Arbitral Digest

Matter

Rand Investments Ltd. and others v. Republic of Serbia (ICSID Case No. ARB/18/8)

Case no.
ARB/18/8
  1. 29 June 2023Arbitration

    29 June 2023Arbitration

    Award dated 29 June 2023

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal declared jurisdiction over William Archibald Rand's claims concerning his interest in the Beneficially Owned Shares and found those claims admissible. It denied jurisdiction over the other Canada-Serbia BIT and Cyprus-Serbia BIT claims, found that Serbia breached Article 6(1) of the Canada-Serbia BIT, and ordered Serbia to pay EUR 14,572,730 to William Archibald Rand with interest at the average six-month EURIBOR plus 2% per annum compounded semi-annually until payment. The parties were ordered to bear 50% each of the Tribunal's fees and expenses and ICSID fees, with each party bearing its own legal fees and other costs.

    Supporting details

    12 participants
    Rand Investments Ltd
    William Archibald Rand
    Kathleen Elizabeth Rand
    Allison Ruth Rand
    Robert Harry Leander Rand
    Sembi Investment Limited
    Republic of Serbia
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Baiju S. Vasani
    Tribunal secretary
    Marisa Planells-Valero
    Tribunal secretary
    Rahul Donde

    3 months and 28 days later · 120 days

  2. 27 October 2023Arbitration

    27 October 2023Arbitration

    Decision on the Claimants' Request for a Supplementary Decision on the Award dated 27 October 2023

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal granted the request and supplemented the Award to state expressly that interest on the EUR 14,572,730 awarded to William Archibald Rand accrues from 21 October 2015 until payment. It ordered each party to bear 50% of the Tribunal's fees and expenses for the decision and its own legal fees and other costs, and dismissed the remaining requests.

    Supporting details

    7 participants
    William Archibald Rand
    Republic of Serbia
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Baiju S. Vasani
    Tribunal secretary
    Marisa Planells-Valero
    Tribunal secretary
    Rahul Donde

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Rand Investments Ltd. and others v. Republic of Serbia (ICSID Case No. ARB/18/8) · Matter