Since signing the ICSID Convention in 2012, Montenegro’s ICSID arbitration track record has been perfect. Montenegro has now been successful in both cases brought against it under the ICSID Convention.
MNSS BV iyo Credit Recovery Steel NV v. Montenegro (ICSID Case No. ARB(AF)/12/8)
First, Montenegro waxaa adkaaday in muran la MNSS BV iyo Credit Recovery Steel, Netherlands-registered investors in a bankrupt steel plant. In May 2016, Tribunal Garqaad diray dalab ka dhanka ah Gobolka qayb ahaan on awood iyo qayb ahaan u qalantid.
Haddii ay sidaa tahay, the Claimant alleged several breaches of their contract with the Government and claimed that Montenegro discriminated against it when the Company went bankrupt in 2011, amounting to a violation of the Bilateral Investment Treaty between the Netherlands and Yugoslavia (through State succession), and the State’s Foreign Investment Law (2011). Over €100 million in damages were requested.
tribunal Garqaad ayaa ka gaabsaday in ay awood ka badan heshiis iyo sheegashada sharciga maal-gashiga iyo iska diiday dhamaan eedeemahaas waxa qayb ka ahayn jebinta ee ilaalinta buuxa iyo heerka ammaanka, while ruling that the investors had suffered no loss as a result of a violation of this treaty standard.
CEAC Holdings Limited v Montenegro (ICSID Case No. ARB/14/8)
labaad, Montenegro was also successful in a claim amounting to €600 million brought by the Central European Aluminium Company (“ECAC”) owned by Oleg Deripaska, Bilyaneerka Ruushka. Tribunal Garqaad ayaa ka gaabsaday in ay awood on July 9, 2016, on dhulka in Claimant ay ku guuldareysatay in la dhiso kursi ama xafiis ka diiwaan gashan Cyprus iyo sidaas ma u qalmi kartaa sida Maal-ajnabi ah oo ka soo sheegasho Qodobka 1(3)(b) of the Montenegro-Cyprus Bilateral Investment Treaty of 2005. In kiiska, Montenegro si guul leh ku dooday in sheegtaha lahayn xafiis ee Cyprus, in cinwaanka lagu siiyay uu ahaa dhab ahaantii deganaansho ah laga tagay iyo maxkamadda aqbalay aragtida ah in shahaado degenaanshaha cashuurta ahayd aan ku filnayn in la dhiso kursi u ahayn ujeeddooyinka wax ka mid ah sheegashada yara.
CEAC waxaa sidaas lagu amray in ay soo celiso Montenegro ee qadarka USD 223,062.66 kharashka ICSID iyo kharashyada, oo EUR 707,105.71, oo wakiil ka ah qiimaha sharci Montenegro iyo kharashyada laga jaray kharashka sharciga iyo kharashyada uu galay ee la xidhiidha Diidmada hordhaca Montenegro ee.
Below is a copy of this recent award.
- Aurélie Ascoli, Aceris Law SARL