Case Details

Cyprus Popular Bank Public Co. Ltd. v. Hellenic Republic (ICSID Case No. ARB/14/16)

Subject of Dispute:

Debt instruments and banking services
Economic Sector:

Finance
Instrument(s) Invoked:

BIT Cyprus - Greece 1992
Applicable Rules:

ICSID Convention - Arbitration Rules

(a) Original Proceeding

Claimant(s)/Nationality(ies):

Cyprus Popular Bank Public Co. Ltd. (Cypriot)
Respondent(s):

Hellenic Republic (Greek)
Date Registered:

July 16, 2014
Date of Constitution of Tribunal:

October 16, 2014

Composition of Tribunal

President:

Juan FERNÁNDEZ-ARMESTO (Spanish) - Appointed by the Parties
Arbitrators:

Philippe SANDS (British, French, Mauritian) - Appointed by the Claimant(s)
Giorgio SACERDOTI (Italian) - Appointed by the Respondent(s)

Party Representatives

Claimant(s):

Joseph Hage Aaronson, London, U.K.
Markides, Markides & Co, Nicosia, Cyprus
Respondent(s):

Cleary Gottlieb Steen & Hamilton, London, U.K. and Paris, France
Legal Council of the State, Athens, Greece
Language(s) of Proceeding:

English
Status of Proceeding:

Concluded
Outcome of Proceeding:

April 15, 2021 - The Tribunal renders its award.

(b) Annulment Proceeding

Applicant(s)/Requesting Party(ies):

Respondent(s)
Date Registered:

August 16, 2021 (Respondent(s))
Date of Constitution of ad hoc Committee:

September 14, 2021

Composition of ad hoc Committee (Appointed by the Chairman of the Administrative Council)

President:

Rolf KNIEPER (German)
Members:

Dyalá JIMÉNEZ FIGUERES (Costa Rican)
Michael D. NOLAN (U.S.)

Party Representatives

Claimant(s):

Joseph Hage Aaronson, London, U.K.
Markides, Markides & Co, Nicosia, Cyprus
Respondent(s):

Cleary Gottlieb Steen & Hamilton, London, U.K. and Paris, France
Dechert, Paris, France
Legal Council of the State, Athens, Greece
Language(s) of Proceeding:

English
Status of Proceeding:

Concluded
Outcome of Proceeding:

November 30, 2022 - The ad hoc Committee issues its decision on annulment.

(a) Original Proceeding

Published Decisions

Excerpts of Award

Available on the ICSID Website

Excerpts of Award (April 15, 2021) English (Original)

(b) Annulment Proceeding

Published Decisions

Excerpts of Decision on Annulment

Available on the ICSID Website

Excerpts of Decision on Annulment (November 30, 2022) English (Original)

(a) Original Proceeding

Date	Development
July 16, 2014	The Secretary-General registers a request for the institution of arbitration proceedings.
September 15, 2014	Following appointment by the Claimant, Philippe Sands (British/French) accepts his appointment as arbitrator.
October 3, 2014	Following appointment by the Respondent, Giorgio Sacerdoti (Italian) accepts his appointment as arbitrator.
October 7, 2014	Following appointment by the parties, Juan Fernández-Armesto (Spanish) accepts his appointment as presiding arbitrator.
October 16, 2014	The Tribunal is constituted in accordance with Article 37(2)(a) of the ICSID Convention. Its members are: Juan Fernández-Armesto (Spanish), President, appointed by agreement of the parties; Philippe Sands (British/French), appointed by the Claimant; and Giorgio Sacerdoti (Italian), appointed by the Respondent.
January 12, 2015	The Tribunal holds a first session by telephone conference.
January 21, 2015	The Tribunal issues Procedural Order No. 1 concerning procedural matters.
March 18, 2015	The Tribunal issues Procedural Order No. 2 concerning the procedural calendar.
September 30, 2015	The Claimant files a memorial on the merits.
November 4, 2015	The Respondent files a request to address the objections to jurisdiction as a preliminary question.
November 25, 2015	The Claimant files observations on the request to address the objections to jurisdiction as a preliminary question.
February 25, 2016	The Tribunal holds a hearing on the request to address the objections to jurisdiction as a preliminary question in Zurich, Switzerland.
April 8, 2016	The Tribunal issues Procedural Order No. 3 concerning the Respondent’s request to address the objections to jurisdiction as a preliminary question, the procedural calendar and the production of documents; as a result, the objections to jurisdiction are joined to issues of liability.
October 3, 2016	The Respondent files a counter-memorial on jurisdiction and liability.
November 16, 2016	Following exchanges between the parties, each party files a request for the Tribunal to decide on production of documents.
November 17, 2016	The Tribunal issues Procedural Order No. 4 concerning the procedural calendar.
December 16, 2016	The Tribunal issues Procedural Order No. 5 concerning production of documents.
January 3, 2017	The Tribunal issues Procedural Order No. 6 concerning the procedural calendar.
February 6, 2017	The Claimant files a reply on jurisdiction and liability.
March 1, 2017	The Tribunal issues Procedural Order No. 7 concerning questions of privilege and production of documents.
May 10, 2017	The Respondent files a rejoinder on jurisdiction and liability.
May 22, 2017	The Tribunal holds a pre-hearing organizational meeting with the parties by telephone conference.
June 5, 2017 - June 13, 2017	The Tribunal holds a hearing on jurisdiction, admissibility and liability in Zurich.
September 8, 2017	Each party files a post-hearing brief.
October 16, 2017	Each party files a submission on costs.
March 9, 2018	The Respondent files a request for leave to file a new jurisdictional objection.
March 15, 2018	The Claimant files observations on the Respondent’s request for leave to file a new jurisdictional objection.
March 16, 2018	The Tribunal issues a ruling concerning Respondent’s request for leave to file an objection to jurisdiction.
March 30, 2018	The Respondent files observations on the new objection to jurisdiction.
April 20, 2018	The Claimant files a response to the Respondent’s observations of March 30, 2018.
May 8, 2018	The Tribunal poses questions to the parties.
June 8, 2018	Each party files answers to the questions posed by the Tribunal on May 8, 2018.
January 8, 2019	The Tribunal issues a decision on jurisdiction and liability.
March 20, 2019	The Tribunal issues Procedural Order No. 8 concerning the procedure and schedule for the next phase of the proceeding.
May 17, 2019	The Claimant files a memorial on quantum.
September 23, 2019	The Respondent files a counter-memorial on quantum.
November 18, 2019	The Tribunal issues a decision on production of documents.
April 21, 2020	The Tribunal holds a case management meeting by video conference.
May 11, 2020	The Tribunal issues Procedural Order No. 9 concerning the hearing.
June 8, 2020	The Tribunal issues Procedural Order No. 10 concerning the organization of the hearing.
July 20, 2020 - July 21, 2020	The Tribunal holds a hearing on quantum by video conference.
September 25, 2020	Each party files a post-hearing brief.
March 23, 2021	The Tribunal declares the proceeding closed in accordance with ICSID Arbitration Rule 38(1).
April 15, 2021	The Tribunal renders its award.

(b) Annulment Proceeding

Date	Development
August 16, 2021	The Acting Secretary-General registers an application for annulment of the award filed by the Hellenic Republic.
September 14, 2021	The ad hoc Committee is constituted in accordance with Article 52(3) of the ICSID Convention. Its members are: Rolf Knieper (German), President; Dyalá Jiménez Figueres (Costa Rican); and Michael Nolan (U.S.); all members appointed by the Chairman of the Administrative Council.
October 19, 2021	The ad hoc Committee holds a first session by video conference.
October 19, 2021	The ad hoc Committee issues Procedural Order No. 1 concerning procedural matters.
December 21, 2021	The Hellenic Republic files a memorial on annulment.
March 1, 2022	Cyprus Popular Bank Public Co. Ltd. files a counter-memorial on annulment.
March 24, 2022	A non-disputing party files an application to file a written submission pursuant to ICSID Arbitration Rules 37(2) and 53.
April 1, 2022	Each party files observations on the non-disputing party’s application.
April 8, 2022	The ad hoc Committee issues Procedural Order No. 2 concerning the non-disputing party’s application to file a written submission pursuant to ICSID Arbitration Rules 37(2) and 53.
April 26, 2022	The Hellenic Republic files a reply on annulment.
June 14, 2022	Cyprus Popular Bank Public Co. Ltd. files a rejoinder on annulment.
August 5, 2022	The ad hoc Committee issues Procedural Order No. 3 concerning the organization of the hearing.
September 13, 2022 - September 14, 2022	The ad hoc Committee holds a hearing on annulment in London.
October 17, 2022	Each party files a submission on costs.
November 30, 2022	The ad hoc Committee issues its decision on annulment.