Arbitral Digest

Matter

Gardabani Holdings BV v Georgia (Nicosia District Court General Application No. 5/22, 14 July 2025)

Case no.
V 2018/039
Seat
Sweden
Applicable rules
SCC Arbitration Rules
  1. 19 April 2021Sweden

    19 April 2021Sweden

    Partial Award on Liability

    Arbitration Institute of the Stockholm Chamber of Commerce

    Decision summary
    The tribunal determined Georgia's liability for breach of the share sale agreement.

    Supporting details

    4 participants
    Gardabani Holdings BV
    Georgia
    Ministry of Finance and Sustainable Development of Georgia
    State Service Bureau Ltd
    Arbitration Institute of the Stockholm Chamber of Commerce

    3 months and 11 days later · 102 days

  2. 30 July 2021Sweden

    30 July 2021Sweden

    First Partial Award on Damages

    Arbitration Institute of the Stockholm Chamber of Commerce

    Decision summary
    The tribunal resolved specified disputed issues concerning damages without determining the amount of damages or making a damages award.

    Supporting details

    4 participants
    Gardabani Holdings BV
    Georgia
    Ministry of Finance and Sustainable Development of Georgia
    State Service Bureau Ltd
    Arbitration Institute of the Stockholm Chamber of Commerce

    3 months and 24 days later · 116 days

  3. 23 November 2021Sweden

    23 November 2021Sweden

    Second Partial Award on Damages

    Arbitration Institute of the Stockholm Chamber of Commerce

    Decision summary
    The tribunal ordered Georgia, its Ministry of Finance and Sustainable Development, and State Service Bureau Ltd to pay Gardabani Holdings BV USD 18,663,000 within 30 days of receiving the award, and to indemnify it for Georgian tax liabilities arising from the awarded sums.

    Supporting details

    4 participants
    Gardabani Holdings BV
    Georgia
    Ministry of Finance and Sustainable Development of Georgia
    State Service Bureau Ltd
    Arbitration Institute of the Stockholm Chamber of Commerce

    3 years, 7 months and 21 days later · 1329 days

  4. 14 July 2025Cyprus

    14 July 2025Cyprus

    Decision of the Nicosia District Court in the case General Application No. 5/22 dated 14 July 2025

    Nicosia District Court

    Case no.
    General Application No. 5/22
    Decision summary
    The court recognized and ordered enforcement in Cyprus of the SCC Second Partial Award on Damages dated 23 November 2021 in arbitration V 2018/039. It held that Georgia's agreement to arbitrate the commercial share-sale dispute prevented Georgia from relying on state immunity at the recognition-and-enforcement stage, and awarded the application costs to Gardabani Holdings BV against Georgia subject to assessment and court approval.

    Supporting details

    13 authorities · 7 participants
    Gardabani Holdings BV
    Representative
    Eleftherios Oikonomou (For: Gardabani Holdings BV)
    Representative
    Zivanari (For: Gardabani Holdings BV)
    Georgia
    Representative
    A. Georgiadis (For: Georgia)
    Representative
    Ch. Christoforou (For: Georgia)
    Nicosia District Court

    Authorities cited

    13
    • Cyprus Convention on Recognition and Enforcement of Foreign Arbitral Awards (Ratification) Law 84/1979 (Cyprus Law 84/1979)
      statute
    • New York Convention on Recognition and Enforcement of Foreign Arbitral Awards (1958 New York Convention)
      statute
    • Cyprus International Commercial Arbitration Law 101/1987 (Cyprus Law 101/1987)
      statute
    • United Nations Convention on Jurisdictional Immunities of States and Their Property (2004 UN Convention on Jurisdictional Immunities of States and Their Property)
      statute
    • European Convention on State Immunity (1972 European Convention on State Immunity)
      statute
    • Alison Fashion v Republic of Cyprus (28/2020)
      case-law
    • Svenska Petroleum Exploration v Government of the Republic of Lithuania ([2006] EWCA Civ 1529)
      case-law
    • Alcom Ltd v Republic of Colombia ([1984] AC 580)
      case-law
    • Alcom Ltd v Federal Government of Nigeria
      case-law
    • Techsnabexport v Globe NuclearServs (656 F Supp 2d 550)
      case-law
    • Intersputnik International Organization of Space Communications v Alrena Investments (Civil Appeal 298/2013, 4 April 2017, ECLI:CY:AD:2017:A122)
      case-law
    • Cyprus Foreign Court Judgments (Recognition, Registration and Enforcement under Convention) Law (Cyprus Law 121(I)/2000)
      statute
    • Guide to the Interpretation of the 1958 New York Convention: A Handbook for Judges (May 2012 edition)
      academic

Matter record

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Gardabani Holdings BV v Georgia (Nicosia District Court General Application No. 5/22, 14 July 2025) · Matter