Case Details

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

Subject of Dispute:

Financial services
Economic Sector:

Finance
Instrument(s) Invoked:

BIT Switzerland - Bulgaria 1991
Applicable Rules:

ICSID Convention - Arbitration Rules

(a) Original Proceeding

Claimant(s)/Nationality(ies):

Nexo AG (Swiss), NDS EOOD (Bulgarian), Mirastar EOOD (Bulgarian)
Respondent(s):

Republic of Bulgaria (Bulgarian)
Date Registered:

January 18, 2024
Date of Constitution of Tribunal:

June 6, 2025

Composition of Tribunal

President:

Hans VAN HOUTTE (Belgian) - Appointed by the Parties
Arbitrators:

Michael C. PRYLES (Australian, Austrian) - Appointed by the Claimant(s)
Brigitte STERN (French) - Appointed by the Respondent(s)

Party Representatives

Claimant(s):

Pillsbury Winthrop Shaw Pittman, London, U.K.
Respondent(s):

Tomov & Tomov, Sofia, Bulgaria
White & Case, Washington, D.C. and Los Angeles, CA, U.S.A.
Litigation Department
International Arbitration and Procedures Division
Ministry of Finance, Sofia, Bulgaria
Office of the Prosecutor General, Sofia, Bulgaria
Language(s) of Proceeding:

English
Status of Proceeding:

Pending
Latest Development:

December 17, 2025 - The Claimants file further observations on the request to address the objections to jurisdiction as a preliminary question.

(a) Original Proceeding

Published Decisions

Procedural Order No. 1

Available on the ICSID Website

Procedural Order No. 1 (August 22, 2025) English (Original)

(a) Original Proceeding

Date	Development
January 18, 2024	The Secretary-General registers a request for the institution of arbitration proceedings.
April 29, 2024	Following appointment by the Claimants, Michael Pryles (Australian/Austrian) accepts his appointment as arbitrator.
May 2, 2024	Following appointment by the Respondent, Brigitte Stern (French) accepts her appointment as arbitrator.
June 5, 2025	Following appointment by agreement of the parties, Hans van Houtte (Belgian) accepts his appointment as presiding arbitrator.
June 6, 2025	The Tribunal is constituted in accordance with Article 37(2)(b) of the ICSID Convention. Its members are: Hans van Houtte (Belgian), President, appointed by agreement of the parties; Michael Pryles (Australian/Austrian), appointed by the Claimants; and Brigitte Stern (French), appointed by the Respondent.
August 4, 2025	The Tribunal holds a first session by video conference.
August 22, 2025	The Tribunal issues Procedural Order No. 1 concerning procedural matters.
October 20, 2025	The Respondent files a request to address the objections to jurisdiction as a preliminary question pursuant to ICSID Convention Article 41(2) and ICSID Arbitration Rule 44.
November 17, 2025	The Claimants file observations on the request to address the objections to jurisdiction as a preliminary question.
December 3, 2025	The Respondent files a response to the Claimants’ observations of November 17, 2025.
December 17, 2025	The Claimants file further observations on the request to address the objections to jurisdiction as a preliminary question.