Case Details

Bank of Nova Scotia v. Republic of Peru (ICSID Case No. ARB/22/30)

Subject of Dispute:

Banking enterprise
Economic Sector:

Finance
Instrument(s) Invoked:

FTA Canada - Peru 2008
Applicable Rules:

ICSID Convention - Arbitration Rules

(a) Original Proceeding

Claimant(s)/Nationality(ies):

Bank of Nova Scotia (Canadian)
Respondent(s):

Republic of Peru (Peruvian)
Date Registered:

November 15, 2022
Date of Constitution of Tribunal:

May 8, 2023

Composition of Tribunal

President:

Lucy REED (U.S.) - Appointed by the Parties
Arbitrators:

Kaj HOBÉR (Swedish) - Appointed by the Claimant(s)
Zachary DOUGLAS (Australian, Swiss) - Appointed by the Respondent(s)

Party Representatives

Claimant(s):

Torys, Toronto, Canada
Payet, Rey, Cauvi, Pérez Abogados, San Isidro, Peru
Respondent(s):

Gaillard Banifatemi Shelbaya Disputes, Paris, France and London, U.K.
Special Commission Representing the Republic of Peru in International Investment Disputes, Lima, Peru
Language(s) of Proceeding:

English,Spanish
Status of Proceeding:

Pending
Latest Development:

February 25, 2025 -
The Tribunal issues Procedural Order No. 5 concerning procedural matters.

(a) Original Proceeding

Published Decisions

Respondent’s Preliminary Objections pursuant to ICSID Arbitration Rule 41

Claimant’s Observations on the Respondent’s Preliminary Objections pursuant to ICSID Arbitration Rule 41

Respondent’s Reply on Preliminary Objections pursuant to ICSID Arbitration Rule 41

Claimant’s Rejoinder on Preliminary Objections pursuant to ICSID Arbitration Rule 41

Procedural Order No. 1

Procedural Order No. 2

Decision on Respondent's Rule 41 Application

Procedural Order No. 3

Annex A to Procedural Order No. 3

Claimant’s Memorial on the Merits

Procedural Order No. 4

Annex A to Procedural Order No. 4

Procedural Order No. 5

Available on the ICSID Website

Respondent’s Preliminary Objections pursuant to ICSID Arbitration Rule 41 (June 22, 2023) English (Original)

Claimant’s Observations on the Respondent’s Preliminary Objections pursuant to ICSID Arbitration Rule 41 (August 18, 2023) English (Original)

Respondent’s Reply on Preliminary Objections pursuant to ICSID Arbitration Rule 41 (September 25, 2023) English (Original)

Claimant’s Rejoinder on Preliminary Objections pursuant to ICSID Arbitration Rule 41 (November 2, 2023) English (Original)

Procedural Order No. 1 (February 28, 2024) English (Original)

Procedural Order No. 2 (February 28, 2024) English (Original)

Decision on Respondent's Rule 41 Application (May 31, 2024) English (Original); Spanish (Original)

Procedural Order No. 3 (July 2, 2024) English (Original)

Annex A to Procedural Order No. 3 (July 2, 2024) English (Original)

Claimant’s Memorial on the Merits (November 29, 2024) English (Original)

Procedural Order No. 4 (February 4, 2025) English (Original)

Annex A to Procedural Order No. 4 (February 4, 2025) English (Original)

Procedural Order No. 5 (February 25, 2025) English (Original)

(a) Original Proceeding

Date	Development
November 15, 2022	The Acting Secretary-General registers a request for the institution of arbitration proceedings.
February 7, 2023	Following appointment by the Claimant, Kaj Hobér (Swedish) accepts his appointment as arbitrator.
February 17, 2023	Following appointment by the Respondent, Zachary Douglas (Australian) accepts his appointment as arbitrator.
May 6, 2023	Following appointment by agreement of the parties, Lucy Reed (U.S.) accepts her appointment as presiding arbitrator.
May 8, 2023	The Tribunal is constituted in accordance with Article 37(2)(a) of the ICSID Convention. Its members are: Lucy Reed (U.S.), President, appointed by agreement of the parties; Kaj Hobér (Swedish), appointed by Claimant; and Zachary Douglas (Australian), appointed by Respondent.
June 22, 2023	The Respondent files preliminary objections pursuant to ICSID Arbitration Rule 41.
August 18, 2023	The Claimant files observations on the Respondent’s preliminary objections pursuant to ICSID Arbitration Rule 41.
September 25, 2023	The Respondent files a reply on preliminary objections pursuant to ICSID Arbitration Rule 41.
November 2, 2023	The Claimant files a rejoinder on preliminary objections pursuant to ICSID Arbitration Rule 41.
February 26, 2024	The Tribunal holds a first session and a hearing on preliminary objections by video conference.
February 28, 2024	The Tribunal issues Procedural Order No. 2 concerning transparency and confidentiality.
February 28, 2024	The Tribunal issues Procedural Order No. 1 concerning procedural matters.
May 20, 2024	Each party files a statement of costs.
May 31, 2024	The Tribunal issues a decision on the Respondent’s preliminary objections pursuant to ICSID Arbitration Rule 41.
July 2, 2024	The Tribunal issues Procedural Order No. 3 concerning the procedural calendar.
November 29, 2024	The Claimant files a memorial on the merits.
February 4, 2025	The Tribunal issues Procedural Order No. 4 concerning the procedural calendar.
February 25, 2025	The Tribunal issues Procedural Order No. 5 concerning procedural matters.