Arbitral Digest

Matter

Cyprus Popular Bank Public Co. Ltd. v. Hellenic Republic (ICSID Case No. ARB/14/16)

Case no.
ARB/14/16
Applicable rules
ICSID Arbitration Rules
  1. 15 April 2021Arbitration

    15 April 2021Arbitration

    Award dated 15 April 2021

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal ordered the Hellenic Republic to pay EUR 34,500,000 to Cyprus Popular Bank Public Co. Ltd. as compensation, plus pre-award and post-award interest. It also ordered payment of defense expenses and USD 682,169.41 as costs of arbitration, with applicable interest, and dismissed all other claims and requests.

    Supporting details

    3 authorities · 22 participants
    Cyprus Popular Bank Public Co. Ltd.
    Representative
    Joe Hage (For: Cyprus Popular Bank Public Co. Ltd.)
    Representative
    Daniel Margolin QC (For: Cyprus Popular Bank Public Co. Ltd.)
    Representative
    Richard Kiddell (For: Cyprus Popular Bank Public Co. Ltd.)
    Representative
    John Marjason-Stamp (For: Cyprus Popular Bank Public Co. Ltd.)
    Representative
    Lucy Needle (For: Cyprus Popular Bank Public Co. Ltd.)
    Representative
    Nicos Makrides (For: Cyprus Popular Bank Public Co. Ltd.)
    Representative
    Joseph Hage Aaronson LLP (For: Cyprus Popular Bank Public Co. Ltd.)
    Representative
    Markides, Markides & Co LLC (For: Cyprus Popular Bank Public Co. Ltd.)
    Hellenic Republic
    Representative
    Styliani Charitaki (For: Hellenic Republic)
    Representative
    Maria Vlassi (For: Hellenic Republic)
    Representative
    Emmanouela Panopoulou (For: Hellenic Republic)
    Representative
    Christopher Moore (For: Hellenic Republic)
    Representative
    Claudia Annacker (For: Hellenic Republic)
    Representative
    Cleary Gottlieb Steen & Hamilton LLP (For: Hellenic Republic)
    Representative
    Dechert LLP (For: Hellenic Republic)
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Philippe Sands
    Tribunal secretary
    Martina Polasek
    Tribunal secretary
    Edward J. Thorn

    Authorities cited

    3
    • Case Concerning the Factory at Chorzow
      Case law
    • Joseph Charles Lemire v Ukraine (ICSID Case No. ARB/06/18, Award, 28 March 2011)
      Case law
    • Crystallex International Corporation v Bolivarian Republic of Venezuela (ICSID Case No. ARB(AF)/11/2, Award, 4 April 2016)
      Case law

    1 year, 7 months and 15 days later · 594 days

  2. 30 November 2022Arbitration

    30 November 2022Arbitration

    Decision on Annulment dated 30 November 2022

    International Centre for Settlement of Investment Disputes

    Decision summary
    The ad hoc Committee unanimously rejected the Application for Annulment of the Award. Each Party bears its own costs and fees, and the Applicant bears the costs of the annulment proceeding, including the fees and expenses of the Committee and the costs of the Centre.

    Supporting details

    1 authority · 32 participants
    Hellenic Republic
    Representative
    Styliani Charitaki (For: Hellenic Republic)
    Representative
    Emmanouela Panopoulou (For: Hellenic Republic)
    Representative
    Maria Vlassi (For: Hellenic Republic)
    Representative
    Christopher Moore (For: Hellenic Republic)
    Representative
    Paul Kleist (For: Hellenic Republic)
    Representative
    Claudia Annacker (For: Hellenic Republic)
    Representative
    Laurie Achtouk-Spivak (For: Hellenic Republic)
    Representative
    Eniko Horvath (For: Hellenic Republic)
    Representative
    Panos Theodoropoulos (For: Hellenic Republic)
    Representative
    Robert Garden (For: Hellenic Republic)
    Representative
    Alexandru Diaconu (For: Hellenic Republic)
    Representative
    Simon Yolland (For: Hellenic Republic)
    Representative
    August Papathomas (For: Hellenic Republic)
    Cyprus Popular Bank Public Co. Ltd.
    Representative
    Daniel Margolin KC (For: Cyprus Popular Bank Public Co. Ltd.)
    Representative
    Richard Kiddell (For: Cyprus Popular Bank Public Co. Ltd.)
    Representative
    Seth Cumming (For: Cyprus Popular Bank Public Co. Ltd.)
    Representative
    John Marjason-Stamp (For: Cyprus Popular Bank Public Co. Ltd.)
    Representative
    Lucy Needle (For: Cyprus Popular Bank Public Co. Ltd.)
    Representative
    Gaurav Ramani (For: Cyprus Popular Bank Public Co. Ltd.)
    Representative
    Polina Shishkina (For: Cyprus Popular Bank Public Co. Ltd.)
    Representative
    Nicos Makrides (For: Cyprus Popular Bank Public Co. Ltd.)
    Representative
    Joseph Hage Aaronson LLP (For: Cyprus Popular Bank Public Co. Ltd.)
    Representative
    Markides, Markides & Co LLC (For: Cyprus Popular Bank Public Co. Ltd.)
    Representative
    Cleary Gottlieb Steen & Hamilton (For: Cyprus Popular Bank Public Co. Ltd.)
    Representative
    Dechert LLP (For: Cyprus Popular Bank Public Co. Ltd.)
    Representative
    Iphigenia Fisentzou (For: Cyprus Popular Bank Public Co. Ltd.)
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Rolf Knieper
    Tribunal secretary
    Martina Polasek

    Authorities cited

    1
    • Slovak Republic v Achmea (Court of Justice of the European Union, Judgment, 6 March 2018)
      Case law

Matter record

Report a correction

Cyprus Popular Bank Public Co. Ltd. v. Hellenic Republic (ICSID Case No. ARB/14/16) · Matter