Investment Dispute Settlement Navigator

Concluded original arbitration proceedings:

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ISDS data set in excel format (as of 31 July 2022)

ISDS Navigator

The UNCTAD Investment Dispute Settlement Navigator – the ISDS Navigator – is maintained by UNCTAD’s IIA Section. The ISDS Navigator contains information about known international arbitration cases initiated by investors against States pursuant to international investment agreements (IIAs). Such arbitrations are also referred to as treaty-based investor-State dispute settlement (ISDS) cases.

Please cite as: UNCTAD, Investment Dispute Settlement Navigator, available at https://investmentpolicy.unctad.org/investment-dispute-settlement

UNCTAD's Work Programme on International Investment Agreements (IIAs) actively assists policymakers, government officials and other IIA stakeholders to reform IIAs with a view to making them more conducive to sustainable development and inclusive growth.

International investment rulemaking is taking place at the bilateral, regional, interregional and multilateral levels. It requires policymakers, negotiators, civil society and other stakeholders to be well informed about foreign direct investment, international investment agreements (IIAs) and their impact on sustainable development.

Main goals of UNCTAD’s Work Programme on IIAs

• Reform the international investment agreements (IIAs) regime to enhance its sustainable development dimension,

• Provide comprehensive analysis on key issues arising from the complexity of the international investment regime,

• Develop a wide range of tools to support the formulation of more balanced international investment policies.

The three pillars of activities

• Research and policy analysis: monitoring trends, identifying key emerging issues and providing cutting-edge knowledge on IIAs from a sustainable development perspective,

• Technical assistance: delivering trainings, seminars and workshops; conducting IIA and model BIT reviews; offering ad-hoc advice to strengthen the capacity of beneficiaries in handling the complexities of the IIA regime,

• Intergovernmental consensus-building: exchanging and sharing best practices and experience with the view to fostering global investment governance.

For further information, please contact us via the online contact form.
Methodology

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Disclaimer

The ISDS Navigator includes information about publicly known IIA-based international investor-State arbitration proceedings. As some proceedings (or certain aspects of proceedings) remain confidential, the information contained in the Navigator cannot be deemed exhaustive.

While every effort is made to keep the information up to date and complete, the material is provided without any guarantees or warranties as to its accuracy or completeness. UNCTAD assumes no responsibility for eventual errors or omissions in these data.

We welcome any additional information or clarifications on specific cases as well as suggestions to improve the Navigator. Please contact us using the online contact form.

Cases included in the Navigator

• an international arbitration between an investor and a State;

• fully or partially based on an IIA, such as a bilateral investment treaty or the investment chapter of a free trade agreement (not included are investor-State disputes that are solely based on contracts or on domestic investment legislation);

• submitted to arbitration through a notice of arbitration or a request for arbitration, and upon registration of such request if applicable (not included are cases where a disputing party has only notified the other party of the existence of a dispute or signalled its intention to submit a claim, but has not yet commenced the arbitration).

Sources of information and frequency of updating

The information included in the Navigator is collected from publicly available sources. Primary sources (i.e. official documents relating to the case and information provided by the administering institutions) are the main and preferred source of information. Secondary sources, such as specialized reporting services and other sources deemed reliable, are used to supplement primary sources and/or obtain case information otherwise unavailable.
The Navigator is updated on a regular, typically biannual, basis. The date of the last update is displayed on the Navigator’s home page.

Methodological notes for the recording of data

Full case name
The full case name is recorded as it appears in the official case documents and as it is registered at the administering institution if applicable (listing the claimants in alphabetical order). If there are more than five claimants in the case, the names of all claimants can be replaced by the name of the first three claimants followed by the words “and others”.

Short case name
The short case name is ascribed by UNCTAD. Typically it is the first word of a corporate claimant’s name, an abbreviation of the corporate claimant’s name, or the last name of a natural-person claimant “v.” the short version of the respondent State’s name.

If the Navigator includes more than one case with the exact same name, then “(I)” is added to the case name of the earlier case, and a “(II)”, “(III)”, etc. is added to the name of each subsequent case.

Year of initiation
This is the year in which the notice of arbitration / request for arbitration was submitted by the claimant. For arbitrations brought under the ICSID Convention Arbitration Rules or ICSID Additional Facilities (AF) Rules, the year in which the claim was registered by ICSID is used.

Applicable IIA
This is the IIA(s) pursuant to which the claimant initiated the arbitral proceedings.

Arbitral rules
These are the arbitral rules in accordance with which the proceedings are conducted. Proceedings that are not subject to any existing set of arbitral rules, i.e. where the arbitral tribunal determines procedural rules, are marked “None (ad hoc)”.

Administering institution
This is the institution that provides administrative support for the arbitral proceedings. When the proceedings are subject to arbitral rules of a certain arbitral institution (e.g. SCC or ICC), the relevant institution administers that case. In ad hoc arbitrations or those that are subject to non-institutional arbitral rules (e.g. UNCITRAL Arbitration Rules), the parties may request any arbitral institution to administer their case (e.g. PCA). Proceedings may also be conducted without being administered by any institution.

Common abbreviations for administering institutions:

• CRCICA: Cairo Regional Centre for International Commercial Arbitration
• ICC: International Chamber of Commerce (International Court of Arbitration)
• ICSID: International Centre for Settlement of Investment Disputes
• LCIA: London Court of International Arbitration
• MCCI: Moscow Chamber of Commerce and Industry
• PCA: Permanent Court of Arbitration
• SCC: Stockholm Chamber of Commerce (Arbitration Institute)

Details of investment and summary of the dispute
The details of investment are presented as argued by the claimant, unless otherwise expressly identified by an arbitral tribunal in its decisions or awards.

The summary of the dispute describes in very general terms the conduct allegedly in breach of IIA obligations as argued by the claimant (non-exhaustive).

Economic sector and subsector
This refers to the economic sector to which the investment at issue allegedly belongs. The structure of economic activities follows the International Standard Industrial Classification of All Economic Activities, Rev.4 (UN ISIC Rev.4).

Status/Outcome of original proceedings
This refers to the current status of the original arbitration proceedings.

• Decided in favour of State: the tribunal dismissed the case for lack of jurisdiction or found that the respondent State has not committed any breach of the applicable IIA.

• Decided in favour of investor: the tribunal found that the respondent State committed one or more breaches of the applicable IIA and awarded monetary compensation or non-pecuniary relief to the claimant investor.

• Decided in favour of neither party (liability found but no damages awarded): the arbitral tribunal found that the respondent State committed one or more breaches of the applicable IIA but did not award monetary compensation or non-pecuniary relief to the claimant investor.

• Settled: the disputing parties settled the case and the arbitral proceedings were discontinued for that reason.

• Discontinued: the arbitration was discontinued for any reason other than due to a (known) settlement. This includes discontinuance as a result of non-payment of arbitration fees, in order to pursue litigation in another forum, or for any other reason (including for unknown reasons).

• Pending: the arbitration proceedings are pending. A case remains pending if any of the following elements remain to be decided: jurisdiction, liability (merits), compensation. The case remains pending, for instance, if a State is found to have breached one or more IIA obligations (liability) but no award on damages has been issued yet.

Additional notes:

• The Navigator only records treaty-based disputes or treaty-based aspects of "mixed" disputes. In treaty-based cases that are simultaneously contract-based or based on national investment law ("mixed" disputes), a case is deemed concluded (for purposes of the Navigator) if the tribunal dismissed the case on jurisdiction or finds no breach of the IIA, even if it proceeds to adjudicate the contract- or statutory-based claims.

• Cases in which a final award has been rendered but which are later subject to follow-on (post-award) proceedings (e.g. ICSID annulment proceedings or domestic judicial review), are marked according to the outcome of the original arbitral proceeding (i.e. not as “Pending”).

Arbitral decisions rendered
These are decisions rendered by an arbitral tribunal. Included are those decisions that concern the substance of the case and affect the final outcome. In particular, these include decisions (awards) on jurisdictional issues, liability (merits) and damages, including arbitrators’ individual opinions where these were issued. Discontinuance orders and settlement agreements are also recorded if such information is available.

Not included are any other (supplementary) arbitral decisions, e.g. concerning provisional measures or decisions regarding requests for disqualification of arbitrators. Similarly, procedural orders issued by arbitral tribunals are not included. To access a full list of documentation available with respect to a case, users are invited to use (i) the link to the case page on http://italaw.com, and/or (ii) links to the websites of governments and/or arbitral institutions provided in the “Additional information” section.

Amounts claimed and awarded
Amount claimed refers to the amount of monetary compensation claimed by the investor, not including interest, legal costs or costs of arbitration.

Amount awarded refers to the amount of monetary compensation awarded by the arbitral tribunal to the claimant, not including interest, legal costs or costs of arbitration.

For proceedings that end in a settlement, the amount of compensation that the State agreed to pay to the claimant under the terms of settlement (if known) is recorded in this section.

Amounts are recorded in the currency used by the claimant/tribunal. The list of currencies in the Navigator follows the International Organization for Standardization (ISO) 4217 code list.

To enable comparisons between cases, all amounts are also converted to US dollars. For the purposes of such conversion, the OANDA Historical Currency Converter is being used; the date of conversion is the date of the document or other source from which the information was obtained (e.g. the date in which the request for arbitration containing this amount was submitted or the date of the final award).

Whenever possible, information about amounts claimed and awarded is obtained from primary sources such as the arbitration documents. Otherwise, it is derived from other publicly available sources that are deemed reliable. In some cases, the approximate amount may be recorded to give a broad indication of the dispute’s magnitude. As a general rule, a rounded figure (to the nearest hundred thousand) of the amount claimed or awarded is provided.

If the claimant provides more than one valuation of damages claimed, the highest of these amounts is recorded.

IIA breaches alleged and found
Information about breaches alleged is primarily derived from the claimant’s request of arbitration, claimant’s memorials and/or arbitral decisions. When the relevant case documentation is not publicly available, information about breaches alleged may be obtained from other public sources that are deemed reliable.

Information about breaches found is primarily derived from the arbitral decisions. When the relevant decision is not publicly available, information about breaches found may be obtained from other public sources that are deemed reliable.

Claims concerning expropriation are classified as “direct” or “indirect” according to the characterisation made by the claimant and/or the tribunal. Whenever a claimant or the tribunal refer to “expropriation”, without distinguishing between “direct” or “indirect”, such distinction is made on the basis of the factual background of the case and the context of the claimant’s claims and tribunal’s findings.

Composition of tribunal
These are individuals who serve as members of the arbitral tribunal adjudicating the dispute (arbitrators).

The disputing party (i.e. claimant or respondent) that appointed a particular arbitrator is also recorded insofar as information is available. Instances where the respondent failed to appoint an arbitrator, and the latter was appointed by an “appointing authority”, are not recorded separately (i.e. both types of appointment are recorded under “Appointed by / designated to Respondent” without further distinction).

In case an arbitrator has been replaced by another individual (e.g. as a result of resignation, disqualification or passing away), the names of both the previous and subsequent arbitrator are recorded.

Follow-on (post-award) proceedings
Follow-on (post-award) proceedings include three types of legal proceedings:

• ICSID annulment proceedings;

• Judicial review by national courts (set-aside proceedings); and

• ICSID resubmission proceedings.

Initiation of a follow-on proceeding by either disputing party does not affect the field “Case Status/Outcome” of the original proceeding, until the follow-on proceeding is completed. For example, in a case where a final award has been rendered but it is later subject to a follow-on proceeding (e.g. ICSID annulment proceeding), the status of the case is marked according to the outcome of the original arbitral proceeding (i.e. not as “Pending”).

Decisions, judgments and/or awards rendered in the course of follow-on (post-award) proceedings, as well as any individual opinions appended to them, are recorded.

The composition of the ICSID ad hoc committees that adjudicate requests for annulment under the ICSID Convention is recorded.

Link to Italaw’s case page
The Italaw.com portal offers a wide collection of case documentation for many investor-State disputes. It makes available not only the main arbitral decisions, but also procedural orders, parties’ submissions, expert opinions and other types of documents.

A link to the relevant case page at http://italaw.com is provided where such page is available, so that users could browse all documents relating to the case at hand.

Additional information
This section provides links to sources of information used for gathering data for the case at hand or otherwise relevant to that case. These may include links to websites of arbitral/administering institutions, governments, international organisations, specialised reporting services (including subscription-based), media and other resources.

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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	Everyway v. Ghana	Beijing Everyway Traffic & Lighting Tech. Co., Ltd v. Republic of Ghana (PCA Case No. 2021-15)	China - Ghana BIT (1989)	UNCITRAL	PCA	Investment: Contract with the Ministry of Roads and Highways for the engineering and installation of a traffic management system in Accra. Summary: Claims arising out of the Government’s cancellation of a contract with the claimant to install an intelligent traffic management system, including alleged non-payment for works conducted by the claimant.	Contract with the Ministry of Roads and Highways for the engineering and installation of a traffic management system in Accra.	Decided in favour of State	Ghana	China	Tertiary: F - Construction	43 - Specialized construction activities	Brekoulakis, S. - President Rajah, V. K. - Claimant Oppong, R. - Respondent	55.00 mln USD	Data not available	Indirect expropriation Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Umbrella clause Direct expropriation Most-favoured nation treatment	None - jurisdiction declined	Final Award on Jurisdiction (Save as to Costs) dated 30 January 2023	None	None	None	None	None	None
2	2021	Pavilniu and Modus v. Belarus	UAB Pavilniu saules slenis 14 and UAB Modus grupe v. Republic of Belarus (ICSID Case No. ARB/21/2)	Belarus - Lithuania BIT (1999)	ICSID	ICSID	Investment: Investment in a hotel construction project near the Minsk national airport. Summary:	Investment in a hotel construction project near the Minsk national airport.	Decided in favour of State	Belarus	Lithuania	Tertiary: F - Construction Tertiary: I - Accommodation and food service activities	41 - Construction of buildings 55 - Accommodation	Bull, C. - President Tonova, S. - Claimant Malintoppi, L. - Respondent	9.00 mln USD	Data not available	Data not available	None - all claims dismissed at the merits stage	Award dated 5 December 2023	Separate Opinion by Sylvia Tonova	None	None	None	None	None
3	2020	AFC v. Colombia	AFC Investment Solutions S.L. v. Republic of Colombia (ICSID Case No. ARB/20/16)	Colombia - Spain BIT (2005)	ICSID	ICSID	Investment: Investments in Internacional Compañía de Financiamiento S.A. Summary: Claims arising out of the forced liquidation of Internacional Compañía de Financiamiento S.A. ordered by Colombia’s financial regulatory authority (Superintendencia Financiera de Colombia) in 2015.	Investments in Internacional Compañía de Financiamiento S.A.	Decided in favour of State	Colombia	Spain	Tertiary: K - Financial and insurance activities	64 - Financial service activities, except insurance and pension funding	Sepúlveda Amor, B. - President Sacco, S. - Claimant Jiménez Figueres, D. - Respondent	Data not available	Data not available	Data not available	None - jurisdiction declined	Award dated 24 February 2022 (Spanish)	None	None	None	None	None	None
4	2020	AHG v. Iraq	AHG Industry GmbH & Co. KG v. Republic of Iraq (ICSID Case No. ARB/20/21)	EU - Iraq Cooperation Agreement (2012)	ICSID	ICSID	Investment: Investments in a cement factory in Kirkuk through 51% share in a local company performing a rehabilitation and operation contract. Summary: Claims arising out of the Government’s alleged takeover and a series of other government actions related to a cement factory in Kirkuk in which the claimant had invested based on a rehabilitation and operation contract signed with a state-owned company in 2008.	Investments in a cement factory in Kirkuk through 51% share in a local company performing a rehabilitation and operation contract.	Decided in favour of State	Iraq	Germany	Secondary: C - Manufacturing	23 - Manufacture of other non-metallic mineral products	Banifatemi, Y. - President Reed, L. - Claimant Al-Khasawneh, A. S. - Respondent	1000.00 mln USD	Data not available	Data not available	None - jurisdiction declined	Award on the Respondent's Application Under ICSID Rule 41(5) dated 30 September 2022	None	ICSID annulment proceedings	Pending (ICSID annulment proceedings)	None	None	Wallgren-Lindholm, C. - President Cicchetti, T. M. - Member Cooper-Rousseau, B. - Member
5	2020	Amorrortu v. Peru (I)	Bacilio Amorrortu v. The Republic of Peru (I) (PCA Case No. 2020-11)	Peru - United States FTA (2006)	UNCITRAL	PCA	Investment: Investments in Baspetrol S.A.C., a company operating in the oil and gas field. Summary: Claims arising out of the decision of PeruPetro, a state-owned petroleum company, to conduct a public bidding process for operating Blocks III and IV of the Talara Basin crude oil reserve, which allegedly deprived the claimant’s company Baspetrol of its right to negotiate directly with PeruPetro. According to the claimant, Baspetrol was allegedly unfairly excluded from the bidding process and PeruPetro awarded the licences to local company Graña y Montero S.A., allegedly as part of a corruption scheme involving the then Government.	Investments in Baspetrol S.A.C., a company operating in the oil and gas field.	Decided in favour of State	Peru	United States of America	Primary: B - Mining and quarrying	9 - Mining support service activities	Binnie, I. - President Hanotiau, B. - Claimant Landau, T. - Respondent	96.90 mln USD	Data not available	Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims	None - jurisdiction declined	Partial Award on Jurisdiction dated 5 August 2022 (English) Partial Award on Jurisdiction dated 5 August 2022 (Spanish) Final Award on Costs dated 25 October 2022 (English) Final Award on Costs dated 25 October 2022 (Spanish)	None	None	None	None	None	None
6	2020	AsiaPhos and Norwest v. China	AsiaPhos Limited and Norwest Chemicals Pte Ltd v. People’s Republic of China (ICSID Case No. ADM/21/1)	China - Singapore BIT (1985)	Ad hoc	ICSID	Investment: Investments in three phosphate mines in the Sichuan province. Summary: Claims arising out of the Government’s alleged expropriation of the claimants’ three phosphate mines in the Sichuan province, including through government directives to vacate and cease operations at two mining operations and the non-renewal of mining and exploration licences at another.	Investments in three phosphate mines in the Sichuan province.	Decided in favour of State	China	Singapore	Primary: B - Mining and quarrying	8 - Other mining and quarrying	Sachs, K. - President Alexandrov, S. A. - Claimant van den Berg, A. J. - Respondent	170.00 mln USD	Data not available	Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Full protection and security, or similar Most-favoured nation treatment Umbrella clause Indirect expropriation	None - jurisdiction declined	Award dated 16 February 2023	Dissenting Opinion by Stanimir A. Alexandrov	None	None	None	None	None
7	2020	BRIF v. Serbia	BRIF TRES d.o.o. Beograd and BRIF-TC d.o.o. Beograd v. Republic of Serbia (ICSID Case No. ARB/20/12)	BLEU (Belgium-Luxembourg Economic Union) - Serbia BIT (2004)	ICSID	ICSID	Investment: Investments in a project to construct a shopping mall in Belgrade on land held under a long-term lease agreement signed with the Government of Serbia. Summary: Claims arising out of Serbian authorities’ acts and omissions related to a dispute with a third party over the ownership of land leased to the claimants in 2004 following a tender process. According to the claimants, this stalled their project to construct a shopping center in Belgrade.	Investments in a project to construct a shopping mall in Belgrade on land held under a long-term lease agreement signed with the Government of Serbia.	Decided in favour of State	Serbia	Luxembourg	Tertiary: F - Construction	41 - Construction of buildings	Derains, Y. - President Haridi, S. A. - Claimant Stern, B. - Respondent	143.60 mln EUR (156.50 mln USD)	Data not available	Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Full protection and security, or similar Indirect expropriation Umbrella clause	None - jurisdiction declined	Award dated 30 January 2023	Dissenting Opinion by Samaa Haridi	ICSID annulment proceedings	Discontinued (ICSID annulment proceedings)	Order taking note of the discontinuance of the proceeding pursuant to ICSID Administrative and Financial Regulation 16(2)(c) dated 22 December 2023 (ICSID annulment proceedings)	None	Pinto, M. - President Ohara, Y. - Member Ragnwaldh, J. - Member
8	2020	Consorcio Cementero and others v. Bolivia	Consorcio Cementero del Sur S.A., Yura Inversiones Bolivia S.A., Grupo de Inversiones Gloria Bolivia S.A., Sociedad Boliviana de Cemento S.A. v. Plurinational State of Bolivia (PCA Case No. 2020-47)	Bolivia, Plurinational State of - Peru BIT (1993)	UNCITRAL	PCA	Investment: Majority shareholding in Sociedad Boliviana de Cementos (“Soboce”), which held a 33.34% share in Fábrica Nacional de Cemento S.A. (“Fancesa”). Summary: Claims arising out of a Government decree in 2010 nationalizing Soboce’s shareholding of 33.34 per cent in Fancesa, a national cement company.	Majority shareholding in Sociedad Boliviana de Cementos (“Soboce”), which held a 33.34% share in Fábrica Nacional de Cemento S.A. (“Fancesa”).	Decided in favour of State	Bolivia, Plurinational State of	Peru	Secondary: C - Manufacturing	23 - Manufacture of other non-metallic mineral products	Fernández Arroyo, D. P. - President Garibaldi, O. M. - Claimant Viñuales, J. E. - Respondent	269.40 mln USD	Data not available	Data not available	None - jurisdiction declined	Award on Jurisdiction dated 27 November 2023	None	None	None	None	None	None
9	2020	Hope Services v. Cameroon	Hope Services LLC v. Republic of Cameroon (ICSID Case No. ARB/20/2)	Cameroon - United States of America BIT (1986)	ICSID	ICSID	Investment: Investments in the operation of an online platform for private donor funding of community development projects through local subsidiary Hope Services SA. Summary: Claims arising out of the alleged illegal arrest and imprisonment of the founder of the claimant company on fraud charges, followed by the government’s attempt to acquire the online fundraising platform from the claimant that had been developed based on a government contract signed in 2011.	Investments in the operation of an online platform for private donor funding of community development projects through local subsidiary Hope Services SA.	Decided in favour of State	Cameroon	United States of America	Tertiary: K - Financial and insurance activities	64 - Financial service activities, except insurance and pension funding	Scherer, M. - President Ziadé, N. - Claimant Mayer, P. - Respondent	1000.00 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 23 December 2021 (French)	None	None	None	None	None	None
10	2020	Komaksavia v. Moldova	Komaksavia Airport Invest Ltd v. Republic of Moldova	Cyprus - Moldova, Republic of BIT (2007)	SCC	SCC	Investment: Majority shareholding (95 per cent) in SC Avia Invest SRL, the concessionaire operating the Chisinau airport. Summary: Claims arising out of the Public Property Agency’s notified termination of the concession contract with Avia Invest for alleged breaches of contract obligations by the concessionaire.	Majority shareholding (95 per cent) in SC Avia Invest SRL, the concessionaire operating the Chisinau airport.	Decided in favour of State	Moldova, Republic of	Cyprus	Tertiary: H - Transportation and storage	52 - Warehousing and support activities for transportation	Kalicki, J. E. - President Sands, P. - Claimant Stern, B. - Respondent	900.00 mln EUR (1032.80 mln USD)	Data not available	Data not available	None - jurisdiction declined	Final Award dated 3 August 2022	None	None	None	None	None	None
11	2020	Pildegovics and North Star v. Norway	Peteris Pildegovics and SIA North Star v. Kingdom of Norway (ICSID Case No. ARB/20/11)	Latvia - Norway BIT (1992)	ICSID	ICSID	Investment: Investments in a snow crab harvesting enterprise, shares in local company Sea & Coast AS, and supply agreements with Seagourmet Norway AS. Summary: Claims arising out of Government authorities’ interference with the claimants’ snow crab harvesting business, allegedly forcing them to cease their operations in the so-called Barents Sea Loophole and the maritime zones of the Svalbard archipelago, including through the arrest of the one of the claimants’ ships, criminal proceedings, fines and penalties.	Investments in a snow crab harvesting enterprise, shares in local company Sea & Coast AS, and supply agreements with Seagourmet Norway AS.	Decided in favour of State	Norway	Latvia	Primary: A - Agriculture, forestry and fishing	3 - Fishing and aquaculture	Greenwood, C. - President Fortier, L. Y. - Claimant McRae, D. M. - Respondent	448.70 mln EUR (533.90 mln USD)	Data not available	Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Most-favoured nation treatment Indirect expropriation	None - all claims dismissed at the merits stage	Award dated 22 December 2023	None	ICSID annulment proceedings	Pending (ICSID annulment proceedings)	None	None	None
12	2020	Santamarta v. Venezuela	Raimundo J. Santamarta Devis v. Bolivarian Republic of Venezuela (PCA Case No. 2020-56)	Spain - Venezuela, Bolivarian Republic of BIT (1995)	UNCITRAL	PCA	Investment: Investments in SM Pharma, a pharmaceutical company. Summary: Claims arising out of Government’s alleged seizure of SM Pharma’s manufacturing facilities in Maracaibo.	Investments in SM Pharma, a pharmaceutical company.	Decided in favour of State	Venezuela, Bolivarian Republic of	Spain	Secondary: C - Manufacturing	21 - Manufacture of basic pharmaceutical products and pharmaceutical preparations	von Wobeser, C. - President Siqueiros, E. - Claimant Kohen, M. G. - Respondent	200.00 mln USD	Data not available	Direct expropriation	None - jurisdiction declined	Award on Jurisdiction Ratione Personae dated 26 July 2023 (Spanish)	None	None	None	None	None	None
13	2020	Shift Energy v. Japan	Shift Energy Japan KK v. Japan	Hong Kong, China SAR - Japan BIT (1997)	UNCITRAL	ICSID	Investment: Summary:		Decided in favour of State	Japan	Hong Kong, China SAR	Tertiary: D - Electricity, gas, steam and air conditioning supply	35 - Electricity, gas, steam and air conditioning supply	Rigo Sureda, A. - President Alexandrov, S. A. - Claimant Douglas, Z. - Respondent	Data not available	Data not available	Data not available	Data not available	Award dated 1 February 2023	Dissenting Opinion of Stanimir A. Alexandrov	None	None	None	None	None
14	2019	Axiata and Ncell v. Nepal	Axiata Investments (UK) Limited and Ncell Private Limited v. Federal Democratic Republic of Nepal (ICSID Case No. ARB/19/15)	Nepal - United Kingdom BIT (1993)	ICSID	ICSID	Investment: Shareholding of 100% in Reynolds Holding Limited which has an 80% stake in Ncell Private Limited, a mobile network operator in Nepal. Summary: Claims arising out of the Government’s imposition of a capital gains tax on Axiata’s acquisition of Reynolds Holding Limited from TeliaSonera in 2016, levied on Axiata’s subsidiary Ncell.	Shareholding of 100% in Reynolds Holding Limited which has an 80% stake in Ncell Private Limited, a mobile network operator in Nepal.	Decided in favour of State	Nepal	United Kingdom	Tertiary: J - Information and communication	61 - Telecommunications	Kim, J. - President van den Berg, A. J. - Claimant Friedland, P. - Respondent	348.00 mln USD	Data not available	Data not available	None - all claims dismissed at the merits stage	Award dated 9 June 2023	None	None	None	None	None	None
15	2019	Castillo v. Panama	Leopoldo Castillo Bozo v. Republic of Panama (PCA Case No. 2019-40)	Dominican Republic - Panama BIT (2003)	UNCITRAL	PCA	Investment: Shareholding in Seguros BBA, Corp., an insurance company based in Panama. Summary: Claims arising out of the alleged forced liquidation of the insurance company Seguros BBA, in which the claimant held a stake, ordered by the regulatory authority for the insurance industry (Superintendencia de Seguros y Reaseguros de Panamá) in 2018.	Shareholding in Seguros BBA, Corp., an insurance company based in Panama.	Decided in favour of State	Panama	Dominican Republic	Tertiary: K - Financial and insurance activities	65 - Insurance, reinsurance and pension funding, except compulsory social security	Álvarez Avila, G. - President (replaced) Barahona Israel, R. - Claimant Bottini, G. - Respondent Villanúa Gómez, D. - President	93.80 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	Final Award dated 8 November 2022	Concurring and Dissenting Opinion by Rodrigo Barahona Israel	None	None	None	None	None
16	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
17	2019	Ghella v. Venezuela	Ghella S.p.A. v. Bolivarian Republic of Venezuela (ICC Case No. 24776/JPA)	Italy - Venezuela Framework Agreement (2001)	ICC	ICC	Investment: Summary:		Decided in favour of State	Venezuela, Bolivarian Republic of	Italy	Tertiary: F - Construction	42 - Civil engineering	Jiménez Figueres, D. - President Siqueiros, E. - Claimant Nunes Pinto, J. E. - Respondent	Data not available	Data not available	Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Other	None - jurisdiction declined	Final Award dated 16 March 2022	None	None	None	None	None	None
18	2019	IC Power v. Guatemala	IC Power Asia Development Ltd. v. Republic of Guatemala (PCA Case No. 2019-43)	Guatemala - Israel BIT (2006)	UNCITRAL	PCA	Investment: Majority shareholdings (90.6 and 92.7 per cent) in Distribuidora de Electricidad de Occidente S.A. (Deocsa) and Distribuidora de Electricidad de Oriente S.A. (Deorsa), two local electricity distributors. Summary: Claims arising out of Guatemalan tax authorities’ imposition of alleged back taxes (for 2011 and 2012) on two electricity distributors acquired by the claimant in 2016.	Majority shareholdings (90.6 and 92.7 per cent) in Distribuidora de Electricidad de Occidente S.A. (Deocsa) and Distribuidora de Electricidad de Oriente S.A. (Deorsa), two local electricity distributors.	Decided in favour of State	Guatemala	Israel	Tertiary: D - Electricity, gas, steam and air conditioning supply	35 - Electricity, gas, steam and air conditioning supply	van den Berg, A. J. - President Vinuesa, R. E. - Claimant Tawil, G. S. - Respondent	117.00 mln USD	Data not available	Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Arbitrary, unreasonable and/or discriminatory measures	None - all claims dismissed at the merits stage	Final Award dated 7 October 2020	Dissenting Opinion by Guido Santiago Tawil	None	None	None	None	None
19	2019	Kazakh National Center v. Kyrgyzstan	National Center on Complex Processing of Mineral Raw Materials of the Republic of Kazakhstan v. Kyrgyz Republic (PCA Case No. 2019-01)	Kazakhstan - Kyrgyzstan BIT (1997)	UNCITRAL	PCA	Investment: Summary:		Decided in favour of State	Kyrgyzstan	Kazakhstan	Secondary: C - Manufacturing	24 - Manufacture of basic metals	Pellew, D. - President Vilkova, N. - Claimant (replaced) Karabelnikov, B. - Claimant Boisson de Chazournes, L. - Respondent	49.90 mln USD	Data not available	Data not available	None - all claims dismissed at the merits stage	Award on dated 28 September 2023	None	None	None	None	None	None
20	2019	Kornikom v. Serbia	Kornikom EOOD v. Republic of Serbia (ICSID Case No. ARB/19/12)	Bulgaria - Serbia BIT (1996)	ICSID	ICSID	Investment: Shareholding of 70% in Rudnik Kovin, the operator of the Kovin underwater coal mine. Summary: Claims arising out of a Government agency’s cancellation of a privatization contract with the claimant in 2010, recovering the 70% stake in Rudnik Kovin that the claimant had acquired after a public auction in 2007.	Shareholding of 70% in Rudnik Kovin, the operator of the Kovin underwater coal mine.	Decided in favour of State	Serbia	Bulgaria	Primary: B - Mining and quarrying	5 - Mining of coal and lignite	Hanotiau, B. - President Rowley, J. W. - Claimant Mayer, P. - Respondent	35.00 mln EUR (37.40 mln USD)	Data not available	Direct expropriation Indirect expropriation	None - all claims dismissed at the merits stage	Award dated 20 September 2023	None	None	None	None	None	None
21	2019	Mamacocha and Latam Hydro v. Peru	CH Mamacocha S.R.L. and Latam Hydro LLC v. Republic of Peru (ICSID Case No. ARB/19/28)	Peru - United States FTA (2006)	ICSID	ICSID	Investment: Rights under a 20-year concession agreement with the Ministry of Energy and Mines to supply renewable energy to the national grid, and to construct and operate a hydroelectric plant near the Mamacocha Lagoon in the Arequipa region of Peru (the “Mamacocha Project”). Summary: Claims arising out of the Government’s alleged breach of a concession agreement for a hydroelectric plant project (the “Mamacocha Project”) through delays of permitting and approval processes, discriminatory and politically motivated interferences by regional authorities, and attempts to unilaterally and unlawfully cancel the project by rendering it impossible to complete.	Rights under a 20-year concession agreement with the Ministry of Energy and Mines to supply renewable energy to the national grid, and to construct and operate a hydroelectric plant near the Mamacocha Lagoon in the Arequipa region of Peru (the “Mamacocha Project”).	Decided in favour of State	Peru	United States of America	Tertiary: D - Electricity, gas, steam and air conditioning supply	35 - Electricity, gas, steam and air conditioning supply	Tawil, G. S. - Claimant Vinuesa, R. E. - Respondent van den Berg, A. J. - President	45.60 mln USD	Data not available	Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Indirect expropriation Umbrella clause Most-favoured nation treatment	None - all claims dismissed at the merits stage	Award dated 20 December 2023 (English) Award dated 20 December 2023 (Spanish)	Dissenting Opinion by Guido Santiago Tawil (English) Dissenting Opinion by Guido Santiago Tawil (Spanish)	None	None	None	None	None
22	2019	Mihaljevic v. Croatia	Marko Mihaljevic v. Republic of Croatia (ICSID Case No. ARB/19/35)	Croatia - Germany BIT (1997)	ICSID	ICSID	Investment: Ownership rights over purchased real estate. Summary: Claims arising out of the alleged invalidation by Croatia’s courts of a transaction between the claimant’s father and the State relating to real estate assets on the grounds that the transaction was not carried out in conformity with local law.	Ownership rights over purchased real estate.	Decided in favour of State	Croatia	Germany	Tertiary: L - Real estate activities	68 - Real estate activities	Bull, C. - President Kantor, M. - Claimant Vicien-Milburn, M. - Respondent	Data not available	Data not available	Data not available	None - jurisdiction declined	Decision on the Respondent’s preliminary objections pursuant to ICSID Arbitration Rule 41(5) dated 23 June 2021 Award dated 19 May 2023	Concurring Opinion by Maria Vicien-Milburn	None	None	None	None	None
23	2019	Orazul v. Argentina	Orazul International España Holdings S.L. v. Argentine Republic (ICSID Case No. ARB/19/25)	Argentina - Spain BIT (1991)	ICSID	ICSID	Investment: Investments in a hydroelectric power plant and a thermal power plant. Summary:	Investments in a hydroelectric power plant and a thermal power plant.	Decided in favour of State	Argentina	Spain	Tertiary: D - Electricity, gas, steam and air conditioning supply	35 - Electricity, gas, steam and air conditioning supply	Hanefeld, I. - President Haigh, D. - Claimant Pellet, A. - Respondent	667.30 mln USD	Data not available	Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Arbitrary, unreasonable and/or discriminatory measures Direct expropriation Indirect expropriation Full protection and security, or similar Umbrella clause	None - all claims dismissed at the merits stage	Award dated 14 December 2023 (English) Award dated 14 December 2023 (Spanish)	Dissenting Opinion by David R. Haigh (English) Dissenting Opinion by David R. Haigh (Spanish)	None	None	None	None	None
24	2019	Panamericana Televisión and others v. Peru	Panamericana Televisión S.A., Katerine Verónica Schütz Dalmau, Ernest Victor Schütz Freundt and Lorena Vivian Schütz Freundt v. The Republic of Peru (PCA Case No. 2019-26)	Peru - Switzerland BIT (1991)	UNCITRAL	PCA	Investment: Investments in Panamericana Televisión S.A. Summary: Claims arising out of a 2001 judicial resolution placing Panamericana Televisión under temporary administration, suspending the rights of its shareholders as well as the exercise of the functions of its board of directors.	Investments in Panamericana Televisión S.A.	Decided in favour of State	Peru	Switzerland	Tertiary: J - Information and communication	60 - Programming and broadcasting activities	Júdice, J. M. - President Rodríguez, R. A. - Claimant Derains, Y. - Respondent	460.00 mln USD	Data not available	Indirect expropriation	None - all claims dismissed at the merits stage	Final Award dated 1 December 2022	None	None	None	None	None	None
25	2019	Russian Fund v. Lithuania	Russian Fund for the Protection of Investors’ Rights in Foreign States v. Lithuania (PCA Case No. 2019-48)	Lithuania - Russian Federation BIT (1999)	UNCITRAL	PCA	Investment: Majority shareholding (68% of shares held by Vladimir Antonov) in Bankas Snoras, a now defunct Lithuanian bank. Summary: Claims arising out of the nationalization of Snoras bank in 2011 related to purported insolvency risks and suspected criminal activity, and the bank’s ensuing liquidation.	Majority shareholding (68% of shares held by Vladimir Antonov) in Bankas Snoras, a now defunct Lithuanian bank.	Decided in favour of State	Lithuania	Russian Federation	Tertiary: K - Financial and insurance activities	64 - Financial service activities, except insurance and pension funding	Lévy, L. - President Park, W. W. - Claimant Thomas, J. C. - Respondent	300.00 mln USD	Data not available	Data not available	Data not available	Award dated 1 July 2022	None	None	None	None	None	None

No results found

No.	Name	Cases as Respondent State	Cases as Home State of claimant
1	Albania	13	1
2	Algeria	13	1
3	Argentina	65	5
4	Armenia	6	0
5	Australia	4	9
6	Austria	1	32
7	Azerbaijan	7	1
8	Bahamas	0	2
9	Bahrain	4	1
10	Bangladesh	1	0
11	Barbados	1	7
12	Belarus	4	2
13	Belgium	3	20
14	Belize	4	0
15	Benin	1	0
16	Bermuda	0	1
17	Bolivia, Plurinational State of	19	1
18	Bosnia and Herzegovina	5	0
19	British Virgin Islands	0	1
20	Bulgaria	12	2
21	Burundi	4	0
22	Cabo Verde	1	0
23	Cambodia	1	0
24	Cameroon	3	0
25	Canada	34	68
26	Chile	7	9
27	China	9	19
28	Colombia	23	4
29	Congo	3	0
30	Congo, Democratic Republic of the	4	0
31	Costa Rica	14	2
32	Croatia	19	3
33	Cuba	1	0
34	Cyprus	5	36
35	Czechia	42	7
36	Denmark	2	9
37	Dominican Republic	11	2
38	Ecuador	29	0
39	Egypt	46	7
40	El Salvador	4	0
41	Equatorial Guinea	2	0
42	Estonia	5	3
43	Ethiopia	5	0
44	European Union	2	0
45	Finland	1	3
46	France	3	67
47	Gabon	3	0
48	Gambia	2	0
49	Georgia	18	1
50	Germany	7	84
51	Ghana	3	0
52	Gibraltar	0	2
53	Greece	5	15
54	Grenada	2	0
55	Guatemala	9	1
56	Guyana	1	0
57	Honduras	7	0
58	Hong Kong, China SAR	0	2
59	Hungary	17	3
60	India	28	12
61	Indonesia	7	0
62	Iran, Islamic Republic of	1	6
63	Iraq	6	0
64	Ireland	0	2
65	Israel	0	8
66	Italy	14	51
67	Jamaica	0	1
68	Japan	1	6
69	Jordan	10	9
70	Kazakhstan	19	7
71	Kenya	1	0
72	Korea, Republic of	10	8
73	Kuwait	7	9
74	Kyrgyzstan	18	0
75	Lao People's Democratic Republic	4	0
76	Latvia	10	5
77	Lebanon	5	6
78	Lesotho	2	0
79	Libya	22	1
80	Liechtenstein	0	1
81	Lithuania	8	8
82	Luxembourg	0	45
83	Macao, China SAR	0	1
84	Madagascar	4	0
85	Malaysia	3	9
86	Malta	1	4
87	Mauritius	4	15
88	Mexico	52	7
89	Moldova, Republic of	13	1
90	Mongolia	6	0
91	Montenegro	6	0
92	Morocco	9	0
93	Mozambique	3	0
94	Myanmar	2	0
95	Nepal	1	0
96	Netherlands	3	132
97	Nicaragua	3	0
98	Nigeria	5	0
99	North Macedonia	11	0
100	Norway	3	5
101	Oman	4	2
102	Pakistan	12	0
103	Panama	20	10
104	Papua New Guinea	1	0
105	Paraguay	3	0
106	Peru	34	5
107	Philippines	7	0
108	Poland	37	8
109	Portugal	1	8
110	Qatar	2	9
111	Romania	26	1
112	Russian Federation	28	26
113	Rwanda	1	0
114	Saudi Arabia	11	5
115	Senegal	6	0
116	Serbia	15	0
117	Seychelles	0	2
118	Sierra Leone	1	0
119	Singapore	0	12
120	Slovakia	14	1
121	Slovenia	6	3
122	South Africa	1	3
123	Spain	56	73
124	Sri Lanka	5	0
125	Sudan	2	0
126	Sweden	1	12
127	Switzerland	1	51
128	Syrian Arab Republic	2	0
129	Tajikistan	2	0
130	Tanzania, United Republic of	13	0
131	Thailand	2	0
132	Trinidad and Tobago	2	0
133	Tunisia	3	1
134	Türkiye	18	49
135	Turkmenistan	16	0
136	Uganda	1	0
137	Ukraine	31	17
138	United Arab Emirates	6	12
139	United Kingdom	1	109
140	United States of America	24	232
141	Uruguay	5	1
142	Uzbekistan	9	1
143	Venezuela, Bolivarian Republic of	64	3
144	Viet Nam	13	0
145	Yemen	3	0
146	Zimbabwe	3	0

No results found

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