Case Details

Blue Bank International & Trust (Barbados) Ltd. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/12/20)

Proceeding Materials Procedural Details

  • Tourism and hospitality facilities
  • Tourism
  • BIT Venezuela, Republica Bolivariana de - Barbados 1994
  • ICSID Convention - Arbitration Rules

    (a) Original Proceeding

    • Blue Bank International & Trust (Barbados) Ltd. (Barbadian)
    • Bolivarian Republic of Venezuela (Venezuelan)
    • August 7, 2012
    • August 16, 2013

      Party Representatives

    • Bryan Cave, Miami, FL, U.S.A.
    • Guglielmino & Asociados, Buenos Aires, Argentina
      Procuraduría General de la República, Caracas, Venezuela
    • English,Spanish
    • Concluded
    • April 26, 2017 - The Tribunal renders its award; attached to the award is a separate opinion by presiding arbitrator Christer Söderlund.

    (b) Annulment Proceeding

    • Claimant(s)
    • August 16, 2017 (Claimant(s))
    • January 4, 2018

      Party Representatives

    • B. Cremades & Asociados, Madrid, Spain
      WDA Legal, Miami, FL, U.S.A.
    • Guglielmino & Asociados, Buenos Aires, Argentina
      Procuraduría General de la República, Caracas, Venezuela
    • Spanish
    • Concluded
    • June 22, 2020 - The ad hoc Committee issues its decision on annulment.

(a) Original Proceeding

Published Decisions

Decision on the Parties’ Proposal to Disqualify a Majority of the Tribunal (English;)

Award of the Tribunal (April 26, 2017)

Separate Opinion of Christer Söderlund (April 13, 2017)

(b) Annulment Proceeding

Published Decisions

Decision on the Proposal to Disqualify Álvaro Castellanos Howell

Available on the ICSID Website

Decision on the Proposal to Disqualify Álvaro Castellanos Howell (March 2, 2018) Spanish (Original)

(a) Original Proceeding

Date Development
August 7, 2012 The Secretary-General registers a request for the institution of arbitration proceedings.
October 24, 2012 Following appointment by the Claimant, José María Alonso (Spanish) accepts his appointment as arbitrator.
November 15, 2012 Following appointment by the Respondent, Santiago Torres Bernárdez (Spanish) accepts his appointment as arbitrator.
May 4, 2013 The Claimant files a request for the Chairman of the Administrative Council to appoint the arbitrator not yet appointed pursuant to Article 38 of the ICSID Convention.
August 15, 2013 Following appointment by the Chairman of the Administrative Council, Christer Söderulnd (Swedish) accepts his appointment as presiding arbitrator.
August 16, 2013 The Tribunal is constituted in accordance with Article 37(2)(b) of the ICSID Convention. Its members are: Christer Söderulnd (Swedish), President, appointed by the Chairman of the Administrative Council in accordance with Article 38 of the ICSID Convention; José María Alonso (Spanish), appointed by the Claimant; and Santiago Torres Bernárdez (Spanish), appointed by the Respondent.
The Claimant files a proposal for disqualification of arbitrator Santiago Torres Bernárdez. The Respondent files a proposal for disqualification of arbitrator José María Alonso. The proceeding is suspended in accordance with ICSID Arbitration Rule 9(6).
August 23, 2013 The Respondent files observations on the proposal for disqualification.
September 2, 2013 Arbitrator Santiago Torres Bernárdez furnishes explanations regarding the proposal for disqualification in accordance with ICSID Arbitration Rule 9(3).

Arbitrator Santiago Torres Bernárdez submits his resignation.
September 9, 2013 Arbitrator José María Alonso furnishes explanations regarding the proposal for disqualification in accordance with ICSID Arbitration Rule 9(3).
September 19, 2013 The Respondent files observations on the proposal for disqualification.

The Claimant files observations on the proposal for disqualification.
October 24, 2013 The Respondent files observations on the proposal for disqualification.
November 12, 2013 The proposal for disqualification of arbitrator José María Alonso is upheld by the Chairman of the Administrative Council. The Secretary-General notifies the parties of a vacancy on the Tribunal and the proceeding remains suspended pursuant to ICSID Arbitration Rule 10(2).
November 21, 2013 Following the disqualification of arbitrator José María Alonso, George Bermann (US) accepts his appointment as arbitrator, appointed by the Claimant in accordance with ICSID Arbitration Rule 11(1).
November 27, 2013 The Tribunal consents to the resignation of arbitrator Santiago Torres Bernárdez pursuant to ICSID Arbitration Rule 8(2), and the Centre notifies the parties thereof.
December 6, 2013 Following the resignation of arbitrator Santiago Torres Bernárdez, Loretta Malintoppi (Italian) accepts her appointment as arbitrator, appointed by the Respondent in accordance with ICSID Arbitration Rule 11(1).
December 9, 2013 The Tribunal is reconstituted. Its members are: Christer Söderlund (Swedish), President, appointed by the Chairman of the Administrative Council; George Bermann (US), appointed by the Claimant in accordance with ICSID Arbitration Rule 11(1); and Loretta Malintoppi (Italian) appointed by the Respondent in accordance with ICSID Arbitration Rule 11(1). The proceeding is resumed pursuant to ICSID Arbitration Rule 12.
January 27, 2014 The Tribunal holds a first session by telephone conference.
February 25, 2014 The Tribunal issues Procedural Order No. 1 concerning procedural matters.
September 7, 2014 The Claimant files a memorial on jurisdiction and the merits.
October 28, 2014 The Respondent files a request to address the objections to jurisdiction as a preliminary question.
December 22, 2014 The Claimant files observations on the request to address the objections to jurisdiction as a preliminary question.
January 13, 2015 The Tribunal issues Procedural Order No. 2 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 28, 2015 The Tribunal issues Procedural Order No. 3 concerning procedural matters.
March 23, 2015 The Respondent files a memorial on jurisdiction.
June 8, 2015 The Claimant’s file a counter-memorial on jurisdiction.
August 18, 2015 Each party files a request for the Tribunal to decide on production of documents.
September 9, 2015 Following exchanges between the parties, the Tribunal issues Procedural Order No. 4 concerning production of documents.
October 20, 2015 Following exchanges between the parties, the Tribunal issues Procedural Order No. 5 concerning production of documents, procedural matters and the procedural calendar.
November 9, 2015 The Respondent files a Reply on Jurisdiction.
January 14, 2016 The Claimant files a rejoinder on jurisdiction.
February 5, 2016 Following exchanges between the parties, the Tribunal issues Procedural Order No. 6 concerning procedural matters.
February 15, 2016 - February 18, 2016 The Tribunal holds a hearing on jurisdiction in Washington, D.C.
April 18, 2016 Each party files a statement of costs.
May 3, 2016 Each party files observations on the other party’s statements of costs.
June 14, 2016 The Secretary-General moves that the Tribunal stay the proceeding pursuant to ICSID Administrative and Financial Regulation 14(3)(d).
June 17, 2016 The proceeding is stayed for non-payment of the required advances pursuant to ICSID Administrative and Financial Regulation 14(3)(d).
August 16, 2016 The proceeding is resumed following payment of the required advances.
April 26, 2017 The Tribunal renders its award; attached to the award is a separate opinion by presiding arbitrator Christer Söderlund.

(b) Annulment Proceeding

Date Development
August 16, 2017 The Acting Secretary-General registers an application for annulment of the award filed by Blue Bank International & Trust (Barbados) Ltd. and notifies the parties of the provisional stay of enforcement of the award.
January 4, 2018

The ad hoc Committee is constituted in accordance with Article 52(3) of the ICSID Convention. Its members are: Álvaro Castellanos Howell (Guatemalan), President; Carlos Urrutia Valenzuela (Colombian); and Felipe Bulnes Serrano (Chilean); all members appointed by the Chairman of the Administrative Council.
January 8, 2018

The Bolivarian Republic of Venezuela files a proposal for disqualification of ad hoc Committee member Álvaro Castellanos Howell. The proceeding is suspended in accordance with ICSID Arbitration Rules 53 and 9(6).
January 16, 2018

Blue Bank International &Trust (Barbados) Ltd. files observations on the proposal for disqualification.
January 23, 2018

The member of the ad hoc Committee furnishes explanations regarding the proposal for disqualification in accordance with ICSID Arbitration Rules 53 and 9(3).
March 2, 2018

The proposal for disqualification of ad hoc Committee member Álvaro Castellanos Howell  is declined by the other two members of the ad hoc Committee.  The proceeding is resumed pursuant to ICSID Arbitration Rules 53 and 9(6).
March 16, 2018

The Bolivarian Republic of Venezuela files a request for certain information from opposing counsel.
March 20, 2018

Blue Bank International &Trust (Barbados) Ltd. files a request to continue the stay of enforcement of the award.
March 23, 2018

Blue Bank International &Trust (Barbados) Ltd. files observations on the Bolivarian Republic of Venezuela’s request of March 16, 2018.
April 5, 2018

The ad hoc Committee holds a first session by telephone conference.
April 16, 2018

The Bolivarian Republic of Venezuela files observations on Blue Bank International &Trust (Barbados) Ltd.’s request to continue the stay of enforcement of the award.
April 17, 2018

The ad hoc Committee issues Procedural Order No. 1 concerning procedural matters.
April 26, 2018

Blue Bank International &Trust (Barbados) Ltd. files a response to Bolivarian Republic of Venezuela’s observations of April 16, 2018.
May 7, 2018

The Bolivarian Republic of Venezuela files further observations on Blue Bank International &Trust (Barbados) Ltd.’s response of April 26, 2018.
May 14, 2018

The ad hoc Committee issues Procedural Order No. 2 concerning the Bolivarian Republic of Venezuela’s request of March 16, 2018.
May 16, 2018

Blue Bank International &Trust (Barbados) Ltd. files a further response to the Bolivarian Republic of Venezuela’s observations of May 7, 2018.
May 21, 2018

The Bolivarian Republic of Venezuela files further observations on Blue Bank International &Trust (Barbados) Ltd.’s further response of May 16, 2018.
June 27, 2018

The ad hoc Committee issues a decision on the continuation of the stay of enforcement of the award.
June 29, 2018

Blue Bank International &Trust (Barbados) Ltd. files a memorial on annulment.
September 21, 2018

The Bolivarian Republic of Venezuela files a counter-memorial on annulment.
November 2, 2018

Blue Bank International &Trust (Barbados) Ltd. files a reply on annulment.
December 14, 2018

The Bolivarian Republic of Venezuela files a rejoinder on annulment.
January 29, 2019

The ad hoc Committee holds a pre-hearing organizational meeting with the parties by telephone conference.
February 4, 2019

The ad hoc Committee issues Procedural Order No. 3 concerning the organization of the hearing.
March 12, 2019 - March 13, 2019

The ad hoc Committee holds a hearing on annulment in Washington, D.C.
April 30, 2019

Each party files a statement of costs.
January 10, 2020

The ad hoc Committee declares the proceeding closed in accordance with ICSID Arbitration Rules 38(1) and 53.
June 22, 2020

The ad hoc Committee issues its decision on annulment.