Case Details

Mera Investment Fund Limited v. Republic of Serbia (ICSID Case No. ARB/17/2)

Subject of Dispute:

Financial Services
Economic Sector:

Finance
Instrument(s) Invoked:

BIT Serbia - Cyprus 2005
Applicable Rules:

ICSID Convention - Arbitration Rules

(a) Original Proceeding

Claimant(s)/Nationality(ies):

Mera Investment Fund Limited (Cypriot)
Respondent(s):

Republic of Serbia (Serbian)
Date Registered:

January 26, 2017
Date of Constitution of Tribunal:

May 22, 2017

Composition of Tribunal

President:

Georg VON SEGESSER (Swiss) - Appointed by Co-Arbitrators
Arbitrators:

L. Yves FORTIER (Canadian) - Appointed by the Claimant(s)
Bernardo M. CREMADES (Spanish) - Appointed by the Respondent(s)

Party Representatives

Claimant(s):

Schönherr Rechtsanwälte GmbH, Vienna, Austria
Moravcevic Vojnovic I Partneri OAD, Belgrade, Serbia
Glavas Law Office, Belgrade, Serbia
Respondent(s):

Olivera Stanimirovic, Belgrade, Serbia
Vladimir Djeric, Belgrade, Serbia
Vladimir Pavic, Belgrade, Serbia
Senka Mihaj, Belgrade, Serbia
Language(s) of Proceeding:

English
Status of Proceeding:

Concluded
Outcome of Proceeding:

March 10, 2021 - The Tribunal renders its award; attached to the award is a dissenting opinion by arbitrator Bernardo M. Cremades.

(b) Annulment Proceeding

Applicant(s)/Requesting Party(ies):

Respondent(s)
Date Registered:

July 13, 2021 (Respondent(s))
Date of Constitution of ad hoc Committee:

August 6, 2021

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

President:

Michael D. NOLAN (U.S.)
Members:

Jacomijn J. VAN HAERSOLTE-VAN HOF (Dutch)
Githu MUIGAI (Kenyan)

Party Representatives

Claimant(s):

Schönherr Rechtsanwälte GmbH, Vienna, Austria
Moravcevic Vojnovic I Partneri OAD, Belgrade, Serbia
Glavas Law Office, Belgrade, Serbia
Respondent(s):

Williams and Connolly, Washington, D.C., U.S.A.
Law Office Andjelkovic, Belgrade, Serbia
Language(s) of Proceeding:

English
Status of Proceeding:

Concluded
Outcome of Proceeding:

April 24, 2023 - The ad hoc Committee issues its decision on annulment.

(a) Original Proceeding

Published Decisions

Decision on Jurisdiction (English;)

(a) Original Proceeding

Date	Development
January 26, 2017	The Secretary-General registers a request for the institution of arbitration proceedings.
March 28, 2017	Following appointment by the Claimant, L. Yves Fortier (Canadian) accepts his appointment as arbitrator.
April 19, 2017	Following appointment by the Respondent, Bernardo M. Cremades (Spanish) accepts his appointment as arbitrator.
May 22, 2017	Following appointment by his co-arbitrators, Georg von Segesser (Swiss) accepts his appointment as presiding arbitrator.
May 22, 2017	The Tribunal is constituted in accordance with Article 37(2)(a) of the ICSID Convention. Its members are: Georg von Segesser (Swiss), President, appointed by his co-arbitrators; L. Yves Fortier (Canadian), appointed by the Claimant; and Bernardo M. Cremades (Spanish), appointed by the Respondent.
July 27, 2017	The Tribunal holds a first session in Paris.
August 11, 2017	The Tribunal issues Procedural Order No. 1 concerning procedural matters.
October 31, 2017	The Claimant files a memorial on the merits.
January 26, 2018	The Respondent files preliminary objections to jurisdiction.
February 5, 2018	The Claimant file observations on the Respondent’s preliminary objections to jurisdiction.
February 9, 2018	The Tribunal issues Procedural Order No. 2 concerning production of documents.
March 31, 2018	The Respondent files a counter-memorial on the merits.
April 30, 2018	The Claimant files observations on the request to address the objections to jurisdiction as a preliminary question.
May 16, 2018	The Tribunal issues a decision on the Respondent’s request to address objections to jurisdiction as a preliminary question; as a result the proceeding on the merits is suspended.
July 31, 2018	The Claimant files a reply on jurisdiction.
August 14, 2018	The Tribunal issues Procedural Order No. 3 concerning procedural matters.
August 17, 2018	The Respondent files a request for the Tribunal to decide on the admissibility of new evidence.
August 22, 2018	The Claimant files observations on the Respondent’s request of August 17, 2018.
August 23, 2018	The Tribunal issues Procedural Order No. 4 concerning procedural matters.
September 5, 2018 - September 6, 2018	The Tribunal holds a hearing on jurisdiction in Paris.
September 11, 2018	The respondent files a request for the Tribunal to decide on the admissibility of new evidence.
September 26, 2018	Each party files a post-hearing brief.
September 26, 2018	The Claimant files observations on the Respondent’s request of September 11, 2018.
October 5, 2018	The Respondent files a response to the Claimant’s observations of September 26, 2018.
October 8, 2018	Each party files a statement of costs.
October 9, 2018	The Tribunal decides on the admissibility of new evidence.
November 30, 2018	The Tribunal issues a decision on jurisdiction.
February 19, 2019	The Tribunal issues Procedural Order No. 5 concerning production of documents.
May 14, 2019	The Claimant files a reply on the merits.
August 14, 2019	The Respondent files a rejoinder on the merits and a request for the exclusion of evidence.
August 26, 2019	The Tribunal issues Procedural Order No. 6 concerning the exclusion of evidence.
September 6, 2019	The President holds a pre-hearing organizational meeting with the parties by telephone conference.
September 9, 2019	The Tribunal issues Procedural Order No. 7 concerning procedural matters.
October 22, 2019	The Claimant files a request for leave to file new evidence.
October 25, 2019	The Respondent files observations on the Claimant’s request of October 22, 2019.
November 6, 2019 - November 8, 2019	The Tribunal holds a hearing on the merits in Paris.
December 13, 2019	Each party files a post-hearing brief.
June 12, 2020	Each party files a statement of costs.
June 26, 2020	Each party files observations on the other party’s statement of costs.
January 21, 2021	The Tribunal declares the proceeding closed in accordance with ICSID Arbitration Rule 38(1).
March 10, 2021	The Tribunal renders its award; attached to the award is a dissenting opinion by arbitrator Bernardo M. Cremades.

(b) Annulment Proceeding

Date	Development
July 13, 2021	The Secretary-General registers an application for annulment of the award filed by the Republic of Serbia and notifies the parties of the provisional stay of enforcement of the award.
August 6, 2021	The ad hoc Committee is constituted in accordance with Article 52(3) of the ICSID Convention. Its members are: Michael Nolan (U.S.), President; Jacomijn J. van Haersolte-van Hof (Dutch); and Githu Muigai (Kenyan); all members appointed by the Chairman of the Administrative Council.
September 9, 2021	The Republic of Serbia files a request to continue the stay of enforcement of the award.
September 21, 2021	The ad hoc Committee holds a first session by video conference.
September 23, 2021	The ad hoc Committee issues Procedural Order No. 1 concerning procedural matters.
September 30, 2021	Mera Investment Fund Limited files observations on the Republic of Serbia’s request to continue the stay of enforcement of the award.
October 11, 2021	The Republic of Serbia files a response to Mera Investment Fund Limited’s observations of September 30, 2021.
October 22, 2021	Mera Investment Fund Limited files a rejoinder on the Republic of Serbia’s request to continue the stay of enforcement of the award.
November 11, 2021	The ad hoc Committee holds a hearing on the stay of enforcement of the award by video conference.
November 24, 2021	The ad hoc Committee issues a decision on the continuation of the stay of enforcement of the award.
January 4, 2022	The ad hoc Committee issues Procedural Order No. 2 on the continuation of the stay of enforcement of the award.
February 8, 2022	The Republic of Serbia files a memorial on annulment.
June 28, 2022	Mera Investment Fund Limited files a counter-memorial on annulment.
August 23, 2022	The Republic of Serbia files a reply on annulment.
October 18, 2022	Mera Investment Fund Limited files a rejoinder on annulment.
November 7, 2022	The ad hoc Committee issues Procedural Order No. 4 concerning the admissibility of new evidence.
November 7, 2022	The ad hoc Committee issues Procedural Order No. 3 concerning the organization of the hearing.
November 17, 2022	The ad hoc Committee issues Procedural Order No. 5 concerning procedural matters.
December 1, 2022	The ad hoc Committee holds a hearing on annulment in Vienna.
January 25, 2023	Each party files a submission on costs.
March 8, 2023	The ad hoc Committee declares the proceeding closed in accordance with ICSID Arbitration Rules 53 and 38(1).
April 24, 2023	The ad hoc Committee issues its decision on annulment.