Case Details

Libyan Investment Authority and Libyan Arab Foreign Investment Company v. Kingdom of Belgium (ICSID Case No. ARB(AF)/23/3)

Subject of Dispute:

Banking and financial services
Economic Sector:

Finance
Instrument(s) Invoked:

BIT Libya - Belgium-Luxembourg 2004
Applicable Rules:

ICSID Additional Facility - Arbitration Rules

(a) Original Proceeding

Claimant(s)/Nationality(ies):

Libyan Investment Authority (Libyan), Libyan Arab Foreign Investment Company (Libyan)
Respondent(s):

Kingdom of Belgium (Belgian)
Date Registered:

December 11, 2023
Date of Constitution of Tribunal:

March 8, 2024

Composition of Tribunal

President:

Eduardo ZULETA (Colombian) - Appointed by Co-Arbitrators
Arbitrators:

Awn Shawkat AL-KHASAWNEH (Jordanian) - Appointed by the Claimant(s)
Zachary DOUGLAS (Australian, Swiss) - Appointed by the Respondent(s)

Party Representatives

Claimant(s):

Harding Mitchell Solicitors, London, U.K.
Emilie Gonin and Hary Balfour-Lynn, Brick Court Chambers, London, U.K.
Rishab Gupta, Twenty Essex, London, U.K.
Respondent(s):

FPS of Foreign Affairs, Foreign Trade and Development Cooperation of Belgium
Taylor Wessing, London, U.K.
Language(s) of Proceeding:

English
Status of Proceeding:

Pending
Latest Development:

January 15, 2026 - The Tribunal decides on the procedural calendar.

No References Available.

(a) Original Proceeding

Date	Development
December 11, 2023	The Secretary-General registers a request for the institution of arbitration proceedings.
January 29, 2024	Following appointment by the Claimant, Awn Al-Khasawneh (Jordanian) accepts his appointment as arbitrator.
January 30, 2024	Following appointment by the Respondent, Zachary Douglas (Australian/Swiss) accepts his appointment as arbitrator.
March 8, 2024	Following appointment by his co-arbitrators pursuant to the parties’ agreement, Eduardo Zuleta (Colombian) accepts his appointment as presiding arbitrator.
March 8, 2024	The Tribunal is constituted in accordance with ICSID Additional Facility Rule 29. Its members are: Eduardo Zuleta (Colombian), President, appointed by his co-arbitrators pursuant to the parties’ agreement; Awn Al-Khasawneh (Jordanian), appointed by Claimant; and Zachary Douglas (Australian/Swiss), appointed by Respondent.
May 3, 2024	The Tribunal holds a first session by videoconference.
May 13, 2024	The Claimant files a submission regarding its representation.
May 29, 2024	The Respondent files observations on the representation of the Claimant.
May 30, 2024	The Tribunal issues Procedural Order No. 1 concerning procedural matters.
June 28, 2024	The Tribunal issues Procedural Order No. 2 on the representation of the Claimant.
August 16, 2024	The Claimant files a memorial on the merits.
September 30, 2024	The Respondent files a request to address the objections to jurisdiction as a preliminary question pursuant to ICSID Additional Facilities Arbitration Rule 54.
October 30, 2024	The Claimant files observations on the request to address the objections to jurisdiction as a preliminary question pursuant to ICSID Additional Facilities Arbitration Rule 54.
November 7, 2024	The Respondent files a response to the Claimant’s observations of October 30, 2024.
November 12, 2024	The Claimant files a response to the Respondent’s observations of November 7, 2024.
November 27, 2024	The Tribunal issues Procedural Order No. 3 on concerning the Respondent’s request to address the objections to jurisdiction as a preliminary question; as a result, the proceeding on the merits is suspended.
January 24, 2025	The Respondent files a memorial on jurisdiction.
March 20, 2025	The Tribunal issues Procedural Order No. 4 concerning procedural matters.
April 25, 2025	The Claimant files a counter-memorial on jurisdiction.
May 29, 2025	The Claimant files a request for the resubmission of a document by the Respondent and the exclusion of evidence.
May 30, 2025	The Respondent files observations on the Claimant’s request of May 30, 2025.
June 10, 2025	The Tribunal issues Procedural Order No. 5 concerning the Claimant’s request for the resubmission of a document and the exclusion of evidence.
June 13, 2025	Following exchanges between the parties, the parties file requests for the Tribunal to decide on production of documents.
June 16, 2025	The Claimant files observations on the Respondent’s request of June 16, 2025.
June 16, 2025	The Respondent files a request for the exclusion of evidence.
June 16, 2025	The Respondent files a response to the Claimant’s observations of June 16, 2025.
June 24, 2025	The Tribunal decides on the Respondent’s request of June 16, 2025.
June 27, 2025	The Tribunal issues Procedural Order No. 6 joining Libyan Arab Foreign Investment Company as a claimant to the proceeding.
July 3, 2025	The Tribunal issues Procedural Order No. 7 concerning production of documents.
September 12, 2025	The Tribunal issues Procedural Order No. 8 concerning production of documents.
October 13, 2025	The Respondent files a reply on jurisdiction and admissibility.
January 7, 2026	Each party files submissions on the modification of the procedural calendar.
January 15, 2026	The Tribunal decides on the procedural calendar.