Arbitral Digest

Matter

Ioannis Kardassopoulos and Ron Fuchs v. Georgia (ICSID Case No. ARB/05/18)

Case no.
ARB/05/18
Applicable rules
ICSID Arbitration Rules · ICSID Institution Rules
  1. 6 July 2007Arbitration

    6 July 2007Arbitration

    Decision on Jurisdiction

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal rejected Georgia's objections to jurisdiction ratione materiae under the Energy Charter Treaty and the Georgia-Greece investment treaty, and to jurisdiction ratione temporis under the Energy Charter Treaty. It held that the dispute fell within the Centre's jurisdiction and the Tribunal's competence, joined the temporal objection under the Georgia-Greece investment treaty to the merits, and reserved jurisdictional-phase costs.

    Supporting details

    3 authorities · 6 participants
    Ioannis Kardassopoulos
    Georgia
    International Centre for Settlement of Investment Disputes
    Arbitrator
    L. Yves Fortier
    Arbitrator
    Arthur Watts
    Tribunal secretary
    Ucheora Onwuamaegbu

    Authorities cited

    3
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
      convention
    • Energy Charter Treaty
      treaty
    • Agreement between Georgia and Greece on the Promotion and Reciprocal Protection of Investments
      treaty

    2 years, 7 months and 25 days later · 971 days

  2. 3 March 2010Arbitration

    3 March 2010Arbitration

    Award

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal sustained one jurisdictional objection and dismissed the other jurisdictional and equitable-prescription objections. It found Georgia liable for unlawful expropriation of Kardassopoulos' investment and breach of fair and equitable treatment in relation to Fuchs' investment, and awarded compensation, interest, and arbitration costs to the Claimants; other claims were dismissed.

    Supporting details

    4 authorities · 8 participants
    Ioannis Kardassopoulos
    Ron Fuchs
    Georgia
    International Centre for Settlement of Investment Disputes
    Arbitrator
    L. Yves Fortier
    Arbitrator
    Vaughan Lowe
    Tribunal secretary
    Aissatou Diop
    Tribunal secretary
    Alison G. FitzGerald

    Authorities cited

    4
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
      convention
    • Energy Charter Treaty
      treaty
    • Agreement between Georgia and Greece on the Promotion and Reciprocal Protection of Investments
      treaty
    • Agreement between Georgia and Israel on the Promotion and Reciprocal Protection of Investments
      treaty

    8 months and 9 days later · 254 days

  3. 12 November 2010Arbitration

    12 November 2010Arbitration

    Decision on the Stay of Enforcement of the Award

    International Centre for Settlement of Investment Disputes

    Decision summary
    The ad hoc Committee continued the stay of enforcement of the Award pending its decision on Georgia's annulment applications, conditional on Georgia furnishing an approved unconditional and irrevocable bank guarantee for the full amount of the Award, excluding post-award interest. Costs were reserved.

    Supporting details

    1 authority · 7 participants
    Georgia
    Ioannis Kardassopoulos
    Ron Fuchs
    International Centre for Settlement of Investment Disputes
    Tribunal secretary
    Aissatou Diop

    Authorities cited

    1
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
      convention

    2 months and 7 days later · 68 days

  4. 19 January 2011Arbitration

    19 January 2011Arbitration

    Decision to Terminate the Stay of Enforcement of the Award

    International Centre for Settlement of Investment Disputes

    Decision summary
    The ad hoc Committee terminated the stay of enforcement of the Award because Georgia had not furnished the required bank guarantee and stated that it did not intend to pursue continuation of the stay before the Committee.

    Supporting details

    1 authority · 7 participants
    Georgia
    Ioannis Kardassopoulos
    Ron Fuchs
    International Centre for Settlement of Investment Disputes
    Tribunal secretary
    Aissatou Diop

    Authorities cited

    1
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
      convention

    2 months and 2 days later · 61 days

  5. 21 March 2011Arbitration

    21 March 2011Arbitration

    Decision to Suspend the Annulment Proceeding

    International Centre for Settlement of Investment Disputes

    Decision summary
    The ad hoc Committee suspended the annulment proceeding, made the existing submission deadlines and scheduled hearing inapplicable, and provided that resumption would be decided after consideration of the final decision or award in Georgia's revision proceeding. Costs were reserved for later determination with the annulment application.

    Supporting details

    1 authority · 7 participants
    Georgia
    Ioannis Kardassopoulos
    Ron Fuchs
    International Centre for Settlement of Investment Disputes
    Tribunal secretary
    Aissatou Diop

    Authorities cited

    1
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
      convention

Matter record

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Ioannis Kardassopoulos and Ron Fuchs v. Georgia (ICSID Case No. ARB/05/18) · Matter