Case Details

Bank of Cyprus Public Company Limited v. Hellenic Republic (ICSID Case No. ARB/17/4)

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):

Bank of Cyprus Public Company Limited (Cypriot)
Respondent(s):

Hellenic Republic (Greek)
Date Registered:

February 2, 2017
Date of Constitution of Tribunal:

August 7, 2017

Composition of Tribunal

President:

Lawrence COLLINS (British) - Appointed by Co-Arbitrators
Arbitrators:

L. Yves FORTIER (Canadian) - Appointed by the Claimant(s)
Daniel BETHLEHEM (British) - Appointed by the Respondent(s)

Party Representatives

Claimant(s):

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

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

English
Status of Proceeding:

Concluded
Outcome of Proceeding:

April 17, 2020 - The Tribunal issues a procedural order taking note of the discontinuance of the proceeding pursuant to ICSID Arbitration Rule 43(1).

No References Available.

(a) Original Proceeding

Date	Development
February 2, 2017	The Secretary-General registers a request for the institution of arbitration proceedings.
May 4, 2017	Following appointment by the Claimant, L. Yves Fortier (Canadian) accepts his appointment as arbitrator.
May 30, 2017	Following appointment by the Respondent, Daniel Bethlehem (British) accepts his appointment as arbitrator.
August 7, 2017	Following appointment by his co-arbitrators, Lawrence Collins (British) accepts his appointment as presiding arbitrator.
August 7, 2017	The Tribunal is constituted in accordance with Article 37(2)(a) of the ICSID Convention. Its members are: Lawrence Collins (British), President, appointed by his co-arbitrators; Yves Fortier (Canadian), appointed by the Claimants; and Daniel Bethlehem (British), appointed by the Respondent.
October 23, 2017	The Tribunal holds a first session by telephone conference.
November 9, 2017	The Tribunal issues Procedural Order No. 1 concerning procedural matters.
February 20, 2018	The Claimant files a memorial on the merits.
April 10, 2018	The Respondent files a request for the Tribunal to decide on confidentiality of evidence.
April 13, 2018	The Claimant file observations on the Respondent’s request of April 10, 2018.
April 23, 2018	The Respondent files a response to the Claimant’s observations of April 13, 2018.
May 4, 2018	The Claimant files further observations on the Respondent’s response of April 23, 2018.
May 11, 2018	The Tribunal issues Procedural Order No. 2 concerning the confidentiality of evidence.
June 20, 2018	The Respondent files a counter-memorial on preliminary objections and liability.
June 20, 2018	The Respondent files a request to address certain objections to jurisdiction as a preliminary question.
June 26, 2018	The Claimant files observations on the request to address certain objections to jurisdiction as a preliminary question.
August 2, 2018	The Tribunal approves the parties’ agreement to address certain objections to jurisdiction as a preliminary question; as a result, the proceeding on the merits is suspended.
August 31, 2018	The Claimant files observations on the Respondent’s jurisdictional objection.
September 21, 2018	A non-disputing party files an application to file a written submission pursuant to ICSID Arbitration Rule 37(2).
October 1, 2018	The Respondent files observations on the non-disputing party’s application.
October 4, 2018	The Claimant files observations on the non-disputing party’s application.
October 15, 2018	The Tribunal issues Procedural Order No. 3 concerning the non-disputing party’s application to file a written submission pursuant to ICSID Arbitration Rule 37(2).
October 19, 2018	The Respondent files a response to the Claimant’s observations of August 31, 2018.
October 22, 2018	The non-disputing party files a written submission pursuant to ICSID Arbitration Rule 37(2).
November 12, 2018	Each party files observations on the non-disputing party’s written submission.
November 16, 2018	The Claimant files a response to the Respondent’s observations of October 19, 2018.
December 12, 2018	The Tribunal holds a hearing regarding the Respondent’s jurisdictional objection in Zurich.
January 14, 2019	Each party files a statement of costs.
June 20, 2019	The Tribunal issues a decision on the Respondent’s jurisdictional objection.
April 9, 2020	The parties file a request for the discontinuance of the proceeding pursuant to ICSID Arbitration Rule 43(1).
April 17, 2020	The Tribunal issues a procedural order taking note of the discontinuance of the proceeding pursuant to ICSID Arbitration Rule 43(1).