Arbitral Digest

Matter

Ioannis Kardassopoulos and Ron Fuchs v. Georgia (ICSID Case No. ARB/07/15)

Case no.
ARB/07/15
Applicable rules
ICSID Arbitration Rules
  1. 6 July 2007Arbitration

    6 July 2007Arbitration

    Decision on Jurisdiction dated 6 July 2007

    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 and Georgia-Israel bilateral investment treaties, and to jurisdiction ratione temporis under the Energy Charter Treaty. It joined Georgia's objection to jurisdiction ratione temporis under the Georgia-Greece bilateral investment treaty to the merits and reserved the jurisdictional-phase costs.

    Supporting details

    8 authorities · 6 participants
    Ioannis Kardassopoulos
    Georgia
    International Centre for Settlement of Investment Disputes
    Arbitrator
    L. Yves Fortier
    Arbitrator
    Arthur Watts
    Institutional administrator
    Ucheora Onwuamaegbu

    Authorities cited

    8
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (Washington Convention of 18 March 1965)
      treaty
    • Energy Charter Treaty
      treaty
    • Georgia-Greece Agreement on the Promotion and Reciprocal Protection of Investments (Georgia-Greece BIT)
      treaty
    • Georgia-Israel Agreement on the Promotion and Reciprocal Protection of Investments (Georgia-Israel BIT)
      treaty
    • Vienna Convention on the Law of Treaties
      treaty
    • Saluka Investments B.V. v. Czech Republic, Decision on Jurisdiction, 7 May 2004
      case-law
    • World Duty Free Company Limited v. Kenya, ICSID Case No. ARB/00/7
      case-law
    • Tradex Hellas S.A. v. Albania, ICSID Case No. ARB/94/2
      case-law

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

  2. 3 March 2010Arbitration

    3 March 2010Arbitration

    Award dated 3 March 2010

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal sustained one jurisdictional objection, dismissed the other jurisdictional and equitable-prescription objections, found Georgia liable for unlawful expropriation of Ioannis Kardassopoulos's investment and breach of the fair and equitable treatment standard applicable to Ron Fuchs's investment, and awarded compensation, interest and costs while dismissing the remaining claims.

    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
    Institutional administrator
    Aissatou Diop
    Institutional administrator
    Alison G. FitzGerald

    Authorities cited

    4
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (Washington Convention of 18 March 1965)
      treaty
    • Energy Charter Treaty
      treaty
    • Georgia-Greece Agreement on the Promotion and Reciprocal Protection of Investments (Georgia-Greece BIT)
      treaty
    • Georgia-Israel Agreement on the Promotion and Reciprocal Protection of Investments (Georgia-Israel BIT)
      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 dated 12 November 2010

    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 the annulment applications, subject to Georgia furnishing an unconditional and irrevocable bank guarantee for the full amount of the Award, excluding post-award interest; costs were reserved.

    Supporting details

    1 authority · 6 participants
    Georgia
    Ron Fuchs
    International Centre for Settlement of Investment Disputes
    Institutional administrator
    Aissatou Diop

    Authorities cited

    1
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (Washington Convention of 18 March 1965)
      treaty

    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 dated 19 January 2011

    International Centre for Settlement of Investment Disputes

    Decision summary
    The ad hoc Committee terminated the stay of enforcement of the Award because Georgia did not furnish the required bank guarantee and stated that it would not pursue continuation of the stay.

    Supporting details

    1 authority · 6 participants
    Georgia
    Ron Fuchs
    International Centre for Settlement of Investment Disputes
    Institutional administrator
    Aissatou Diop

    Authorities cited

    1
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (Washington Convention of 18 March 1965)
      treaty

    2 months and 2 days later · 61 days

  5. 21 March 2011Arbitration

    21 March 2011Arbitration

    Decision to Suspend the Annulment Proceeding dated 21 March 2011

    International Centre for Settlement of Investment Disputes

    Decision summary
    The ad hoc Committee suspended the annulment proceeding from notification of the Decision, rendered the existing submission deadlines and hearing dates inapplicable, and reserved resumption for a later decision after consideration of the final decision or award in the revision proceeding.

    Supporting details

    1 authority · 6 participants
    Georgia
    Ron Fuchs
    International Centre for Settlement of Investment Disputes
    Institutional administrator
    Aissatou Diop

    Authorities cited

    1
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (Washington Convention of 18 March 1965)
      treaty

Matter record

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Ioannis Kardassopoulos and Ron Fuchs v. Georgia (ICSID Case No. ARB/07/15) · Matter