Case Details

AFC Investment Solutions S.L. v. Republic of Colombia (ICSID Case No. ARB/20/16)

Subject of Dispute:

Banking
Economic Sector:

Finance
Instrument(s) Invoked:

BIT Colombia - Spain 2005
Applicable Rules:

ICSID Convention - Arbitration Rules

(a) Original Proceeding

Claimant(s)/Nationality(ies):

AFC Investment Solutions S.L. (Spanish)
Respondent(s):

Republic of Colombia (Colombian)
Date Registered:

May 20, 2020
Date of Constitution of Tribunal:

March 22, 2021

Composition of Tribunal

President:

Bernardo SEPÚLVEDA AMOR (Mexican) - Appointed by the Chairman of the Administrative Council
Arbitrators:

Sabina SACCO (Chilean, Italian, Salvadoran) - Appointed by the Claimant(s)
Dyalá JIMÉNEZ FIGUERES (Costa Rican) - Appointed by the Respondent(s)

Party Representatives

Claimant(s):

J.A. Cremades y Asociados, Madrid, Spain
Respondent(s):

Agencia Nacional de Defensa Jurídica del Estado, Bogota, Colombia
Ministerio de Comercio, Industria y Turismo, Bogota, Colombia
Language(s) of Proceeding:

Spanish
Status of Proceeding:

Concluded
Outcome of Proceeding:

February 24, 2022 - The Tribunal renders its award.

(a) Original Proceeding

Published Decisions

Procedural Order No. 1

Procedural Order No. 2

Award of the Tribunal

Available on the ICSID Website

Procedural Order No. 1 (May 14, 2021) Spanish (Original)

Procedural Order No. 2 (May 27, 2021) Spanish (Original)

Award of the Tribunal (February 24, 2022) Spanish (Original)

(a) Original Proceeding

Date	Development
May 20, 2020	The Secretary-General registers a request for the institution of arbitration proceedings.
September 3, 2020	Following appointment by the Claimant, Sabina Sacco (Italian/Chilean/Salvadoran) accepts her appointment as arbitrator.
November 6, 2020	Following appointment by the Respondent, Dyalá Jiménez (Costa Rican) accepts her appointment as arbitrator.
March 19, 2021	Following appointment by the Chairman of the Administrative Council in accordance with Article 38 of the ICSID Convention, Bernardo Sepúlveda Amor (Mexican) accepts his appointment as presiding arbitrator.
March 22, 2021	The Tribunal is constituted in accordance with Article 37(2)(a) of the ICSID Convention. Its members are: Bernardo Sepúlveda Amor (Mexican), President, appointed by the Chairman of the Administrative Council in accordance with Article 38 of the ICSID Convention; Sabina Sacco (Italian/Chilean/Salvadoran), appointed by the Claimant; and Dyalá Jiménez Figueres (Costa Rican), appointed by the Respondent.
April 21, 2021	The Respondent files preliminary objections pursuant to ICSID Arbitration Rule 41(5).
May 10, 2021	The Tribunal holds a first session with the parties by video conference.
May 14, 2021	The Tribunal issues Procedural Order No. 1 concerning procedural matters.
May 17, 2021	The Claimant files observations on the Respondent’s preliminary objections pursuant to ICSID Arbitration Rule 41(5).
May 27, 2021	The Tribunal issues Procedural Order No. 2 on the organization of the hearing.
June 3, 2021	The Tribunal holds a hearing on the Respondent’s preliminary objections pursuant to ICSID Arbitration Rule 41(5) by video conference.
December 22, 2021	Each party files a submission on costs.
February 24, 2022	The Tribunal declares the proceeding closed in accordance with ICSID Arbitration Rule 38(1).
February 24, 2022	The Tribunal renders its award.