Following appointment by the parties, Bruno Simma (Austrian/German) accepts his appointment as presiding arbitrator.

The Respondent files a proposal for disqualification of arbitrator Gary B. Born. The proceeding is suspended in accordance with ICSID Arbitration Rule 9(6).

The Claimants file observations on the proposal for disqualification

The arbitrator furnishes explanations regarding the proposal for disqualification in accordance with ICSID Arbitration Rule 9(3).

Each party furnishes further explanations on the proposal for disqualification.

The proposal for disqualification of arbitrator Gary B. Born is declined by the co-arbitrators. The proceeding is resumed pursuant to ICSID Arbitration Rule 9(6).

The Claimants file a request for the Tribunal to decide on the admissibility of new documents.

The non-disputing party files a communication regarding its written submission of March 17, 2017.

The Tribunal issues a decision on the Respondent’s request of September 20, 2017, concerning production of documents.

The Tribunals issues a decision on the Claimants’ request of May 15, 2018, concerning the admissibility of new documents.

The Claimants file observation on the non-disputing party’s communication of May 16, 2018.

The Tribunal issues a decision concerning the non-disputing party’s communication of May 16, 2018.

Following the resignation of arbitrator Gary B. Born, the Centre notifies the parties of the vacancy on the Tribunal. The proceeding is suspended in accordance with ICSID Arbitration Rule 10(2).

Following the resignation of Gary Born (U.S.), Kaj Hobér (Swedish) appointed by the Claimants, accepts his appointment as arbitrator in accordance with ICSID Rule 11(1).

The Tribunal is reconstituted. Its members are Bruno Simma (Austrian/German), President, appointed by the parties; Kaj Hobér (Swedish), appointed by the Claimants; and Daniel Bethlehem (British) appointed by the Respondent. The proceeding is resumed pursuant to ICSID Arbitration Rules 12.

The Respondent files a request for the Tribunal to decide on the admissibility of a new document.

The Claimants file observations on the Respondent’s request of January 25, 2019, and file a request for the Tribunal to decide on the admissibility of a new document.

The Claimants file observations on the Respondent’s request for the Tribunal to decide on the admissibility of a new document.

The Tribunal decides on the Respondent’s request of January 28 and on the Claimants’ request of February 4, 2019.

The Claimants file a request for the Tribunal to decide on the admissibility of new documents.

The Respondent files observations on the Claimants’ request for the Tribunal to decide on the admissibility of new documents.

The Tribunal decides on the Claimants’ request of March 15, 2019.

The Tribunal holds a hearing in London.

Each party files a post-hearing brief.

Each party files a reply post-hearing brief.

Each party files a submission on costs.

The Tribunal is constituted in accordance with Article 37(2)(a) of the ICSID Convention. Its members are: Bruno Simma (Austrian/German), President, appointed by agreement of the parties; Gary Born (U.S.), appointed by the Claimants; and Daniel Bethlehem (British), appointed by the Respondent.

The Respondent files a proposal for disqualification of arbitrator Kaj Hobér. The proceeding is suspended in accordance with ICSID Arbitration Rule 9(6).

The Claimants file observations on the proposal for disqualification.

The Respondent files further observations on its proposal for disqualification.

The arbitrator furnishes explanations regarding the proposal for disqualification in accordance with ICSID Arbitration Rule 9(3).

The Respondent furnishes further explanations on the proposal for disqualification.

The Claimants furnish further explanations on the proposal for disqualification.

The non-disputing party files a communication regarding its written submission of March 17, 2017.

The proposal for disqualification of arbitrator Kaj Hobér is declined by the Chairman of the Administrative Council. The proceeding is resumed pursuant to ICSID Arbitration Rules 53 and 9(6).

Each party files observations on the non-disputing party’s communication of March 13, 2020.

The Respondent files a request for the Tribunal to decide on the admissibility of new documents.

The Claimants file observations on the Respondent’s request of June 3, 2020 and file a request for the Tribunal to decide on the admissibility of new documents.

The Tribunal decides on the Respondent’s request of June 3, 2020 and on the Claimants’ request of June 12, 2020.

The Respondent files a request for the Tribunal to decide on the admissibility of a new document.

The Claimants file observations on the Respondent’s request of June 19, 2020.

Each party files observations on the new documents admitted by the Tribunal.

The Respondent files a request for the Tribunal to decide on the admissibility of a new document.

The Claimants file observations on the Respondent’s request of October 9, 2020 and file a request for the Tribunal to decide on the admissibility of a new document.

The Tribunal decides on the Respondent’s request of October 9, 2020, concerning the admissibility of a new document.

Each party files observations on the new documents admitted by the Tribunal.

The Respondent files a request for the Tribunal to decide on the admissibility of new evidence.

The Claimants file observations on the Respondent’s request of April 14, 2021.

The Tribunal issues a decision on the Respondent’s request of April 14, 2021, concerning the admissibility of new documents.

The Claimants file comments on the new documents admitted by the Tribunal.

The Respondent files a request for the Tribunal to decide on the admissibility of new evidence.

The Claimants file observations on the Respondent’s request of September 8, 2021. 

The Tribunal decides on the Respondent’s request of September 8, 2021, concerning the admissibility of new evidence.

The Respondent files observations on the new document admitted by the Tribunal.

The Claimants file reply observations on the new document admitted by the Tribunal.

The Claimants file a request for the Tribunal to decide on the admissibility of new documents.

The Respondent files observations on the Claimants’ request of December 13, 2022 and a request for the Tribunal to decide on the admissibility of new documents.

The Claimants file a request for the Tribunal to decide on the admissibility of new documents.

The Claimants file observations on the Respondent’s request of January 31, 2022 and the Respondent files observations on the Claimants’ request of January 31, 2022.

The Tribunal issues a decision on the admissibility of new documents.

The Respondent files a request for the Tribunal to decide on the admissibility of new documents.

Each party files observations on the new documents admitted by the Tribunal.

The Claimants file observations on the Respondent’s request of July 5, 2022 and a request for the Tribunal to decide on the admissibility of new documents.

The Respondent files request for the Tribunal to decide on the admissibility of new documents.

The Tribunal issues a decision on the admissibility of new documents.

The Claimants file observations on the Respondent’s request of August 4, 2022.

The Tribunal issues a decision on the admissibility of new documents.

Each party files observations on the new documents admitted by the Tribunal.

The Claimants file observations on the new documents admitted by the Tribunal.

The Tribunal issues a decision on jurisdiction, liability and principles of quantum.

The Claimants file a request for the Tribunal to decide on the admissibility of new evidence.

The Respondent files observations on the Claimants’ request of May 12, 2023.

The Tribunal issues Procedural Order No. 8 on the admissibility of new evidence.

The parties’ experts file a joint report.

Each party files observations on the experts joint report.

The Tribunal issues Procedural Order No. 9 on further directions on quantum.

The parties’ experts file a joint report.

The parties’ experts file a joint expert report.

The Tribunal declares the proceeding closed in accordance with ICSID Arbitration Rule 38(1).

The Tribunal renders its award.

The Secretary-General registers an application for annulment of the award filed by the Kingdom of Spain and notifies the parties of the provisional stay of enforcement of the award.

The ad hoc Committee is constituted in accordance with Article 52(3) of the ICSID Convention. Its members are: Michele Potestà (Italian/Swiss), President; Tina Cicchetti (Italian/Canadian); and Tatyana Slipachuk (Ukrainian); all members appointed by the Chairman of the Administrative Council.

The ad hoc Committee holds a first session by video conference.

The ad hoc Committee issues Procedural Order No. 1 concerning procedural matters. 

The Kingdom of Spain files a request for the ad hoc Committee to decide on the admissibility of new evidence.

The Kingdom of Spain files a request to continue the stay of enforcement of the award.

The ad hoc Committee issues Procedural Order No. 2 on procedural matters.

KS Invest GmbH and TLS Invest GmbH file observations on the Kingdom of Spain’s request to continue the stay of enforcement of the award.

The Kingdom of Spain files a memorial on annulment.

The Kingdom of Spain files a response to KS Invest GmbH and TLS Invest GmbH’s observations of December 11, 2025.