Arbitral Digest

Matter

OKO Pankki Oyj, VTB Bank (Deutschland) AG and Sampo Bank PLC v. Republic of Estonia (ICSID Case No. ARB/04/6)

Case no.
ARB/04/6
Seat
Netherlands
Applicable rules
ICSID Arbitration Rules · IBA Rules on the Taking of Evidence in International Commercial Arbitration
  1. 10 June 2005Netherlands

    10 June 2005Netherlands

    Procedural Order No. 1 dated 10 June 2005

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal allowed one witness to be heard, refused to hear two other witnesses while retaining their statements and report as evidence in chief, and set the procedural timetable and six-day oral hearing arrangements.

    Supporting details

    8 participants
    OKO Pankki Oyj
    VTB Bank (Deutschland) AG
    Sampo Bank PLC
    Republic of Estonia
    International Centre for Settlement of Investment Disputes
    Arbitrator
    L. Yves Fortier
    Arbitrator
    V.V. Veeder
    Tribunal secretary
    Martina Polasek

    1 month and 5 days later · 35 days

  2. 15 July 2005Netherlands

    15 July 2005Netherlands

    Procedural Order No. 2 dated 15 July 2005

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal considered the Claimants' request for document production, noted the disclosure already made, and required the Respondent to give a clearer justification for withholding specified board minutes under attorney-client privilege and to explain why a redacted version could not be disclosed.

    Supporting details

    8 participants
    OKO Pankki Oyj
    VTB Bank (Deutschland) AG
    Sampo Bank PLC
    Republic of Estonia
    International Centre for Settlement of Investment Disputes
    Arbitrator
    L. Yves Fortier
    Arbitrator
    V.V. Veeder
    Tribunal secretary
    Martina Polasek

    1 month and 25 days later · 56 days

  3. 9 September 2005Netherlands

    9 September 2005Netherlands

    Procedural Order No. 3 dated 9 September 2005

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal allowed the Claimants to file specified minutes and extracts as new documentary evidence and to file a witness statement, invited the Respondent's response and any cross-examination application, maintained the scheduled hearing dates, and reserved its decision on additional costs.

    Supporting details

    8 participants
    OKO Pankki Oyj
    VTB Bank (Deutschland) AG
    Sampo Bank PLC
    Republic of Estonia
    International Centre for Settlement of Investment Disputes
    Arbitrator
    L. Yves Fortier
    Arbitrator
    V.V. Veeder
    Tribunal secretary
    Martina Polasek

    4 days later · 4 days

  4. 13 September 2005Netherlands

    13 September 2005Netherlands

    Procedural Order No. 4 dated 13 September 2005

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal allowed the Claimants to file a witness statement by 19 September 2005, invited the Respondent's response and any cross-examination application, maintained the scheduled hearing dates, and reserved its decision on additional costs.

    Supporting details

    8 participants
    OKO Pankki Oyj
    VTB Bank (Deutschland) AG
    Sampo Bank PLC
    Republic of Estonia
    International Centre for Settlement of Investment Disputes
    Arbitrator
    L. Yves Fortier
    Arbitrator
    V.V. Veeder
    Tribunal secretary
    Martina Polasek

    2 years, 2 months and 6 days later · 797 days

  5. 19 November 2007Netherlands

    19 November 2007Netherlands

    Award dated 19 November 2007

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal found that it had jurisdiction, held that Estonia violated its obligations to accord the Claimants' investment fair and equitable treatment under the Estonia-Finland and Estonia-Germany BITs, and awarded damages, interest, pre-arbitration expenses, legal costs, and arbitration costs to the Claimants in equal shares. It dismissed all other claims and cross-claims.

    Supporting details

    9 authorities · 19 participants
    OKO Pankki Oyj
    Representative
    Patrik Lindfors (For: OKO Pankki Oyj · VTB Bank (Deutschland) AG · Sampo Bank PLC)
    Representative
    Petra Kiurunen (For: OKO Pankki Oyj · VTB Bank (Deutschland) AG · Sampo Bank PLC)
    Representative
    Antti Summa (For: OKO Pankki Oyj · VTB Bank (Deutschland) AG · Sampo Bank PLC)
    Representative
    Hannes Snellman Attorneys at Law Ltd (For: OKO Pankki Oyj · VTB Bank (Deutschland) AG · Sampo Bank PLC)
    VTB Bank (Deutschland) AG
    Representative
    Patrik Lindfors (For: OKO Pankki Oyj · VTB Bank (Deutschland) AG · Sampo Bank PLC)
    Representative
    Petra Kiurunen (For: OKO Pankki Oyj · VTB Bank (Deutschland) AG · Sampo Bank PLC)
    Representative
    Antti Summa (For: OKO Pankki Oyj · VTB Bank (Deutschland) AG · Sampo Bank PLC)
    Representative
    Hannes Snellman Attorneys at Law Ltd (For: OKO Pankki Oyj · VTB Bank (Deutschland) AG · Sampo Bank PLC)
    Sampo Bank PLC
    Representative
    Patrik Lindfors (For: OKO Pankki Oyj · VTB Bank (Deutschland) AG · Sampo Bank PLC)
    Representative
    Petra Kiurunen (For: OKO Pankki Oyj · VTB Bank (Deutschland) AG · Sampo Bank PLC)
    Representative
    Antti Summa (For: OKO Pankki Oyj · VTB Bank (Deutschland) AG · Sampo Bank PLC)
    Representative
    Hannes Snellman Attorneys at Law Ltd (For: OKO Pankki Oyj · VTB Bank (Deutschland) AG · Sampo Bank PLC)
    Republic of Estonia
    Representative
    D. Brian King (For: Republic of Estonia)
    Representative
    Georgios Petrochilos (For: Republic of Estonia)
    Representative
    Yasmin Mohammad (For: Republic of Estonia)
    Representative
    Laura Halonen (For: Republic of Estonia)
    Representative
    Ilmar-Erik Aavakivi (For: Republic of Estonia)
    Representative
    Freshfields Bruckhaus Deringer (For: Republic of Estonia)
    Representative
    Law Office Aivar Pilv (For: Republic of Estonia)
    International Centre for Settlement of Investment Disputes
    Arbitrator
    L. Yves Fortier
    Arbitrator
    V.V. Veeder
    Tribunal secretary
    Martina Polasek

    Authorities cited

    9
    • Agreement between the Government of the Republic of Finland and the Government of the Republic of Estonia for the Promotion and Protection of Investments (Estonia-Finland BIT)
      statute
    • Agreement between the Federal Republic of Germany and the Republic of Estonia on the Promotion and Mutual Protection of Investments (Estonia-Germany BIT)
      statute
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
      statute
    • Vienna Convention on the Law of Treaties 1969
      statute
    • Articles on Responsibility of States for Internationally Wrongful Acts (ILC Articles on State Responsibility)
      statute
    • Ceskoslovenska obchodni banka, a.s. v. Slovak Republic (ICSID Case No. ARB/97/4, Decision on Jurisdiction of 24 May 1999)
      case law
    • Salini Costruttori S.p.A. and Italstrade S.p.A. v. Kingdom of Morocco (ICSID Case No. ARB/00/4, Decision on Jurisdiction of 23 July 2001)
      case law
    • Alex Genin, Eastern Credit Limited, Inc. and A.S. Baltoil v. Republic of Estonia (ICSID Case No. ARB/99/2, Award of 25 June 2001)
      case law
    • Compania del Desarrollo de Santa Elena S.A. v. Republic of Costa Rica (ICSID Case No. ARB/96/1, Award of 17 February 2000)
      case law

Matter record

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OKO Pankki Oyj, VTB Bank (Deutschland) AG and Sampo Bank PLC v. Republic of Estonia (ICSID Case No. ARB/04/6) · Matter