

Mak, V. - Respondent

Villanúa Gómez, D. - President
Data not available Data not available Data not available Pending Data not available Data not available None None None None None
10 2018 Doutremepuich v. Mauritius Christian Doutremepuich and Antoine Doutremepuich v. Mauritius (PCA Case No. 2018-37) France - Mauritius BIT (1973) UNCITRAL PCA Investment: Ownership of three locally incorporated enterprises for the construction and operation of a forensic DNA and paternity testing laboratory in Mauritius.

Summary: Claims arising out of the termination by the Government of the claimants’ project to open a new medical laboratory, after the Government had initially approved the project.
Ownership of three locally incorporated enterprises for the construction and operation of a forensic DNA and paternity testing laboratory in Mauritius. Decided in favour of State Mauritius France Tertiary: Q - Human health and social work activities 86 - Human health activities Scherer, M. - President

Caprasse, O. - Claimant

Paulsson, J. - Respondent
11.60 mln EUR (14.30 mln USD) Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims None - jurisdiction declined Award on Jurisdiction dated 23 August 2019 None None None None None None
11 2018 SAUR and STEREAU v. Algeria SAUR and STEREAU v. People’s Democratic Republic of Algeria (ICSID Case No. ARB/18/44) Algeria - France BIT (1993) ICSID ICSID Investment:

Summary:
Discontinued Algeria France Tertiary: E - Water supply; sewerage, waste management and remediation activities 36 - Water collection, treatment and supply Malintoppi, L. - President

Alexandrov, S. A. - Claimant

Hafez, K. - 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 44 dated 7 February 2020 None None None None None None
12 2018 Veolia Propreté v. Italy Veolia Propreté SAS v. Italian Republic (ICSID Case No. ARB/18/20) The Energy Charter Treaty (1994) ICSID ICSID Investment:

Summary:
Pending Italy France Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Zuleta, E. - President

Gill, J. - Claimant

Boisson de Chazournes, L. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
13 2017 Eutelsat v. Mexico Eutelsat S.A. v. United Mexican States (ICSID Case No. ARB(AF)/17/2) France - Mexico BIT (1998) ICSID AF ICSID Investment: Ownership of Satélites Mexicanos (Satmex), a Mexican company that operates telecom satellites, allegedly acquired for USD 831 million.

Summary: Claims arising out of a regulatory requirement to reserve a certain amount of megahertz of satellite companies’ overall capacity for Government use; the claimant alleges that Satmex has been required to provide a greater amount of megahertz to the State than its competitors.
Ownership of Satélites Mexicanos (Satmex), a Mexican company that operates telecom satellites, allegedly acquired for USD 831 million. Decided in favour of State Mexico France Tertiary: J - Information and communication 61 - Telecommunications Bullard, A. - President

Orrego Vicuña, F. - Claimant (replaced)

Kohen, M. G. - Respondent

Tawil, G. S. - Claimant
Data not available Data not available Data not available None - all claims dismissed at the merits stage Award dated 15 September 2021 None None None None None None
14 2017 MAKAE v. Saudi Arabia MAKAE Europe SARL v. Kingdom of Saudi Arabia (ICSID Case No. ARB/17/42) France - Saudi Arabia BIT (2002) ICSID ICSID Investment: Investments in Saudi Arabia’s fashion retail sector.

Summary: Claims arising out of allegedly systematic and unwarranted harassment by the Government that led to the alleged destruction of the claimant’s fashion retail business in the country.
Investments in Saudi Arabia’s fashion retail sector. Decided in favour of State Saudi Arabia France Tertiary: G - Wholesale and retail trade; repair of motor vehicles and motorcycles 47 - Retail trade, except of motor vehicles and motorcycles Crook, J. R. - President

Van Houtte, V. - Claimant

Hafez, K. - Respondent
570.60 mln USD Data not available Indirect expropriation

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

National treatment

Most-favoured nation treatment

Arbitrary, unreasonable and/or discriminatory measures
None - jurisdiction declined Award dated 30 August 2021 None None None None None None
15 2017 Sastre and others v. Mexico Carlos Esteban Sastre and others v. United Mexican States (ICSID Case No. UNCT/20/2) Argentina - Mexico BIT (1996)

France - Mexico BIT (1998)

Mexico - Portugal BIT (1999)

NAFTA (1992)
UNCITRAL ICSID Investment: Investments in boutique hotels.

Summary: Claims arising out of the alleged illegal seizure by municipal and federal officials of hotel properties in the Mexican state of Quintana Roo in which the claimants had invested. According to the claimants, the federal courts failed to remedy the alleged illegal dispossessions in subsequent local court proceedings.
Investments in boutique hotels. Pending Mexico Argentina

France

Portugal

Canada
Tertiary: I - Accommodation and food service activities 55 - Accommodation Data not available 80.00 mln USD Data not available Direct expropriation

Indirect expropriation

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

Most-favoured nation treatment

Arbitrary, unreasonable and/or discriminatory measures
Pending None None None None None None None
16 2016 EDF v. Spain EDF Energies Nouvelles S.A. v. Kingdom of Spain The Energy Charter Treaty (1994) UNCITRAL Data not available Investment:

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.
Pending Spain France Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Data not available 52.80 mln EUR (61.30 mln USD) Data not available Data not available Pending Data not available Data not available None None None None None
17 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
18 2016 UAB and others v. Lithuania UAB Litesko, UAB Vilniaus Energija, Veolia Baltics and Eastern Europe S.A.S., Veolia Environnement S.A. v. Republic of Lithuania (ICSID Case No. ARB/16/3) France - Lithuania BIT (1992) ICSID ICSID Investment: Ownership of local subsidiaries in the heating and electrical power generation industry, Vilniaus Energija and Litesko.

Summary: Claims arising out allegedly unfair and discriminatory changes in laws and regulations.
Ownership of local subsidiaries in the heating and electrical power generation industry, Vilniaus Energija and Litesko. Pending Lithuania France Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Lévy, L. - President

Orrego Vicuña, F. - Claimant (replaced)

Landau, T. - Respondent

Haigh, D. - Claimant
100.00 mln EUR (108.50 mln USD) Data not available Data not available Pending None None None None None None None
19 2015 Aboukhalil v. Senegal Ibrahim Aboukhalil v. Senegal France - Senegal BIT (2007) UNCITRAL Data not available Investment:

Summary:
Decided in favour of investor Senegal France Data not available Data not available Teynier, E. - Claimant

Stern, B. - Respondent

Aynès, L. - President
Data not available 243.30 mln EUR (270.60 mln USD) Indirect expropriation

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
Award dated 24 October 2019 None Judicial review by national courts Award/decision upheld (Judicial review by national courts) Judgment of the Paris Court of Appeal dated 12 October 2021 (French) (Judicial review by national courts)

Judgment of the Paris Court of Appeal dated 12 October 2021 (English) (Judicial review by national courts)
None None
20 2015 Cube Infrastructure and others v. Spain Cube Infrastructure Fund SICAV and others v. Kingdom of Spain (ICSID Case No. ARB/15/20) The Energy Charter Treaty (1994) ICSID ICSID Investment: Majority shareholding (66.5 per cent) in a Madrid-based renewable energy company, RPI.

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.
Majority shareholding (66.5 per cent) in a Madrid-based renewable energy company, RPI. Decided in favour of investor Spain France

Luxembourg
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Spigelman, J. - Claimant

Lowe, V. - President

Tomuschat, C. - Respondent
74.10 mln EUR (83.50 mln USD) 33.70 mln EUR (38.00 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
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on Jurisdiction, Liability and Partial Decision on Quantum dated 19 February 2019

Award dated 15 July 2019
Separate and Partial Dissenting Opinion by Christian Tomuschat ICSID annulment proceedings Pending (ICSID annulment proceedings) None None van Haersolte-Van Hof, J. J. - President

Castellanos Howell, A. R. - Member

Feighery, T. J. - Member
21 2015 Orange SA v. Jordan Orange SA v. Hashemite Kingdom of Jordan (ICSID Case No. ARB/15/10) France - Jordan BIT (1978) ICSID ICSID Investment: Majority shareholding in the Jordanian telecommunications company Orange S.A.

Summary: Claims arising out of the alleged discriminatory State actions in the procedure of renewal of the 15-year 2G license of the claimant's local subsidiary Orange S.A., the formerly state-owned Jordan Telecommunications Company (JTC).
Majority shareholding in the Jordanian telecommunications company Orange S.A. Settled Jordan France Tertiary: J - Information and communication 61 - Telecommunications Veeder, V. V. - President

Douglas, Z. - Respondent

Tschanz, P.-Y. - Claimant
Data not available Non-pecuniary relief Data not available Not applicable - settled or discontinued before decision on liability None None None None None None None
22 2015 Pugachev v. Russia Sergei Viktorovich Pugachev v. The Russian Federation France - Russian Federation BIT (1989) UNCITRAL None Investment: Investments in a real estate development company; majority shareholdings in two shipbuilding enterprises and in a construction bureau; rights to develop and mine the coking coal deposit in the Tuva region of Russia; ownership of 167 land plots, and other investments.

Summary: Claims arising out of alleged expropriation by the government of the claimant’s various assets in Russia, civil and criminal proceedings instigated against the claimant and damage to other investments allegedly inflicted by the government.
Investments in a real estate development company; majority shareholdings in two shipbuilding enterprises and in a construction bureau; rights to develop and mine the coking coal deposit in the Tuva region of Russia; ownership of 167 land plots, and other investments. Decided in favour of State Russian Federation France Tertiary: L - Real estate activities

Secondary: C - Manufacturing

Primary: B - Mining and quarrying

Secondary: C - Manufacturing
68 - Real estate activities

30 - Manufacture of other transport equipment

5 - Mining of coal and lignite

19 - Manufacture of coke and refined petroleum products
Clay, T. - Claimant

Zuleta, E. - President

Cremades, B. M. - Respondent
12000.00 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

Most-favoured nation treatment

Customary rules of international law
None - jurisdiction declined Award on Jurisdiction dated 18 June 2020 Dissenting Opinion by Thomas Clay Judicial review by national courts Pending (Judicial review by national courts) None None None
23 2015 Rawat v. Mauritius Dawood Rawat v. Republic of Mauritius (PCA Case No. 2016-20) France - Mauritius BIT (1973) UNCITRAL PCA Investment: Indirect controlling shareholding in an investment holding company (British American Investment Co. (Mtius) Ltd) with a subsidiary life insurance company (British American Insurance Company Ltd) and a bank (Bramer Banking Corporation Ltd).

Summary: Claims arising out of a series of measures taken by the government of Mauritius, allegedly including the illegal appointment of special administrators who took control over two insurance and banking companies as well as related companies in which the claimant held interests, and the subsequent transfer or sale of their assets to state-owned companies and third parties.
Indirect controlling shareholding in an investment holding company (British American Investment Co. (Mtius) Ltd) with a subsidiary life insurance company (British American Insurance Company Ltd) and a bank (Bramer Banking Corporation Ltd). Decided in favour of State Mauritius France Tertiary: K - Financial and insurance activities

Tertiary: K - Financial and insurance activities
64 - Financial service activities, except insurance and pension funding

65 - Insurance, reinsurance and pension funding, except compulsory social security
Honlet, J.-C. - Claimant

Reed, L. - President

Lowe, V. - Respondent
1000.00 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 dated 6 April 2018 None Judicial review by national courts Award/decision upheld (Judicial review by national courts) Judgment of the Brussels Court of First Instance dated 30 June 2021 (Judicial review by national courts) None None
24 2014 Blusun v. Italy Blusun S.A., Jean-Pierre Lecorcier and Michael Stein v. Italian Republic (ICSID Case No. ARB/14/3) The Energy Charter Treaty (1994) ICSID ICSID Investment: Interests in a photovoltaic energy generation project in Italy.

Summary: Claims arising out of Italy's modification to its solar power regime which reduced the level of feed-in-tariffs available in future, allegedly affecting claimants' investment in a photovoltaic energy generation project in that country.
Interests in a photovoltaic energy generation project in Italy. Decided in favour of State Italy Belgium

France

Germany
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Crawford, J. R. - President

Alexandrov, S. A. - Claimant

Dupuy, P.-M. - Respondent
187.80 mln EUR (196.30 mln USD) Data not available Indirect expropriation

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

Other
None - all claims dismissed at the merits stage Award dated 27 December 2016 None ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 13 April 2020 (ICSID annulment proceedings) None Khan, M. A. - Member

Shin, H.-T. - Member

Ramírez Hernández, R. - President

McRae, D. M. - President (replaced)
25 2014 LDA v. India Louis Dreyfus Armateurs SAS v. The Republic of India (PCA Case No. 2014-26) France - India BIT (1997) UNCITRAL PCA Investment: Shareholding in a joint venture with Indian port operator ABG Infralogistics to implement a project aimed at the mechanisation of berths at Haldia in West Bengal.

Summary: Claims arising out of a series of measures by the Indian Government that allegedly prevented the effective implementation of a joint venture related to a port modernization project at Haldia, in the city of Kolkota, in which the claimant held stakes; including allegedly failing to provide protection and security to the project, and to obey court orders concerning the removal of equipment from the port.
Shareholding in a joint venture with Indian port operator ABG Infralogistics to implement a project aimed at the mechanisation of berths at Haldia in West Bengal. Decided in favour of State India France Tertiary: H - Transportation and storage 52 - Warehousing and support activities for transportation Kalicki, J. E. - President

Lew, J. D. M. - Claimant

Thomas, J. C. - Respondent
36.00 mln USD Data not available Full protection and security, or similar None - all claims dismissed at the merits stage Decision on Jurisdiction dated 22 December 2015

Award dated 11 September 2018
None None None None None None
26 2014 Sodexo Pass v. Hungary Sodexo Pass International SAS v. Hungary (ICSID Case No. ARB/14/20) France - Hungary BIT (1986) ICSID ICSID Investment: Company engaged in the sale of social vouchers in Hungary.

Summary: Claims arising out of the enactment of legislation granting the Government a monopoly over the prepaid corporate vouchers industry, allegedly introducing a State-run voucher system with conditions more favourable than those granted to private operators.
Company engaged in the sale of social vouchers in Hungary. Decided in favour of investor Hungary France Tertiary: N - Administrative and support service activities 82 - Office administrative, office support and other business support activities Park, W. W. - President

Carlevaris, A. - Claimant

Thomas, J. C. - Respondent
Data not available 73.00 mln EUR (83.30 mln USD) Indirect expropriation Indirect expropriation Award dated 28 January 2019 Separate and Dissenting Opinion of J. Christopher Thomas ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 7 May 2021 (ICSID annulment proceedings) None Jana Linetzky, A. - President

Onwuamaegbu, U. - Member

van Haersolte-Van Hof, J. J. - Member
27 2014 Uzan v. Turkey Cem Cenzig Uzan v. Republic of Turkey (SCC Case No. 2014/023) The Energy Charter Treaty (1994) SCC SCC Investment: Rights under electricity concessions held by claimant's companies ÇEAŞ and Kepez.

Summary: Claims arising out of the alleged termination by the Government of electricity concessions held by the claimant, as well as the seizure of the assets owned by claimant's electricity companies.
Rights under electricity concessions held by claimant's companies ÇEAŞ and Kepez. Decided in favour of State Türkiye France

United Kingdom
Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Cremades, B. M. - President

Carreau, D. - Claimant

Sands, P. - Respondent
2500.00 mln USD Data not available Data not available None - jurisdiction declined Award on Respondent’s Bifurcated Preliminary Objection dated 20 April 2016 Declaration of Philippe Sands Judicial review by national courts Award/decision upheld (Judicial review by national courts) Judgment of the Svea Court of Appeal dated 2018 (Judicial review by national courts) None None
28 2014 VICAT v. Senegal VICAT v. Republic of Senegal (ICSID Case No. ARB/14/19) France - Senegal BIT (2007) ICSID ICSID Investment: Operation of several cement production facilities in Senegal through Vicat's Senegalese wholly-owned subsidiary Sococim.

Summary: Claims arising out of an alleged more favourable treatment by the Government to a Nigerian-based company which was claimant's competitor in the cement production business, including the non-enforcement of environmental and other regulations, to the detriment of Vicat.
Operation of several cement production facilities in Senegal through Vicat's Senegalese wholly-owned subsidiary Sococim. Discontinued Senegal France Secondary: C - Manufacturing 23 - Manufacture of other non-metallic mineral products Sachs, K. - President

Polak, P. - Claimant

Legum, B. - Respondent
Data not available Data not available Most-favoured nation treatment Not applicable - settled or discontinued before decision on liability None None None None None None None
29 2013 Edenred v. Hungary Edenred S.A. v. Hungary (ICSID Case No. ARB/13/21) France - Hungary BIT (1986) ICSID ICSID Investment: Company engaged in the sale of social vouchers in Hungary.

Summary: Claims arising out of the enactment of legislation granting the Government a monopoly over the prepaid corporate vouchers industry, allegedly introducing a State-run voucher system with conditions more favourable than those granted to private operators.
Company engaged in the sale of social vouchers in Hungary. Decided in favour of investor Hungary France Tertiary: N - Administrative and support service activities 82 - Office administrative, office support and other business support activities Fernández-Armesto, J. - President

Orrego Vicuña, F. - Claimant (replaced)

Tschanz, P.-Y. - Claimant

von Wobeser, C. - Respondent
Data not available 23.00 mln EUR (24.30 mln USD) Indirect expropriation Indirect expropriation Decision on the Respondent’s preliminary objections pursuant to ICSID Arbitration Rule 41(5) dated 6 June 2014

Decision concerning the Respondent’s request to address the objections to jurisdiction as a preliminary question dated 16 October 2014

Award dated 13 December 2016

Decision on Revision dated 7 February 2019
None ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 9 March 2020 (ICSID annulment proceedings) None Verhoosel, G. - Member

Ufot, D. U. - Member

Low, L. A. - President

Tercier, P. - President (replaced)

Yusuf, A. A. - President (replaced)
30 2013 RECOFI v. Viet Nam RECOFI v. Viet Nam France - Viet Nam BIT (1992) UNCITRAL PCA Investment: Claims to money for outstanding payments concerning RECOFI's participation in a State-run food assistance programme.

Summary: Claims arising out of alleged outstanding payments by the Government concerning claimant's participation in an assistance programme that provided food and basic commodities to Viet Nam when the country faced food shortages in 1987.
Claims to money for outstanding payments concerning RECOFI's participation in a State-run food assistance programme. Decided in favour of State Viet Nam France Secondary: C - Manufacturing

Tertiary: G - Wholesale and retail trade; repair of motor vehicles and motorcycles
10 - Manufacture of food products

46 - Wholesale trade, except of motor vehicles and motorcycles
Hanotiau, B. - President

Alexandrov, S. A. - Claimant

Thomas, J. C. - Respondent
66.00 mln USD Data not available Data not available None - jurisdiction declined Final Award dated 28 September 2015 None Judicial review by national courts Award/decision upheld (Judicial review by national courts) Judgment of the Federal Supreme Court of Switzerland dated 20 September 2016 (Judicial review by national courts) None None
31 2013 Sorelec v. Libya Sorelec v. State of Libya (ICC Case No. 19329/MCP/DDA) France - Libya BIT (2004) ICC ICC Investment: Investments in the construction of schools, housing units and other buildings under a contract with a government entity.

Summary: Claims arising out of a government entity’s non-payment of amounts due under settlement agreements with the claimant related to a construction contract that the parties concluded in 1979.
Investments in the construction of schools, housing units and other buildings under a contract with a government entity. Decided in favour of investor Libya France Tertiary: F - Construction 41 - Construction of buildings Fortier, L. Y. - President

Hanotiau, B. - Claimant

Loquin, E. - Respondent
109.20 mln EUR (134.30 mln USD) 452.00 mln EUR (555.80 mln USD) Data not available Data not available Interim Award dated 20 December 2017

Final Award dated 10 April 2018
None Judicial review by national courts

Judicial review by national courts
Award/decision set aside in its entirety (Judicial review by national courts)

Award/decision set aside in its entirety (Judicial review by national courts)
Judgment of Paris Court of Appeal dated 17 November 2020 (I) (French) (Judicial review by national courts)

Judgment of Paris Court of Appeal dated 17 November 2020 (II) (French) (Judicial review by national courts)
None None
32 2013 UP and C.D Holding v. Hungary UP and C.D Holding Internationale v. Hungary (ICSID Case No. ARB/13/35) France - Hungary BIT (1986) ICSID ICSID Investment: Company engaged in the sale of social vouchers in Hungary.

Summary: Claims arising out of the enactment of legislation granting the Government a monopoly over the prepaid corporate vouchers industry, allegedly introducing a State-run voucher system with conditions more favorable than those granted to private operators.
Company engaged in the sale of social vouchers in Hungary. Decided in favour of investor Hungary France Tertiary: N - Administrative and support service activities 82 - Office administrative, office support and other business support activities Böckstiegel, K.-H. - President

Fortier, L. Y. - Claimant

Bethlehem, D. - Respondent
27.40 mln EUR (31.50 mln USD) 23.20 mln EUR (26.70 mln USD) Indirect expropriation

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

Arbitrary, unreasonable and/or discriminatory measures
Indirect expropriation Decision on Preliminary Issues of Jurisdiction dated 3 March 2016

Award dated 9 October 2018
None ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 11 August 2021 (ICSID annulment proceedings) None Ramírez Hernández, R. - President

Cooper-Rousseau, B. - Member

Wallgren-Lindholm, C. - Member
33 2012 Bidzina Ivanishvili v. Georgia Bidzina Ivanishvili v. Georgia (ICSID Case No. ARB/12/27) France - Georgia BIT (1997) ICSID ICSID Investment: Shareholding in two Georgian commercial banks: JSC Cartu Bank and JSC Progress Bank.

Summary: Claims arising out of legislative amendments passed by the Government that allegedly gave tax authorities priority over the secured claims of financial institutions, among other measures, which the claimant considered to be designed specifically to target the two commercial banks in which it had invested.
Shareholding in two Georgian commercial banks: JSC Cartu Bank and JSC Progress Bank. Discontinued Georgia France Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Tribunal not constituted 186.00 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

National treatment

Most-favoured nation treatment
Not applicable - settled or discontinued before decision on liability Procedural order issued by the Secretary-General taking note of the discontinuance of the proceeding dated 10 December 2012, pursuant to ICSID Arbitration Rule 44 None None None None None None
34 2012 Saint-Gobain v. Venezuela Saint-Gobain Performance Plastics Europe v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/12/13) France - Venezuela, Bolivarian Republic of BIT (2001) ICSID ICSID Investment: Shareholding in a local proppant manufacturing company.

Summary: Claims arising out of the Government's issuance of Decree no. 8.133 that expropriated Norpro de Venezuela, a local manufacturer of proppant (a type of material used in hydraulic fracturing of oil and gas wells) in which the claimant had invested.
Shareholding in a local proppant manufacturing company. Decided in favour of investor Venezuela, Bolivarian Republic of France Secondary: C - Manufacturing 32 - Other manufacturing Sachs, K. - President

Brower, C. N. - Claimant

Bottini, G. - Respondent
115.10 mln USD 29.60 mln USD Direct expropriation

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

Full protection and security, or similar
Direct expropriation Decision on Liability and the Principles of Quantum dated 30 December 2016

Award dated 3 November 2017
Concurring and Dissenting Opinion of Charles N. Brower ICSID annulment proceedings Discontinued (ICSID annulment proceedings) Order taking note of the discontinuance of the proceeding pursuant to ICSID Administrative and Financial Regulation 14(3)(d) and (e) dated 15 August 2019 (ICSID annulment proceedings) None Ramírez Hernández, R. - President

Boo, L. - Member

Adekoya, O. - Member
35 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
36 2012 Veolia v. Egypt Veolia Propreté v. Arab Republic of Egypt (ICSID Case No. ARB/12/15) Egypt - France BIT (1974) ICSID ICSID Investment: Rights under a 15-year contract concluded with the governorate of Alexandria to provide waste management services in that city.

Summary: Claims arising out of disagreements over the performance of a contract entered into between Veolia's subsidiary, Onyx Alexandria, and the governorate of Alexandria to provide waste management services, including Egypt's alleged refusal to modify the contract in response to inflation and the enactment of new labour legislation.
Rights under a 15-year contract concluded with the governorate of Alexandria to provide waste management services in that city. Decided in favour of State Egypt France Tertiary: E - Water supply; sewerage, waste management and remediation activities 38 - Waste collection, treatment and disposal activities; materials recovery Yusuf, A. A. - President

Sachs, K. - Claimant

Douglas, Z. - Respondent
175.00 mln EUR (202.50 mln USD) Data not available Data not available None - all claims dismissed at the merits stage Decision on Objections to Jurisdiction dated 13 April 2015

Award dated 25 May 2018
None None None None None None
37 2011 Arif v. Moldova Franck Charles Arif v. Republic of Moldova (ICSID Case No. ARB/11/23) France - Moldova, Republic of BIT (1997) ICSID ICSID Investment: Ownership of the Moldovan company Le Bridge, which had won a tender to set up and run a network of five duty free stores at the border with Romania; rights under related lease agreements; construction of four duty free stores; related authorizations and licenses.

Summary: Claims arising out of the alleged Government interference in the investor's duty-free business at Chisinau Airport and at five border stores with Romania which delayed or prevented the opening of such duty free stores.
Ownership of the Moldovan company Le Bridge, which had won a tender to set up and run a network of five duty free stores at the border with Romania; rights under related lease agreements; construction of four duty free stores; related authorizations and licenses. Decided in favour of investor Moldova, Republic of France Tertiary: G - Wholesale and retail trade; repair of motor vehicles and motorcycles 47 - Retail trade, except of motor vehicles and motorcycles Cremades, B. M. - President

Hanotiau, B. - Claimant

Knieper, R. - Respondent
27.90 mln EUR (36.30 mln USD) 35.10 mln MDL (2.70 mln USD)
Non-pecuniary relief
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

Arbitrary, unreasonable and/or discriminatory measures
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Award dated 8 April 2013 None None None None None None
38 2011 Dialasie v. Viet Nam Dialasie SAS v. Socialist Republic of Viet Nam France - Viet Nam BIT (1992) UNCITRAL PCA Investment: Ownership of local subsidiary that operated a nephrology and dialysis clinic in Viet Nam.

Summary: Claims arising out of the alleged Government's closure of a private nephrology and dialysis clinic in Ho Chi Minh City operated by claimant's local subsidiary.
Ownership of local subsidiary that operated a nephrology and dialysis clinic in Viet Nam. Decided in favour of State Viet Nam France Tertiary: Q - Human health and social work activities 86 - Human health activities Hobér, K. - President

Jacquet, J.-M. - Claimant

Moser, M. J. - Respondent
47.00 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 17 November 2014 None None None None None None
39 2011 Levy and Gremcitel v. Peru Renée Rose Levy and Gremcitel S.A. v. Republic of Peru (ICSID Case No. ARB/11/17) France - Peru BIT (1993) ICSID ICSID Investment: Direct and indirect controlling shareholding in Peruvian company that held title to three parcels of land located in the Municipality of Chorrillos, Peru.

Summary: Claims arising out of disagreements between the parties concerning the legal effects of three sales contracts of land for a property development project, and the issuance of a resolution by Peru's National Institute of Culture establishing boundaries delimitations that allegedly imposed on the land an intangibility status which did not exist until then and hence rendered claimants' project meaningless.
Direct and indirect controlling shareholding in Peruvian company that held title to three parcels of land located in the Municipality of Chorrillos, Peru. Decided in favour of State Peru France Tertiary: L - Real estate activities 68 - Real estate activities Kaufmann-Kohler, G. - President

Zuleta, E. - Claimant

Vinuesa, R. E. - Respondent
41000.00 mln USD Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims None - jurisdiction declined Award dated 9 January 2015 None None None None None None
40 2010 De Levi v. Peru Renée Rose Levy de Levi v. Republic of Peru (ICSID Case No. ARB/10/17) France - Peru BIT (1993) ICSID ICSID Investment: Shareholding in the French-owned banking institution Banco Nuevo Mundo (BNM).

Summary: Claims arising out of an emergency regime for financial institutions put in place by Peru in 2000 to facilitate the restructuring of the banking sector and alleged measures by the oversight agency for banking, SBS, leading to the bankruptcy of the bank in which the claimant had invested after considering that the institution had failed to meet payment obligations.
Shareholding in the French-owned banking institution Banco Nuevo Mundo (BNM). Decided in favour of State Peru France Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Oreamuno Blanco, R. - President

Morales Godoy, J. - Claimant

Hanotiau, B. - Respondent
6989.00 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

National treatment
None - all claims dismissed at the merits stage Award dated 26 February 2014 Dissenting Opinion of Prof. Joaquín Morales Godoy (Award) ICSID annulment proceedings Discontinued (ICSID annulment proceedings) Order taking note of the discontinuance of the proceeding issued by the ad hoc Committee dated 24 September 2014, pursuant to ICSID Arbitration Rule 44 (ICSID annulment proceedings) None Townsend, J. M. - President

Bucher, A. - Member

Shin, H.-T. - Member
41 2009 EDF v. Hungary Electricite de France (EDF) International S.A. v. Republic of Hungary The Energy Charter Treaty (1994) UNCITRAL PCA Investment: Majority shareholding in Budapesti Eromu ZRt, an electricity company that operated several plants under long-term power purchase agreements with Hungary’s state electricity company.

Summary: Claims arising out of the Government's termination of certain long-term power purchase agreements concluded between EDF’s local subsidiary and the State-owned energy company MVM, following a ruling by the European Commission declaring that the agreements were illegal under EU State aid rules and should be terminated.
Majority shareholding in Budapesti Eromu ZRt, an electricity company that operated several plants under long-term power purchase agreements with Hungary’s state electricity company. Decided in favour of investor Hungary France Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Böckstiegel, K.-H. - President

Dupuy, P.-M. - Claimant

van den Berg, A. J. - Respondent
100.00 mln USD 107.00 mln EUR (132.60 mln USD) Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

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

Other
Award dated 3 December 2014 None Judicial review by national courts Award/decision upheld (Judicial review by national courts) Swiss Federal Supreme Court Decision on Set-Aside of Award dated 6 October 2015 (Judicial review by national courts) None None
42 2009 Servier v. Poland Les Laboratoires Servier, S.A.S., Biofarma, S.A.S., Arts et Techniques du Progres S.A.S. v. Republic of Poland France - Poland BIT (1989) UNCITRAL PCA Investment: Data not available

Summary: Claims arising out of the Government's withdrawal of Servier’s marketing authorisations for certain medicines, in the context of Poland’s accession to the European Union and its enactment of a series of legislative and administrative reforms to harmonise its regulation of pharmaceuticals with that of the European Union.
Data not available Decided in favour of investor Poland France Secondary: C - Manufacturing 21 - Manufacture of basic pharmaceutical products and pharmaceutical preparations Park, W. W. - President

Hanotiau, B. - Unknown

Lalonde, M. - Unknown
220.00 mln EUR (300.00 mln USD) 4.00 mln EUR (5.00 mln USD) Indirect expropriation

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

Full protection and security, or similar

National treatment

Arbitrary, unreasonable and/or discriminatory measures
Indirect expropriation Interim Award on Jurisdiction dated 3 December 2010

Award dated 14 February 2012
None None None None None None
43 2007 CIM v. Ethiopia Compagnie International de Maintenance (CIM) v. Ethiopia Ethiopia - France BIT (2003) UNCITRAL None Investment: Claims to money under an ICC arbitral award rendered in claimant's favour and/or out of a contract concluded between the investor and a partly Ethiopian-owned enterprise for the upkeep and maintenance of a rail track in Ethiopia.

Summary: Claims arising out of the investor's failure to enforce an ICC arbitral award in Ethiopian courts relating to outstanding payments for equipment delivered by the claimant under a railroad maintenance contract concluded with a partly Ethiopian-owned enterprise, Chemin de Fer Djibouti-Ethiopien.
Claims to money under an ICC arbitral award rendered in claimant's favour and/or out of a contract concluded between the investor and a partly Ethiopian-owned enterprise for the upkeep and maintenance of a rail track in Ethiopia. Decided in favour of State Ethiopia France Tertiary: H - Transportation and storage 49 - Land transport and transport via pipelines Silva Romero, E. - President

Duprey, P. - Claimant

Wetmore, T. - Respondent
7.60 mln FRF (1.00 mln USD) Data not available Data not available None - jurisdiction declined Award issued in 2009 (not public) None Data not available Data not available Data not available Data not available Data not available
44 2007 Société Générale v. Dominican Republic Société Générale in respect of DR Energy Holdings Limited and Empresa Distribuidora de Electricidad del Este, S.A. v. The Dominican Republic Dominican Republic - France BIT (1999) UNCITRAL LCIA Investment: Indirect ownership of a Cayman Islands-incorporated company which in turned owned 50 per cent of a Dominican joint venture created between the Government and a foreign investor to serve as an electricity distribution company.

Summary: Claims arising out of the Government's alleged wrongful interference with the claimant's indirect holdings in an electricity joint venture (Empresa Distribuidora de Electricidad del Este, S.A.) by, among other alleged actions and omissions, failing to pay compensation for negotiated tariffs and subsidies.
Indirect ownership of a Cayman Islands-incorporated company which in turned owned 50 per cent of a Dominican joint venture created between the Government and a foreign investor to serve as an electricity distribution company. Settled Dominican Republic France Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Orrego Vicuña, F. - President

Bishop, D. - Claimant

Cremades, B. M. - Respondent
680.00 mln USD 26.50 mln USD Indirect expropriation

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

Full protection and security, or similar

Most-favoured nation treatment
Not applicable - settled or discontinued before decision on liability Award on Preliminary Objections to Jurisdiction dated 19 September 2008 None None None None None None
45 2006 Vivendi v. Poland Vivendi v. Republic of Poland France - Poland BIT (1989) UNCITRAL Data not available Investment: Interests in a Polish joint venture engaged in the telecommunications sector.

Summary: Claims arising out of the alleged mishandling by Polish courts of a number of lawsuits arising out of a commercial dispute over the ownership of a cellular communications company.
Interests in a Polish joint venture engaged in the telecommunications sector. Settled Poland France Tertiary: J - Information and communication 61 - Telecommunications Sachs, K. - President

Fadlallah, I. - Unknown

Furtek, M. - Unknown
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 Settlement agreement dated April 2011 None None None None None None
46 2004 BNP Paribas v. India BNP Paribas v. Republic of India France - India BIT (1997) 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 France 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
47 2004 Credit Lyonnais v. India Credit Lyonnais S.A. (now Calyon S.A.) v. Republic of India France - India BIT (1997) 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 France 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
48 2004 France Telecom v. Argentina France Telecom S.A. v. Argentine Republic (ICSID Case No. ARB/04/18) Argentina - France BIT (1991) ICSID ICSID Investment: Shareholding in local company that had a concession agreement for telecommunication services.

Summary: Claims arising out of the Government's modification of the tariff structure applicable to the claimant's investment, as part of a series of other measures undertaken by Argentina during its financial crisis.
Shareholding in local company that had a concession agreement for telecommunication services. Settled Argentina France Tertiary: J - Information and communication 61 - Telecommunications Tribunal not constituted 300.00 mln USD Data not available Data not available Not applicable - settled or discontinued before decision on liability Order taking note of the discontinuance issued by the Acting Secretary-General dated 29 March 2006, pursuant to ICSID Arbitration Rule 44 None None None None None None
49 2004 Gemplus v. Mexico Gemplus, S.A., SLP, S.A., and Gemplus Industrial S.A. de C.V. v. United Mexican States (ICSID Case No. ARB(AF)/04/3) France - Mexico BIT (1998) ICSID AF ICSID Investment: Minority shareholding in local company that had a concession agreement with the Mexican Ministry of Economy.

Summary: Claims arising out of the revocation of a concession granted by the federal government to operate a national vehicle registry.
Minority shareholding in local company that had a concession agreement with the Mexican Ministry of Economy. Decided in favour of investor Mexico France Tertiary: M - Professional, scientific and technical activities 74 - Other professional, scientific and technical activities Veeder, V. V. - President

Fortier, L. Y. - Claimant

Magallón Gómez, E. - Respondent
340.00 mln MXN (37.00 mln USD) 4.50 mln USD Indirect expropriation

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

Full protection and security, or similar

Most-favoured nation treatment

Arbitrary, unreasonable and/or discriminatory measures
Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Award dated 16 June 2010 None None None None None None
50 2004 SAUR v. Argentina SAUR International v. Argentine Republic (ICSID Case No. ARB/04/4) Argentina - France BIT (1991) ICSID ICSID Investment: Indirect and minority shareholding in a formerly State-owned water and sewerage Argentinean company holding a concession agreement for related services.

Summary: Claims arising out of the alleged failure of the government of the Argentine province of Mendoza to implement service tariff increases under an agreement between Saur's subsidiary and the federal government, in the wake of the State's 2001-2002 economic crisis.
Indirect and minority shareholding in a formerly State-owned water and sewerage Argentinean company holding a concession agreement for related services. Decided in favour of investor Argentina France 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
Fernández-Armesto, J. - President

Hanotiau, B. - Claimant

Tomuschat, C. - Respondent
143.90 mln USD 39.90 mln USD Indirect expropriation

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

Full protection and security, or similar
Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Decision on Objections to Jurisdiction dated 27 February 2006

Decision on Jurisdiction and Liability dated 6 June 2012

Award dated 22 May 2014
None ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 19 December 2016 (ICSID annulment proceedings) None Zuleta, E. - President

Castellanos Howell, A. R. - Member

Yusuf, A. A. - Member
51 2004 Total v. Argentina Total S.A. v. Argentine Republic (ICSID Case No. ARB/04/1) Argentina - France BIT (1991) ICSID ICSID Investment: Majority and minority shareholding interests in companies operating in the gas transportation, exploration and production and power generation sectors, as well as various related licences, rights, concessions and loans.

Summary: Claims arising out of a series of decrees and resolutions taken by Argentina in the course of an economic crisis (including restrictions on transfers, rescheduling of cash deposits and pesification of US dollar deposits) that allegedly affected the claimant's investment.
Majority and minority shareholding interests in companies operating in the gas transportation, exploration and production and power generation sectors, as well as various related licences, rights, concessions and loans. Decided in favour of investor Argentina France Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Sacerdoti, G. - President

Álvarez, H. C. - Claimant

Herrera Marcano, L. - Respondent
940.00 mln USD 269.90 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
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on Liability dated 27 December 2010

Decision on Objections to Jurisdiction dated 25 August 2006

Award dated 27 November 2013
Dissenting Opinion of Henri Álvarez (Decision on Liability)

Concurring Opinion of Luis Herrera Marcano (Decision on Liability)

Dissenting Opinion of Henri Álvarez

Dissenting Opinion of Luis Herrera Marcano
ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 1 February 2016 (ICSID annulment proceedings) None Zuleta, E. - President

Castellanos Howell, A. R. - Member

Cheng, T. - Member
52 2003 EDF and others v. Argentina EDF International S.A., SAUR International S.A. and León Participaciones Argentinas S.A. v. Argentine Republic (ICSID Case No. ARB/03/23) Argentina - France BIT (1991)

Argentina - BLEU (Belgium-Luxembourg Economic Union) BIT (1990)
ICSID ICSID Investment: Controlling interest in company that had a concession agreement relating to the transmission and distribution of electricity.

Summary: Claims arising out of a series of alleged acts and omissions by Argentina, including pre-emergency measures, emergency tariff measures, and certain renegotiation process that negatively affected the claimants' investment.
Controlling interest in company that had a concession agreement relating to the transmission and distribution of electricity. Decided in favour of investor Argentina France Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Park, W. W. - President

Kaufmann-Kohler, G. - Claimant

De Trazegnies Granda, F. - Respondent (replaced)

Remón Peñalver, J. - Respondent
270.00 mln USD 136.00 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

National treatment

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

Umbrella clause
Decision on Jurisdiction dated 5 August 2008

Award dated 11 June 2012
None ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 5 February 2016 (ICSID annulment proceedings) None Greenwood, C. - President

Cheng, T. - Member

Taniguchi, Y. - Member
53 2003 Electricidad Argentina and EDF International v. Argentina Electricidad Argentina S.A. and EDF International S.A. v. Argentine Republic (ICSID Case No. ARB/03/22) Argentina - France BIT (1991) ICSID ICSID Investment:

Summary: Claims arising out of claimants' investment in an electricity distribution enterprise.
Discontinued Argentina France Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Park, W. W. - President

Kaufmann-Kohler, G. - Claimant

De Trazegnies Granda, F. - Respondent
1200.00 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 Pursuant to ICSID Arbitration Rule 44 dated 28 March 2017 None None None None None None
54 2003 Parienti v. Panama Laurent Jean-Marc Parienti v. Republic of Panama France - Panama BIT (1982) UNCITRAL None Investment: Shareholding of 49.9 per cent in Terminal Nacional de Transporte Terrestre de Pasajeros para la Provincia de Colón, S. A., and whole ownership of De Lesseps Holding Corporation.

Summary: Claims arising out of the Transit and Land Transport Authority’s decision not to award the company in which the claimant held shares a concession contract for the construction and operation of a land transportation terminal for the Province of Colón, despite a provisional concession for the project allegedly held by that company. According to the claimant, the concession was ultimately given to another company.
Shareholding of 49.9 per cent in Terminal Nacional de Transporte Terrestre de Pasajeros para la Provincia de Colón, S. A., and whole ownership of De Lesseps Holding Corporation. Decided in favour of investor Panama France Tertiary: F - Construction 42 - Civil engineering Rodríguez Jr., E. - President

Pitti, U. - Claimant

Rios, D. M. - Respondent
58.60 mln PAB (58.60 mln USD) 32.50 mln USD Indirect expropriation Indirect expropriation Award dated 27 January 2005 None Judicial review by national courts Award/decision set aside in its entirety (Judicial review by national courts) Decision of the Supreme Court of Panama dated 20 September 2006 (Judicial review by national courts) None None
55 2003 Suez and Interagua v. Argentina Suez, Sociedad General de Aguas de Barcelona, S.A. and Interagua Servicios Integrales de Agua, S.A. v. Argentine Republic (ICSID Case No. ARB/03/17) Argentina - France BIT (1991)

Argentina - Spain BIT (1991)
ICSID ICSID Investment: Shareholding in local company that had a concession for water distribution and waste water treatment services in the Argentine Province of Santa Fe.

Summary: Claims arising out of a series of alleged acts and omissions by Argentina, including its alleged failure or refusal to apply previously agreed adjustments to the tariff calculation and adjustment mechanisms affecting claimants' investment.
Shareholding in local company that had a concession for water distribution and waste water treatment services in the Argentine Province of Santa Fe. Decided in favour of investor Argentina France Tertiary: E - Water supply; sewerage, waste management and remediation activities 36 - Water collection, treatment and supply Salacuse, J. W. - President

Kaufmann-Kohler, G. - Claimant

Nikken, P. - Respondent
257.70 mln USD 225.70 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
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on Liability dated 30 July 2010

Decision on Jurisdiction dated 16 May 2006

Award dated 4 December 2015

Rectification of the Award dated 20 May 2016
Separate Opinion of Arbitrator Pedro Nikken (Decision on Liability) ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Annulment dated 14 December 2018 (ICSID annulment proceedings) None McRae, D. M. - President

Abraham, C. W. M. - Member

Jones, D. - Member
56 2003 Suez and Vivendi v. Argentina (II) Suez, Sociedad General de Aguas de Barcelona, S.A. and Vivendi Universal, S.A. (formerly Aguas Argentinas, S.A., Suez, Sociedad General de Aguas de Barcelona, S.A. and Vivendi Universal, S.A.) v. Argentine Republic (II) (ICSID Case No. ARB/03/19) Argentina - France BIT (1991)

Argentina - Spain BIT (1991)
ICSID ICSID Investment: Shareholding in local company that had a concession for water distribution and waste water treatment services in the city of Buenos Aires and some surrounding municipalities.

Summary: Claims arising out of a series of alleged acts and omissions by Argentina, including its alleged failure or refusal to apply previously agreed adjustments to the tariff calculation and adjustment mechanisms affecting claimants' investment.
Shareholding in local company that had a concession for water distribution and waste water treatment services in the city of Buenos Aires and some surrounding municipalities. Decided in favour of investor Argentina France

Spain
Tertiary: E - Water supply; sewerage, waste management and remediation activities 36 - Water collection, treatment and supply Salacuse, J. W. - President

Kaufmann-Kohler, G. - Claimant

Nikken, P. - Respondent
834.10 mln USD 383.60 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
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Decision on Liability dated 30 July 2010

Decision on Jurisdiction dated 3 August 2006

Award dated 9 April 2015
Separate Opinion of Arbitrator Pedro Nikken (Decision on Liability) ICSID annulment proceedings Award/decision upheld (ICSID annulment proceedings) Decision on Argentina’s Application for Annulment dated 5 May 2017 (ICSID annulment proceedings) None Sachs, K. - President

Carmichael, T. A. - Member

Oreamuno Blanco, R. - Member
57 2002 France Telecom v. Lebanon France Telecom v. Lebanon France - Lebanon BIT (1996) UNCITRAL None Investment: Rights under a contract to operate a GSM mobile telephone network.

Summary: Claims arising out of the Government's termination of a contract entered into with the investor to implement cellular GSM services in Lebanon.
Rights under a contract to operate a GSM mobile telephone network. Decided in favour of investor Lebanon France Tertiary: J - Information and communication 61 - Telecommunications Audit, B. - President

Lalonde, M. - Unknown

Akl, A. - Unknown
952.00 mln USD 266.00 mln USD Data not available Data not available Award dated 22 February 2005 None Judicial review by national courts Award/decision upheld (Judicial review by national courts) Swiss Federal Tribunal, Recours de droit public contre la sentence du Tribunal arbitral du 7 avril 2005, 4P.154/2005/sYC, dated 10 November 2005 (Judicial review by national courts) None None
58 1998 Benhamou v. Uruguay Stéphane Benhamou v. Uruguay France - Uruguay BIT (1993) UNCITRAL PCA Investment: Indirect shareholding in Banco Pan de Azúcar (BPA), an Uruguayan bank.

Summary: Claims arising out of the Central Bank’s intervention in the management of Banco Pan de Azúcar (BPA).
Indirect shareholding in Banco Pan de Azúcar (BPA), an Uruguayan bank. Decided in favour of State Uruguay France Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Rigo Sureda, A. - President

Lasry, F. - Claimant

Talice, J. - Respondent
103.80 mln USD Data not available Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
None - jurisdiction declined Award dated 19 December 2002 None None None None None None
59 1998 Compagnie Minière v. Peru Compagnie Minière Internationale Or S.A. v. Republic of Peru (ICSID Case No. ARB/98/6) France - Peru BIT (1993) ICSID ICSID Investment: Shareholding in project company for the construction and operation of a gold mine in Peru.

Summary: Claims arising out of disagreements over a gold exploitation project for the construction and operation of a gold mine in the highlands of northern Peru.
Shareholding in project company for the construction and operation of a gold mine in Peru. Settled Peru France Primary: B - Mining and quarrying 7 - Mining of metal ores Brownlie, I. - President

Álvarez, H. C. - Claimant

Highet, K. - 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 issued by the Secretary-General dated 23 February 2001, pursuant to Arbitration Rule 43(1) None None None None None None
60 1997 Vivendi v. Argentina (I) Compañía de Aguas del Aconquija S.A. and Vivendi Universal S.A. (formerly Compañía de Aguas del Aconquija, S.A. and Compagnie Générale des Eaux) v. Argentine Republic (I) (ICSID Case No. ARB/97/3) Argentina - France BIT (1991) ICSID ICSID Investment: Rights under a concession contract concluded between claimant's Argentine affiliate company and the Province of Tucumán for operating the water and sewage system of Tucumán.

Summary: Claims arising out of a series of decrees, resolutions, laws, and legal opinions of the Argentine Republic and its constituent Province of Tucumán which were allegedly designed to undermine the operation of a thirty-year water and sewerage concession contract.
Rights under a concession contract concluded between claimant's Argentine affiliate company and the Province of Tucumán for operating the water and sewage system of Tucumán. Decided in favour of investor Argentina France 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
Rezek, F. - President

Trooboff, P. D. - Claimant

Buergenthal, T. - Respondent
317.00 mln USD 105.00 mln USD Indirect expropriation

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

Full protection and security, or similar
Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Award dated 21 November 2000 None ICSID annulment proceedings

ICSID resubmission proceedings

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

Decided in favour of the investor (ICSID resubmission proceedings)

Award/decision upheld (ICSID annulment proceedings)
Decision on Annulment dated 3 July 2002 (ICSID annulment proceedings)

Award II dated 20 August 2007 (ICSID resubmission proceedings)

Decision on the Argentine Republic’s Request for Annulment of the Award rendered on 20 August 2007 dated 10 August 2010 (ICSID annulment proceedings)
None Fortier, L. Y. - President

Crawford, J. R. - Member

Fernández Rozas, J. C. - Member

El-Kosheri, A. S. - President

Jacovides, A. J. - Member

Dalhuisen, J. H. - Member
61 1996 France Telecom v. Poland France Telecom v. Republic of Poland France - Poland BIT (1989) UNCITRAL Data not available Investment: Shareholding in local cellular phone company.

Summary: Claims arising out of certain telecommunications statutory enactment overturning a Government's letter of intent which contained Poland's commitment to award the claimant digital cellular licenses.
Shareholding in local cellular phone company. Settled Poland France Tertiary: J - Information and communication 61 - Telecommunications Data not available 500.00 mln USD Data not available 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