Nexo AG, NDS EOOD and Mirastar EOOD v. Republic of Bulgaria (ICSID Case No. ARB/24/2)

Procedural record

1. 22 August 2025United States

   22 August 2025United States

   Procedural Order No. 1 dated August 22, 2025

   International Centre for Settlement of Investment Disputes

   Decision summary

   The Tribunal issued Procedural Order No. 1, establishing the procedural rules for the arbitration and a partial procedural timetable.

   Participants

   Nexo AG

   NDS EOOD

   Mirastar EOOD

   Republic of Bulgaria

   International Centre for Settlement of Investment Disputes

   Arbitrator

   Hans van Houtte

   Arbitrator

   Michael Pryles

   Arbitrator

   Brigitte Stern

   Tribunal secretary

   Izabela Chabinska

   Authorities cited

   2

   • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention of 18 March 1965)
     statute
   • International Bar Association Rules on the Taking of Evidence in International Arbitration (IBA Rules on the Taking of Evidence in International Arbitration (2020))
     statute

   5 months later · 153 days

2. 22 January 2026United States

   22 January 2026United States

   Procedural Order No. 2 dated January 22, 2026

   International Centre for Settlement of Investment Disputes

   Decision summary

   The Tribunal granted the Respondent's Request for Bifurcation and attached a provisional procedural calendar for the bifurcated procedure.

   Participants

   Nexo AG

   NDS EOOD

   Mirastar EOOD

   Republic of Bulgaria

   International Centre for Settlement of Investment Disputes

   Arbitrator

   Hans van Houtte

   Arbitrator

   Michael Pryles

   Arbitrator

   Brigitte Stern

   Tribunal secretary

   Izabela Chabinska

   Authorities cited

   15

   • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention of 18 March 1965)
     statute
   • Agreement between the Swiss Confederation and the Republic of Bulgaria concerning the promotion and reciprocal protection of investments (Swiss-Bulgarian investment agreement signed 28 October 1991)
     statute
   • CSOB v. Slovak Republic (ICSID Case No. ARB/97/4, Decision on Jurisdiction, 24 May 1999)
     case law
   • Alps Finance and Trade AG v. Slovak Republic (Ad hoc, Award, 5 March 2011)
     case law
   • Mabco Constructions SA v. Republic of Kosovo (ICSID Case No. ARB/17/25, Decision on Jurisdiction, 30 October 2020)
     case law
   • Tenaris S.A. and Talta-Trading E Marketing Sociedade Unipessoal LDA v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/11/26, Award, 29 January 2016)
     case law
   • Almaden Minerals Ltd. and Almadex Minerals Ltd. v. United Mexican States (ICSID Case No. ARB/24/23, Procedural Order No. 3, 25 July 2025)
     case law
   • Cairn Energy plc and Cairn UK Holdings Limited v. Republic of India (PCA Case No. 2016-07, Procedural Order No. 4, 19 April 2017)
     case law
   • Abertis Infraestructuras, S.A. v. Argentine Republic (ICSID Case No. ARB/23/39, Procedural Order No. 2, 2 July 2024)
     case law
   • Gavrilovic and Gavrilovic d.o.o. v. Republic of Croatia (ICSID Case No. ARB/12/39, Decision on Bifurcation, 21 January 2015)
     case law
   • Glencore Finance (Bermuda) Ltd. v. Plurinational State of Bolivia (PCA Case No. 2016-39, Procedural Order No. 2, 31 January 2018)
     case law
   • Scholz Holding GmbH v. Kingdom of Morocco (ICSID Case No. ARB/19/2, Procedural Order No. 2, 14 February 2020)
     case law
   • Gran Colombia Gold Corp. v. Republic of Colombia (ICSID Case No. ARB/18/23, Procedural Order No. 3, 17 January 2020)
     case law
   • Emmis International Holding B.V., Emmis Radio Operating B.V. and Mem Magyar Electronic Media Kereskedelmi es Szolgaltato Kft v. Hungary (ICSID Case No. ARB/12/2, Decision on Bifurcation, 13 June 2013)
     case law
   • Eco Oro Minerals Corp. v. Republic of Colombia (ICSID Case No. ARB/16/41, Procedural Order No. 2, 28 June 2018)
     case law