Case Details

ENCORE Investment Group Limited v. Republic of Türkiye (ICSID Case No. ARB/24/46)

Subject of Dispute:

Acquisition of shares
Economic Sector:

Electric Power & Other Energy
Instrument(s) Invoked:

BIT Malta - Türkiye 2003
Applicable Rules:

ICSID Convention - Arbitration Rules

(a) Original Proceeding

Claimant(s)/Nationality(ies):

ENCORE Investment Group Limited (Maltese)
Respondent(s):

Republic of Türkiye (Turkish)
Date Registered:

October 25, 2024
Date of Constitution of Tribunal:

May 15, 2025

Composition of Tribunal

President:

Gabrielle KAUFMANN-KOHLER (Swiss) - Appointed by the Parties
Arbitrators:

George BERMANN (U.S.) - Appointed by the Claimant(s)
Juliet BLANCH (British) - Appointed by the Respondent(s)

Party Representatives

Claimant(s):

SEN Law Firm, Istanbul, Türkiye
Respondent(s):

Presidency of the Republic of Türkiye, Directorate of Administrative Affairs, Ankara, Türkiye
Savings Deposit Insurance Fund, Istanbul, Türkiye
King & Spalding, London, U.K. and New York, U.S.A.
Status of Proceeding:

Pending
Latest Development:

December 29, 2025 -
The Tribunal issues Procedural Order No. 2 regarding the publication of the Tribunal’s Decision on the Respondent’s Rule 41 Application.

(a) Original Proceeding

Published Decisions

Procedural Order No. 1

Decision on the Respondent’s Rule 41 Application

Available on the ICSID Website

Procedural Order No. 1 (July 22, 2025) English (Original)

Decision on the Respondent’s Rule 41 Application (October 7, 2025) English (Original)

(a) Original Proceeding

Date	Development
October 25, 2024	The Secretary-General registers a request for the institution of arbitration proceedings.
March 3, 2025	Following appointment by the Claimant, George A. Bermann (U.S.) accepts his appointment as arbitrator.
April 3, 2025	Following appointment by the Respondent, Juliet Blanch (British) accepts her appointment as arbitrator.
May 15, 2025	Following appointment by agreement of the parties, Gabrielle Kaufmann-Kohler (Swiss) accepts her appointment as presiding arbitrator.
May 15, 2025	The Tribunal is constituted in accordance with Article 37(2)(a) of the ICSID Convention. Its members are: Gabrielle Kaufmann-Kohler (Swiss), President, appointed by agreement of the parties; George A. Bermann (U.S.), appointed by the Claimant; and Juliet Blanch (British), appointed by the Respondent.
June 27, 2025	The Respondent files an objection that the claim is manifestly without legal merit pursuant to ICSID Arbitration Rule 41(1).
July 18, 2025	The Tribunal holds a first session by video conference.
July 22, 2025	The Tribunal issues Procedural Order No. 1 concerning procedural matters.
September 8, 2025	The Claimant files observations on the Respondent’s objection that the claim is manifestly without legal merit.
October 7, 2025	The Tribunal issues a decision on the Respondent’s objection pursuant to ICSID Arbitration Rule 41(3).
December 29, 2025	The Tribunal issues Procedural Order No. 2 regarding the publication of the Tribunal’s Decision on the Respondent’s Rule 41 Application.