Case Details

Capital Financial Holdings Luxembourg S.A. v. Republic of Cameroon (ICSID Case No. ARB/15/18)

Subject of Dispute:

Company shareholding
Economic Sector:

Finance
Instrument(s) Invoked:

BIT Cameroon - Belgium-Luxembourg 1980
Applicable Rules:

ICSID Convention - Arbitration Rules

(a) Original Proceeding

Claimant(s)/Nationality(ies):

Capital Financial Holdings Luxembourg S.A. (Luxembourg)
Respondent(s):

Republic of Cameroon (Cameroonian)
Date Registered:

May 20, 2015
Date of Constitution of Tribunal:

September 16, 2015

Composition of Tribunal

President:

Pierre TERCIER (Swiss) - Appointed by the Parties
Arbitrators:

Alexis MOURRE (French) - Appointed by the Claimant(s)
Alain PELLET (French) - Appointed by the Respondent(s)

Party Representatives

Claimant(s):

Jones Day, Paris, France
Respondent(s):

Curtis Mallet-Prevost, Colt & Mosle, Paris, France
Ministry of Justice, Yaoundé, Cameroon
Language(s) of Proceeding:

French
Status of Proceeding:

Concluded
Outcome of Proceeding:

June 22, 2017 - The Tribunal renders its award; attached to the award is a dissenting opinion by arbitrator Alexis Mourre.

(b) Annulment Proceeding

Applicant(s)/Requesting Party(ies):

Claimant(s)
Date Registered:

October 31, 2017 (Claimant(s))
Date of Constitution of ad hoc Committee:

January 11, 2018

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

President:

Loretta MALINTOPPI (Italian)
Members:

Karim HAFEZ (Egyptian)
Lucinda A. LOW (U.S.)

Party Representatives

Claimant(s):

Jones Day, Paris, France
Respondent(s):

Clyde & Co, Paris, France
Ministry of Justice, Yaoundé, Cameroon
Language(s) of Proceeding:

French
Status of Proceeding:

Concluded
Outcome of Proceeding:

October 25, 2019 - The ad hoc Committee issues its decision on annulment.

(a) Original Proceeding

Published Decisions

Award of the Tribunal

Dissenting Opinion by Arbitrator Alexis Mourre

Available on the ICSID Website

Award of the Tribunal (June 22, 2017) French (Original)

Dissenting Opinion by Arbitrator Alexis Mourre (June 22, 2017) French (Original)

(b) Annulment Proceeding

Published Decisions

Decision

Available on the ICSID Website

Decision (October 25, 2019) French (Original)

(a) Original Proceeding

Date	Development
May 20, 2015	The Secretary-General registers a request for the institution of arbitration proceedings.
July 27, 2015	Following appointment by the Claimant, Alexis Mourre (French) accepts his appointment as arbitrator.
August 31, 2015	Following appointment by the Respondent, Alain Pellet (French) accepts his appointment as arbitrator.
September 16, 2015	The Tribunal is constituted in accordance with Article 37(2)(b) of the ICSID Convention. Its members are: Pierre Tercier (Swiss), President, appointed by agreement of the parties; Alexis Mourre (French), appointed by the Claimant; and Alain Pellet (French), appointed by the Respondent.
September 16, 2015	Following appointment by the parties, Pierre Tercier (Swiss) accepts his appointment as presiding arbitrator.Following appointment by the parties, Pierre Tercier (Swiss) accepts his appointment as presiding arbitrator.
November 13, 2015	The Tribunal holds a first session in Paris.
November 25, 2015	The Tribunal issues Procedural Order No. 1 concerning procedural matters.
November 30, 2015	The Respondent files a request to address the objections to jurisdiction as a preliminary question.
December 15, 2015	The Claimant files observations on the request to address the objections to jurisdiction as a preliminary question.
December 28, 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.
March 11, 2016	The Respondent files a memorial on jurisdiction.
May 6, 2016	The Claimant files a counter-memorial on jurisdiction.
May 13, 2016	The Respondent files a request for the Tribunal to decide on production of documents.
May 20, 2016	The Claimant files observations on the Respondent’s request for the Tribunal to decide on production of documents.
May 27, 2016	The Respondent files a response to the Claimant’s observations of May 20, 2016.
June 14, 2016	The Tribunal issues Procedural Order No. 3 concerning production of documents.
July 22, 2016	The Respondent files a reply on jurisdiction.
September 12, 2016	The Claimant files a rejoinder on jurisdiction.
September 19, 2016	The President holds a pre-hearing organizational meeting with the parties by telephone conference.
September 26, 2016	The Tribunal issues Procedural Order No. 4 concerning procedural matters.
October 6, 2016 - October 7, 2016	The Tribunal holds a hearing on jurisdiction in Paris.
June 22, 2017	The Tribunal renders its award; attached to the award is a dissenting opinion by arbitrator Alexis Mourre.

(b) Annulment Proceeding

Date	Development
October 31, 2017	The Secretary-General registers an application for annulment of the award filed by Capital Financial Holdings Luxembourg S.A.
January 11, 2018	The ad hoc Committee is constituted in accordance with Article 52(3) of the ICSID Convention. Its members are: Loretta Malintoppi (Italian), President; Karim Hafez (Egyptian); and Lucinda Low (U.S.); all members appointed by the Chairman of the Administrative Council.
May 2, 2018	The ad hoc Committee holds a first session by telephone conference.
May 9, 2018	Capital Financial Holdings Luxembourg S.A. files an application for disqualification of a representative.
May 16, 2018	The ad hoc Committee issues a procedural order on Capital Financial Holdings Luxembourg S.A.’s application for disqualification of a representative.
May 16, 2018	The Republic of Cameroon files observations on the application for the disqualification of a representative.
May 23, 2018	The ad hoc Committee issues a procedural order on Capital Financial Holdings Luxembourg S.A.’s application for disqualification of a representative.
June 20, 2018	The ad hoc Committee issues Procedural Order No. 1 concerning procedural matters.
July 9, 2018	Capital Financial Holdings Luxembourg S.A. files a memorial on annulment.
September 28, 2018	The Republic of Cameroon files a counter-memorial on annulment.
November 9, 2018	Capital Financial Holdings Luxembourg S.A. files a reply on annulment.
December 21, 2018	The Republic of Cameroon files a rejoinder on annulment.
January 10, 2019	The ad hoc Committee holds a pre-hearing organizational meeting with the parties by telephone conference.
February 7, 2019	The ad hoc Committee holds a hearing on annulment in Paris.
March 20, 2019	Each party files a submission on costs.
October 15, 2019	The ad hoc Committee declares the proceeding closed in accordance with ICSID Arbitration Rules 53 and 38(1).
October 25, 2019	The ad hoc Committee issues its decision on annulment.