Arbitral Digest

Matter

CEAC Holdings Limited v Montenegro (ICSID Case No. ARB/14/8)

Case no.
ARB/14/8
Applicable rules
ICSID Arbitration Rules in force as of April 2006
  1. 26 July 2016Arbitration

    26 July 2016Arbitration

    Award dated 26 July 2016

    International Centre for Settlement of Investment Disputes

    Decision summary
    By majority, the Tribunal found that CEAC did not have a seat in Cyprus, did not qualify as an investor under the BIT, and lacked jurisdiction to hear the case. It ordered CEAC to bear the full ICSID arbitration costs, reimburse Montenegro USD 223,062.66, reimburse Montenegro EUR 707,105.71 for legal costs and expenses, and dismissed all other claims.

    Supporting details

    3 authorities · 31 participants
    CEAC Holdings Limited
    Representative
    Egishe Dzhazoyan (For: CEAC Holdings Limited)
    Representative
    Thomas Sprange (For: CEAC Holdings Limited)
    Representative
    Sarah Vasani (For: CEAC Holdings Limited)
    Representative
    Grigori Lazarev (For: CEAC Holdings Limited)
    Representative
    Benjamin Burnham (For: CEAC Holdings Limited)
    Representative
    King & Spalding International LLP (For: CEAC Holdings Limited)
    Montenegro
    Representative
    Christoph Lindinger (For: Montenegro)
    Representative
    Slaven Moravcevic (For: Montenegro)
    Representative
    Anne-Karin Grill (For: Montenegro)
    Representative
    Jelena Bezarevic Pajic (For: Montenegro)
    Representative
    Tanja Sumar (For: Montenegro)
    Representative
    Michael Stimakovits (For: Montenegro)
    Representative
    Schonherr Rechtsanwalte GmbH (For: Montenegro)
    International Centre for Settlement of Investment Disputes
    Arbitrator
    William W. Park
    Arbitrator
    Brigitte Stern
    Tribunal secretary
    Lindsay Gastrell
    Tribunal secretary
    Iuliana Iancu
    Tribunal secretary
    Claire Hill
    Other

    Authorities cited

    3
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention dated 18 March 1965)
      statute
    • Agreement between Cyprus and Serbia and Montenegro on the Reciprocal Promotion and Protection of Investments (Cyprus-Montenegro BIT entered into force 23 December 2005)
      statute
    • Vienna Convention on the Law of Treaties 1969
      statute

    1 year, 9 months and 5 days later · 644 days

  2. 1 May 2018Arbitration

    1 May 2018Arbitration

    Decision on Annulment dated 1 May 2018

    International Centre for Settlement of Investment Disputes

    Decision summary
    The ad hoc Committee unanimously dismissed CEAC's application for annulment in its entirety. It ordered CEAC to bear the entire costs of the annulment proceeding, amounting to USD 271,041.55, and to pay Montenegro EUR 335,193.11 for legal representation costs within thirty days of dispatch.

    Supporting details

    4 authorities · 15 participants
    CEAC Holdings Limited
    Representative
    Egishe Dzhazoyan (For: CEAC Holdings Limited)
    Representative
    Thomas Sprange (For: CEAC Holdings Limited)
    Montenegro
    Representative
    Slaven Moravcevic (For: Montenegro)
    Representative
    Jelena Bezarevic Pajic (For: Montenegro)
    Representative
    Tanja Sumar (For: Montenegro)
    Representative
    Vanja Tica (For: Montenegro)
    Representative
    David A. Pawlak (For: Montenegro)
    Representative
    Moravcevic Vojnovic & Partners (For: Montenegro)
    Representative
    David A. Pawlak LLC (For: Montenegro)
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Joongi Kim
    Tribunal secretary
    Alex B. Kaplan

    Authorities cited

    4
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention dated 18 March 1965)
      statute
    • MTD Equity and MTD Chile v. Republic of Chile (ICSID Case No. ARB/01/07, Decision on Annulment, 21 March 2007)
      case law
    • Soufraki v. United Arab Emirates (ICSID Case No. ARB/02/07, Decision on Annulment, 5 June 2007)
      case law
    • Enron Creditors Recovery Corp. and Ponderosa Assets LP v. Argentine Republic (ICSID Case No. ARB/01/3, Decision on Annulment, 30 July 2010)
      case law

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CEAC Holdings Limited v Montenegro (ICSID Case No. ARB/14/8) · Matter