Arbitral Digest

Matter

Sauna UK BidCo Limited v. Republic of Finland (ICSID Case No. ARB/24/38)

Case no.
ARB/24/38
Applicable rules
2022 ICSID Arbitration Rules
  1. 14 May 2025Arbitration

    14 May 2025Arbitration

    Procedural Order No. 1

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal established the procedural framework for the arbitration, including the applicable rules, representation, costs, place of proceeding, filings, evidence, hearings, confidentiality, and the procedural calendar.

    Supporting details

    1 authority · 2 participants
    Sauna UK BidCo Limited
    Republic of Finland
    International Centre for Settlement of Investment Disputes

    Authorities cited

    1
    • ICSID Convention
      statute
  2. 14 May 2025Arbitration

    14 May 2025Arbitration

    Procedural Order No. 2 - On Transparency and Confidentiality

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal adopted the parties' agreements and established the transparency and confidentiality regime, including publication, redactions, protected information, closed hearings, and non-publication of transcripts and recordings.

    Supporting details

    1 authority · 2 participants
    Sauna UK BidCo Limited
    Republic of Finland
    International Centre for Settlement of Investment Disputes

    Authorities cited

    1
    • ICSID Convention
      statute

    5 months and 27 days later · 180 days

  3. 10 November 2025Arbitration

    10 November 2025Arbitration

    Procedural Order No. 3 - Decision on the Respondent's Request for Bifurcation

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal granted the Respondent's request for bifurcation in part: the denial-of-benefits objection will be heard in a preliminary phase, while the remaining objections are joined to the merits. The Tribunal confirmed the procedural calendar and ordered that the costs of the bifurcation request remain costs in the arbitration.

    Supporting details

    8 authorities · 2 participants
    Sauna UK BidCo Limited
    Republic of Finland
    International Centre for Settlement of Investment Disputes

    Authorities cited

    8
    • Suomi Power Networks TopCo B.V., Supernova II Bidco BV and AMF Tjanstepension AB v. Republic of Finland (ICSID Case No. ARB/24/37, Procedural Order No. 3, 8 August 2025)
      case-law
    • Ahron G. Frenkel v. Republic of Croatia (ICSID Case No. ARB/20/49, Award, 29 January 2025)
      case-law
    • Rachel S. Grynberg, Stephen M. Grynberg, Miriam Z. Grynberg, and RSM Production Corporation v. Grenada (ICSID Case No. ARB/10/6, Award, 10 December 2010)
      case-law
    • Ampal-American Israel Corp. and others v. Arab Republic of Egypt (ICSID Case No. ARB/12/11, Decision on Jurisdiction, 1 February 2016)
      case-law
    • WM Mining Company, LLC v. Mongolia (ICSID Case No. ARB/21/8, Award, 29 August 2024)
      case-law
    • Mercuria Energy Group Limited v. Republic of Poland (I) (SCC Case No. 096/2008, Award on Jurisdiction, 17 December 2009)
      case-law
    • Suffolk (Mauritius) Limited, Mansfield (Mauritius) Limited and Silver Point Mauritius v. Portuguese Republic (ICSID Case No. ARB/22/28, Procedural Order No. 3, 1 March 2024)
      case-law
    • Alajarven Sahko Oy and Others, Elenia Verkko Oyj v. Energiavirasto (Case C-48/23, ECLI:EU:C:2025:144, Judgment, 6 March 2025)
      case-law

    16 days later · 16 days

  4. 26 November 2025Arbitration

    26 November 2025Arbitration

    Procedural Order No. 4 - Decision on Document Production

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal reviewed Finland's document-production requests, transmitted its decisions in the appended schedule, and ordered the Claimant to comply with its production obligations by 1 December 2025.

    Supporting details

    2 participants
    Sauna UK BidCo Limited
    Republic of Finland
    International Centre for Settlement of Investment Disputes

    23 days later · 23 days

  5. 19 December 2025Arbitration

    19 December 2025Arbitration

    Procedural Order No. 5 - Decision on the Respondent's Request for a Ruling on HCI Designation

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal declined Finland's application to lift the highly confidential information designation over the specified excerpts from Exhibit C-110 and gave Finland leave to reapply if circumstances change.

    Supporting details

    2 participants
    Sauna UK BidCo Limited
    Republic of Finland
    International Centre for Settlement of Investment Disputes

    1 month and 23 days later · 54 days

  6. 11 February 2026Arbitration

    11 February 2026Arbitration

    Procedural Order No. 6 - On Hearing Organization

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal set the organization of the in-person hearing scheduled for 19-20 February 2026 in London, including the hearing agenda, time allocations, electronic bundles, witness examination, transcripts, confidentiality, and the procedure for notifying the denial-of-benefits decision.

    Supporting details

    3 participants
    Sauna UK BidCo Limited
    Republic of Finland
    International Centre for Settlement of Investment Disputes
    Institutional administrator
    Anne Marie Stallard

Matter record

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Sauna UK BidCo Limited v. Republic of Finland (ICSID Case No. ARB/24/38) · Matter