Pantechniki S.A. Contractors & Engineers v Republic of Albania (ICSID Case No. ARB/07/21)

Procedural record

1. 30 July 2009Arbitration

   30 July 2009Arbitration

   Award dated 30 July 2009

   International Centre for Settlement of Investment Disputes

   Decision summary

   The Tribunal rejected Albania's jurisdictional objection based on the absence of a qualifying investment. On the merits, it rejected the claims for failure to ensure full protection and security and denial of justice, and dismissed or rejected the remaining claims as inadmissible or on the merits. Each party must bear its own costs, and each party must bear 50 per cent of the Tribunal's fees and expenses, including ICSID's charges.

   Participants

   Pantechniki S.A. Contractors & Engineers

   Representative

   GVM Law (For: Pantechniki S.A. Contractors & Engineers)

   Representative

   Panayotis Glavinis (For: Pantechniki S.A. Contractors & Engineers)

   Representative

   Konstantinos Markoulakis (For: Pantechniki S.A. Contractors & Engineers)

   Representative

   Alexandra Koutoglidou (For: Pantechniki S.A. Contractors & Engineers)

   Representative

   Edward Sarantopoulos (For: Pantechniki S.A. Contractors & Engineers)

   Representative

   State Attorney General (For: Pantechniki S.A. Contractors & Engineers)

   Representative

   Evelina Qirjako (For: Pantechniki S.A. Contractors & Engineers)

   Republic of Albania

   Representative

   Eduard Halimi (For: Republic of Albania)

   Representative

   State Attorney's Office (For: Republic of Albania)

   Representative

   Ledina Mandia (For: Republic of Albania)

   Representative

   Derains Gharavi Lazareff (For: Republic of Albania)

   Representative

   Hamid Gharavi (For: Republic of Albania)

   Representative

   Julien Fouret (For: Republic of Albania)

   Representative

   Nabil Lodey (For: Republic of Albania)

   C.I. Sarantopoulos S.A.

   Craig Chiasson

   International Centre for Settlement of Investment Disputes

   Arbitrator

   Jan Paulsson

   Tribunal secretary

   Martina Polasek

   Other

   Witness

   Pinelopi Dourou

   Witness

   Ingrid Shuli

   Witness

   Eralda Cani

   Witness

   Anastas Angjeli

   Witness

   Edward Sarantopoulos

   Expert

   Eralda Cani

   Authorities cited

   10

   • Albanian Law on Foreign Investment of 1993
     statute
   • Albanian Civil Code
     statute
   • Certain British Claims in the Spanish Zone of Morocco (1925 UNRIAA 639)
     case law
   • The International Law of Investment Claims (2009)
     academic
   • Law and Practice of Investment Treaties (2009)
     academic
   • International Law, Volume II (D. P. O'Connell, International Law, Vol. II (1970))
     academic
   • The Meaning of the Term Denial of Justice (1932 BYIL 93)
     academic
   • The Denial of Justice in International Law (1935 Recueil des cours 370)
     academic
   • Albania-Greece Bilateral Investment Treaty (1991)
     treaty
   • ICSID Convention
     treaty