Case Details

Société Générale S.A. v. Republic of Croatia (ICSID Case No. ARB/19/33)

Subject of Dispute:

Banking services and debt instruments
Economic Sector:

Finance
Instrument(s) Invoked:

BIT Croatia - France 1996
Applicable Rules:

ICSID Convention - Arbitration Rules

(a) Original Proceeding

Claimant(s)/Nationality(ies):

Société Générale S.A. (French)
Respondent(s):

Republic of Croatia (Croatian)
Date Registered:

December 20, 2019
Date of Constitution of Tribunal:

October 27, 2020

Composition of Tribunal

President:

Deva VILLANUA GOMEZ (Spanish) - Appointed by the Chairman of the Administrative Council
Arbitrators:

George BERMANN (U.S.) - Appointed by the Claimant(s)
Vanessa MAK (Dutch) - Appointed by the Respondent(s)

Initial Composition of Tribunal

President:

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

George BERMANN (U.S.) - Appointed by the Claimant(s)
Vanessa MAK (Dutch) - Appointed by the Respondent(s)
Reconstituted:

December 20, 2021: Deva VILLANUA GOMEZ (Spanish) appointed following the resignation of Pierre TERCIER (Swiss)

Party Representatives

Claimant(s):

Mayer Brown, Paris, France
Gajski, Grlić, Prka & Partners, Zagreb, Croatia
Respondent(s):

State Attorney’s Office, Zagreb, Croatia
Volterra Fietta, London, U.K.
Language(s) of Proceeding:

English
Status of Proceeding:

Concluded
Outcome of Proceeding:

June 30, 2025 - The Tribunal renders its award.

(b) Annulment Proceeding

Applicant(s)/Requesting Party(ies):

Respondent(s)
Date Registered:

October 31, 2025
Date of Constitution of ad hoc Committee:

January 7, 2026

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

President:

Quentin LOH (Singaporean)
Members:

Justin GLEESON (Australian)
Nassib G. ZIADÉ (Chilean, Lebanese)

Party Representatives

Claimant(s):

Mayer Brown, Paris, France
Gajski, Grlić, Prka & Partners, Zagreb, Croatia
Respondent(s):

State Attorney’s Office, Zagreb, Croatia
Volterra Fietta, London, U.K.
Language(s) of Proceeding:

English
Status of Proceeding:

Pending
Latest Development:

May 28, 2026 - The ad hoc Committee issues Procedural Order No. 2 concerning disclosure of information and the admissibility of new evidence.

No References Available.

(a) Original Proceeding

Date	Development
December 20, 2019	The Secretary-General registers a request for the institution of arbitration proceedings.
April 12, 2020	Following appointment by the Claimant, George Bermann (U.S.) accepts his appointment as arbitrator.
May 25, 2020	Following appointment by the Respondent, Vanessa Mak (Dutch) accepts her appointment as arbitrator.
October 26, 2020	Following appointment by agreement of the parties, Pierre Tercier (Swiss) accepts his appointment as presiding arbitrator.
October 27, 2020	The Tribunal is constituted in accordance with Article 37(2)(a) of the ICSID Convention. Its members are: Pierre Tercier (Swiss), President, appointed by agreement of the parties; George A. Bermann (U.S.), appointed by the Claimant; and Vanessa Mak (Dutch), appointed by the Respondent.
December 22, 2020	The Tribunal holds a first session by video conference.
February 24, 2021	Following the resignation of arbitrator Pierre Tercier, the Secretary-General notifies the parties of the vacancy on the Tribunal and the proceeding is suspended pursuant to ICSID Arbitration Rule 10(2).
December 20, 2021	Following the resignation of arbitrator Pierre Tercier, Deva Villanúa (Spanish) accepts her appointment as President of the Tribunal, appointed by the Chairman of the Administrative Council in accordance with ICSID Arbitration Rule 11(2)(b).
December 20, 2021	The Tribunal is reconstituted. Its members are: Deva Villanúa (Spanish), President, appointed by the Chairman of the Administrative Council in accordance with ICSID Arbitration Rule 11(2)(b); George Bermann (U.S.), appointed by the Claimant; and Vanessa Mak (Dutch) appointed by the Respondent. The proceeding is resumed pursuant to ICSID Arbitration Rule 12.
February 3, 2022	The Tribunal issues Procedural Order No. 1 concerning procedural matters.
March 2, 2022	The Claimant files a memorial on the merits.
March 30, 2022	The Respondent files a request to address the objections to jurisdiction as a preliminary question.
April 20, 2022	The Claimant files observations on the request to address the objections to jurisdiction as a preliminary question.
May 9, 2022	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 objections to jurisdiction are joined to the merits of the dispute.
September 26, 2022	The Respondent files a counter-memorial on the merits and memorial on jurisdiction.
January 16, 2023	Following exchanges between the parties, each party files a request for the Tribunal to decide on production of documents.
February 3, 2023	The Tribunal issues Procedural Order No. 3 concerning production of documents.
March 5, 2023	The Tribunal issues Procedural Order No. 3 bis concerning production of documents.
April 11, 2023	The Tribunal issues Procedural Order No. 4 concerning the non-disputing party’s application to file a written submission pursuant to ICSID Arbitration Rule 37(2).
May 9, 2023	The Claimant files a reply on the merits and counter-memorial on jurisdiction.
April 15, 2024	The Tribunal holds a pre-hearing organizational meeting with the parties by video conference.
April 22, 2024	The Tribunal issues Procedural Order No. 5 concerning the organization of the hearing.
May 16, 2024	The Tribunal issues Procedural Order No. 6 concerning production of document.
June 7, 2024	The Tribunal issues Procedural Order No. 7 concerning production of document.
June 10, 2024 - June 20, 2024	The Tribunal holds a hearing on jurisdiction and the merits in Paris.
September 5, 2024	The Tribunal issues Procedural Order No. 8 concerning post-hearing matters.
November 18, 2024	Each party files a post-hearing brief.
December 23, 2024	The Tribunal issues Procedural Order No. 9 concerning post-hearing matters.
April 2, 2025	The Tribunal poses questions to the parties and their experts by video conference.
May 6, 2025	Each party files a submission on costs.
May 20, 2025	Each party files observations on the other party’s submission on costs.
June 2, 2025	The Tribunal declares the proceeding closed in accordance with ICSID Arbitration Rule 38(1).
June 30, 2025	The Tribunal renders its award.

(b) Annulment Proceeding

Date	Development
October 31, 2025	The Acting Secretary-General registers an application for annulment of the award filed by the Republic of Croatia and notifies the parties of the provisional stay of enforcement of the award.
January 7, 2026	The ad hoc Committee is constituted in accordance with Article 52(3) of the ICSID Convention.  Its members are: Quentin Loh Sze On (Singaporean), President; Justin Gleeson (Australian); and Nassib G. Ziadé (Chilean, Lebanese); all members appointed by the Chairman of the Administrative Council.
February 12, 2026	Republic of Croatia files a request to continue the stay of enforcement of the award.
February 18, 2026	The Republic of Croatia files a request for disclosure of information.
February 20, 2026	The ad hoc Committee holds a first session by videoconference.
February 26, 2026	Société Générale S.A. files observations on the Republic of Croatia’s request to continue the stay of enforcement of the award.
March 5, 2026	Republic of Croatia files a response to Société Générale S.A.’s observations of February 26, 2026.
March 9, 2026	The Republic of Croatia files a further submission on the request for disclosure of information.
March 12, 2026	Société Générale S.A. files further observations on the Republic of Croatia’s request to continue the stay of enforcement of the award.
March 16, 2026	The ad hoc Committee issues Procedural Order No. 1 concerning procedural matters.
March 23, 2026	Société Générale S.A. files observations on the Republic of Croatia’s request for disclosure of information of February 18, 2026.
April 3, 2026	The Republic of Croatia files a response to Société Générale S.A.’s observations of March 23, 2026.
April 10, 2026	Société Générale S.A. files further observations on the Republic of Croatia’s response of April 3, 2026.
April 14, 2026	The ad hoc Committee holds a hearing on the request to continue the stay of enforcement of the award by video conference.
May 11, 2026	The Republic of Croatia files a request for the ad hoc Committee to decide on the admissibility of new evidence.
May 14, 2026	Société Générale S.A. files observations on the Republic of Croatia’s request of May 11, 2026.
May 28, 2026	The ad hoc Committee issues Procedural Order No. 2 concerning disclosure of information and the admissibility of new evidence.