Case Details

Nacato N.V. and others v. Bolivarian Republic of Venezuela (ICSID Case No. ARB(AF)/22/6)

Subject of Dispute:

Insurance company
Economic Sector:

Finance
Instrument(s) Invoked:

BIT Netherlands - Venezuela, Republica Bolivariana de 1991
Applicable Rules:

ICSID Additional Facility - Arbitration Rules

Claimant(s)/Nationality(ies):

Nacato N.V. (Dutch), Nacama N.V. (Dutch), Racana N.V. (Dutch), Pimento N.V. (Dutch)
Respondent(s):

Bolivarian Republic of Venezuela (Venezuelan)
Date Registered:

October 26, 2022
Date of Constitution of Tribunal:

January 7, 2025

President:

N. Fernando PIÉROLA CASTRO (Peruvian, Swiss) - Appointed by the Acting Secretary-General
Arbitrators:

Stephen L. DRYMER (Canadian) - Appointed by the Claimant(s)
Facundo PEREZ AZNAR (Argentine, Swiss) - Appointed by the Respondent(s)

Claimant(s):

Reed Smith, Washington, D.C., U.S.A.
Respondent(s):

Bolivarian Republic of Venezuela
Status of Proceeding:

Pending
Latest Development:

January 7, 2025 - The Tribunal is constituted in accordance with ICSID Additional Facility Rule 24(2). Its members are Fernando Piérola-Castro (Peruvian and Swiss), President, appointed by the Acting Secretary-General; Stephen L. Drymer (Canadian), appointed by the Claimants; and Facundo Pérez Aznar (Argentine/Swiss), appointed by the Respondent.

No References Available.

Date	Development
October 26, 2022	The Secretary-General registers a request for the institution of arbitration proceedings.
February 15, 2023	Following appointment by the Claimants, Stephen L. Drymer (Canadian) accepts his appointment as arbitrator.
August 3, 2023	Following appointment by the Secretary-General, Antolín Fernández Antuña (Spanish) accepts his appointment as arbitrator.
September 19, 2024	Antolín Fernández Antuña (Spanish) withdraws his acceptance of the appointment as arbitrator.
September 19, 2024	Following appointment by the Respondent, Facundo Pérez Aznar (Argentine/Swiss) accepts his appointment as arbitrator.
January 6, 2025	Following appointment by the Acting Secretary-General in accordance with ICSID Additional Facility Arbitration Rule 26, Fernando Piérola-Castro, a national of Peru and Switzerland, accepts his appointment as presiding arbitrator.
January 7, 2025	The Tribunal is constituted in accordance with ICSID Additional Facility Rule 24(2). Its members are Fernando Piérola-Castro (Peruvian and Swiss), President, appointed by the Acting Secretary-General; Stephen L. Drymer (Canadian), appointed by the Claimants; and Facundo Pérez Aznar (Argentine/Swiss), appointed by the Respondent.