Case Details

Liberty Seguros, Compañia de Seguros Y Reaseguros and Liberty UK and Europe Holdings Limited (UK) v. Bolivarian Republic of Venezuela (ICSID Case No. ARB(AF)/20/3)

Subject of Dispute:

Insurance company
Economic Sector:

Finance
Instrument(s) Invoked:

BIT Spain - Venezuela, Republica Bolivariana de 1995, BIT Venezuela, Republica Bolivariana de - United Kingdom of Great Britain and Northern Ireland 1995
Applicable Rules:

ICSID Additional Facility - Arbitration Rules

(a) Original Proceeding

Claimant(s)/Nationality(ies):

Liberty Seguros, Compañia de Seguros Y Reaseguros (Spanish), Liberty UK and Europe Holdings Limited (UK) (British)
Respondent(s):

Bolivarian Republic of Venezuela (Venezuelan)
Date Registered:

November 3, 2020
Date of Constitution of Tribunal:

June 14, 2021

Composition of Tribunal

President:

Sabina SACCO (Chilean, Italian, Salvadoran) - Appointed by the Parties
Arbitrators:

Klaus REICHERT (German, Irish) - Appointed by the Claimant(s)
Hugo PEREZCANO DIAZ (Mexican) - Appointed by the Respondent(s)

Initial Composition of Tribunal

President:

Sabina SACCO (Chilean, Italian, Salvadoran) - Appointed by the Parties
Arbitrators:

Stephen L. DRYMER (Canadian) - Appointed by the Claimant(s)
Hugo PEREZCANO DIAZ (Mexican) - Appointed by the Respondent(s)
Reconstituted:

March 23, 2022: Klaus REICHERT (German ,Irish) appointed following the resignation of Stephen L. DRYMER (Canadian)

Party Representatives

Claimant(s):

Gibson, Dunn & Crutcher, NY, USA
Respondent(s):

Procuraduría General de la República, Caracas, Venezuela
De Jesús & De Jesús S.A., Caracas, Venezuela
Alfredo De Jesús O. - Transnational Arbitration & Litigation, Paris, France
Status of Proceeding:

Concluded
Outcome of Proceeding:

April 29, 2024 - The Secretary-General issues an order of discontinuance of the proceeding pursuant to ICSID Administrative and Financial Regulation 16(2)(c).

No References Available.

(a) Original Proceeding

Date	Development
November 3, 2020	The Secretary-General registers a request for the institution of arbitration proceedings.
January 11, 2021	Following appointment by the Claimants, Stephen L. Drymer (Canadian) accepts his appointment as arbitrator.
February 17, 2021	Following appointment by the Respondent, Hugo Perezcano Díaz (Mexican) accepts his appointment as arbitrator.
June 11, 2021	Following appointment by agreement of the parties, Sabina Sacco (Chilean/Italian/Salvadoran) accepts her appointment as presiding arbitrator.
June 14, 2021	The Tribunal is constituted in accordance with Article 6(3) of the ICSID Arbitration (Additional Facility) Rules. Its members are Sabina Sacco (Chilean/Italian/Salvadoran), President, appointed by agreement of the parties; Stephen L. Drymer (Canadian), appointed by the Claimants; and Hugo Perezcano Díaz (Mexican), appointed by the Respondent.
June 16, 2021	The Respondent files a proposal for disqualification of arbitrator Stephen L. Drymer. The proceeding is suspended in accordance with Article 15(7) of the ICSID Arbitration (Additional Facility) Rules.
June 28, 2021	The Claimants file observations on the proposal for disqualification.
June 29, 2021	Arbitrator Stephen L. Drymer furnishes explanations regarding the proposal for disqualification in accordance with Article 15(4) of the Arbitration (Additional Facility) Rules.
July 14, 2021	The Respondent supplements the proposal for disqualification of arbitrator Stephen L. Drymer.
July 21, 2021	The Claimants file additional observations on the proposal for disqualification.
July 26, 2021	Arbitrator Stephen L. Drymer furnishes additional explanations regarding the proposal for disqualification in accordance with Article 15(4) of the Arbitration (Additional Facility) Rules.
September 22, 2021	Following the resignation of arbitrator Stephen L. Drymer, the Secretary-General notifies the parties of the vacancy on the Tribunal and the proceeding remains suspended pursuant to Article 16(2) of the Arbitration (Additional Facility) Rules.
March 22, 2022	Following the resignation of Stephen L. Drymer, Klaus Reichert (German/Irish) accepts his appointment as arbitrator, appointed by the Claimants in accordance with Article 17(1) of the ICSID Arbitration (Additional Facility) Rules.
March 23, 2022	The Tribunal is reconstituted. Its members are: Sabina Sacco (Chilean/Italian/Salvadoran), President, appointed by agreement of the parties; Klaus Reichert (German/Irish), appointed by the Claimants in accordance with Article 17(1) of the ICSID Arbitration (Additional Facility) Rules; and Hugo Perezcano Díaz (Mexican), appointed by the Respondent. The proceeding is resumed pursuant to Article 18 of the ICSID Arbitration (Additional Facility) Rules.
June 21, 2022	The Tribunal issues Procedural Order No. 1 concerning the suspension of the proceeding.
January 18, 2023	The Claimants file a request for the discontinuance of the proceeding pursuant to Article 50 of the Arbitration (Additional Facility) Rules.
January 23, 2023	The Tribunal invites the Respondent to state whether it opposes the Claimants’ request for the discontinuance of the proceeding pursuant to Article 50 of the Arbitration (Additional Facility) Rules.
January 27, 2023	The Respondent informs the Centre that it does not object to the Claimants’ request for the discontinuance of the proceeding.
February 17, 2023	Each party files a statement of costs.
January 19, 2024	The proceeding is suspended for non-payment of the required advances pursuant to ICSID Administrative and Financial Regulation 16(2)(b).
April 29, 2024	The Secretary-General issues an order of discontinuance of the proceeding pursuant to ICSID Administrative and Financial Regulation 16(2)(c).