Matter

Cascade Investments NV v. Republic of Turkey (ICSID Case No. ARB/18/4)

Case no.: ARB/18/4

20 September 2021Arbitration
20 September 2021Arbitration
Award dated 20 September 2021
International Centre for Settlement of Investment Disputes
Decision summary
The Tribunal dismissed Cascade Investments NV's claims for lack of jurisdiction, ordered it to pay the Republic of Turkey the expended portion of Turkey's advances to ICSID and 50% of Turkey's legal fees and expenses, and denied all other relief. It concluded that the transactions were not bona fide foreign investments protected by the applicable treaty and the ICSID Convention, and that seeking such protection was an abuse of process.
Supporting details
8 authorities · 8 participants
Cascade Investments NV
Republic of Turkey
International Centre for Settlement of Investment Disputes
Arbitrator
Jean E. Kalicki
Arbitrator
Albert Jan van den Berg
Arbitrator
Jan Paulsson
Tribunal secretary
Martina Polasek
Tribunal secretary
Joel Dahlquist
Tribunal secretary
Tracey Strokes
Authorities cited
8
- Convention on the Settlement of Investment Disputes between States and Nationals of other States
  statute
- Agreement between the Belgo-Luxembourg Economic Union and the Government of the Republic of Turkey for Promotion and Protection of Mutual Investments
  statute
- Pac Rim Cayman LLC v. Republic of El Salvador (ICSID Case No. ARB/09/12, Decision on the Respondent's Jurisdictional Objections, 1 June 2012)
  case law
- Alapli Elektrik BV v. Republic of Turkey (ICSID Case No. ARB/08/13, Award, 16 July 2012)
  case law
- Tidewater Inc. et al. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/10/5, Decision on Jurisdiction, 8 February 2013)
  case law
- Chevron Corporation (U.S.A.) and Texaco Petroleum Corporation (U.S.A.) v. Republic of Ecuador (PCA Case No. 34877, Interim Award, 1 December 2008)
  case law
- Mobil Corporation et al. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/07/27, Decision on Jurisdiction, 10 June 2010)
  case law
- Case concerning East Timor (Portugal v. Australia) (International Court of Justice, Judgment of 30 June 1995, ICJ Reports 1995, 90)
  case law
Award

Cascade Investments NV

Republic of Turkey

International Centre for Settlement of Investment Disputes