Case Details

Juan Carlos Argüello and Ernesto Argüello v. Republic of Panama (ICSID Case No. ARB/25/39)

Subject of Dispute:

Real estate project
Economic Sector:

Construction
Instrument(s) Invoked:

TPA United States of America - Panama 2007
Applicable Rules:

ICSID Convention - Arbitration Rules

(a) Original Proceeding

Claimant(s)/Nationality(ies):

Juan Carlos Argüello (U.S.), Ernesto Argüello (U.S.)
Respondent(s):

Republic of Panama (Panamanian)
Date Registered:

August 11, 2025
Date of Constitution of Tribunal:

December 12, 2025

Composition of Tribunal

President:

Alfredo BULLARD (Peruvian, Spanish) - Appointed by the Parties
Arbitrators:

Stephan SCHILL (German) - Appointed by the Claimant(s)
Chiara GIORGETTI (Italian, U.S.) - Appointed by the Respondent(s)

Party Representatives

Claimant(s):

White & Case, New York, NY and Washington, D. C., U.S.A.
Respondent(s):

Ministerio de Economía y Finanzas, Panama City, Panama
Language(s) of Proceeding:

English,Spanish
Status of Proceeding:

Pending
Latest Development:

June 10, 2026 - The Claimants file a memorial on the merits.

(a) Original Proceeding

Published Decisions

Procedural Order No. 1

Procedural Order No. 2

Procedural Order No. 3

Procedural Order No. 1 - Amended Procedural Calendar

Available on the ICSID Website

Procedural Order No. 1 (March 13, 2026) English (Original)

Procedural Order No. 2 (March 13, 2026) English (Original)

Procedural Order No. 3 (March 30, 2026) English (Original)

Procedural Order No. 1 - Amended Procedural Calendar (June 10, 2026) English (Original)

(a) Original Proceeding

Date	Development
August 11, 2025	The Acting Secretary-General registers a request for the institution of arbitration proceedings.
October 7, 2025	Following appointment by the Respondent, Chiara Giorgetti (Italian/U.S.) accepts her appointment as arbitrator.
October 14, 2025	Following appointment by the Claimant, Stephan Schill (German) accepts his appointment as arbitrator.
December 11, 2025	Following appointment by agreement of the Parties, Alfredo Bullard (Peruvian/Spanish) accepts his appointment as presiding arbitrator.
December 12, 2025	The Tribunal is constituted in accordance with Article 37(2)(a) of the ICSID Convention. Its members are: Alfredo Bullard (Peruvian/Spanish), President, appointed by the Parties; Stephan Schill (German), appointed by Claimant; and Chiara Giorgetti (Italian, U.S.), appointed by Respondent.
January 27, 2026	The Tribunal holds a first session by video conference.
March 13, 2026	The Tribunal issues Procedural Order No. 1 concerning procedural matters.
March 13, 2026	The Tribunal issues Procedural Order No. 2 concerning transparency and confidentiality.
February 3, 2026	The Respondent files a request for the Tribunal to decide on matters concerning participation of counsel.
February 9, 2026	The Claimant files observations on the Respondent’s request of February 3, 2026.
February 13, 2026	The Respondent files a reply to the Claimant’s observations of February 9, 2026.
February 17, 2026	The Claimant files a rejoinder to the Respondent’s reply of February 13, 2026.
March 30, 2026	The Tribunal issues Procedural Order No. 3 concerning participation of counsel.
June 10, 2026	The Claimants file a memorial on the merits.