Case Details

Emergofin B.V. and Velbay Holdings Ltd. v. Ukraine (ICSID Case No. ARB/16/35)

Subject of Dispute:

Aluminium and alumina production company
Economic Sector:

Oil, Gas & Mining
Instrument(s) Invoked:

BIT Netherlands - Ukraine 1994
Applicable Rules:

ICSID Convention - Arbitration Rules

(a) Original Proceeding

Claimant(s)/Nationality(ies):

Velbay Holdings Ltd. (Dutch), Emergofin B.V. (Dutch)
Respondent(s):

Ukraine (Ukrainian)
Date Registered:

November 9, 2016
Date of Constitution of Tribunal:

March 15, 2017

Composition of Tribunal

President:

Zachary DOUGLAS (Australian, Swiss) - Appointed by Co-Arbitrators
Arbitrators:

John BEECHEY (British) - Appointed by the Claimant(s)
Michael WOOD (British) - Appointed by the Respondent(s)

Party Representatives

Claimant(s):

Bredin Prat AARPI, Paris, France
Respondent(s):

Minister of Justice of Ukraine, Kiev, Ukraine
Prime Minister of Ukraine
Shearman & Sterling, Paris, France
Language(s) of Proceeding:

English
Status of Proceeding:

Concluded
Outcome of Proceeding:

May 1, 2026 - The Tribunal renders its award.

(a) Original Proceeding

Published Decisions

Award

Available on the ICSID Website

Award (May 1, 2026) English (Original)

(a) Original Proceeding

Date	Development
November 9, 2016	The Acting Secretary-General registers a request for the institution of arbitration proceedings.
December 1, 2016	Following appointment by the Claimants, John Beechey (British) accepts his appointment as arbitrator.
January 13, 2017	Following appointment by the Respondent, Michael Wood (British) accepts his appointment as arbitrator.
March 15, 2017	Following appointment by his co-arbitrators, Zachary Douglas (Australian) accepts his appointment as presiding arbitrator.
March 15, 2017	The Tribunal is constituted in accordance with Article 37(2)(a) of the ICSID Convention. Its members are: Zachary Douglas (Australian), President, appointed by his co-arbitrators; John Beechey (British), appointed by the Claimants; and Michael Wood (British), appointed by the Respondent.
April 26, 2017	The Tribunal holds a first session by telephone conference.
May 8, 2017	The Tribunal issues Procedural Order No. 1 concerning procedural matters.
September 22, 2017	The Claimants file a request for provisional measures.
October 18, 2017	The Respondent files observations on the Claimants’ request for provisional measures.
November 8, 2017	The Tribunal holds a hearing on provisional measures in Paris.
December 5, 2017	The Tribunal issues a decision on provisional measures.
March 28, 2018	The Claimants file a memorial on the merits.
July 9, 2018	The Tribunal holds a hearing on production of documents by telephone conference.
February 28, 2019	The Tribunal issues Procedural Order No. 2 regarding procedural matters.
March 15, 2019	The Respondent files a counter-memorial on the merits.
September 13, 2019	The Claimants file a reply on the merits and counter-memorial on jurisdiction.
March 19, 2020	The Respondent files a rejoinder on the merits and a reply on jurisdiction.
May 19, 2020	The Claimants file a rejoinder on jurisdiction.
September 22, 2020	The Tribunal holds a pre-hearing organizational meeting with the parties by telephone conference.
October 13, 2020	The Tribunal issues Procedural Order No. 3 concerning hearing organization.
October 14, 2020	The Claimants file a request for the Tribunal to decide on the admissibility of new evidence.
October 20, 2020	The Respondent files observations on the Claimants’ request of October 14, 2020.
October 22, 2020	The Tribunal issues a decision on the admissibility of new evidence.
November 1, 2020 - November 6, 2020	The Tribunal holds a hearing on jurisdiction and the merits by video conference.
November 23, 2020	The Claimants file a post-hearing brief.
December 7, 2020	The Respondent files a reply post-hearing brief.
July 1, 2021	The Tribunal issues its decision on jurisdiction, admissibility and liability.
September 29, 2021	The Claimants file a request for the Tribunal to decide on the admissibility of new evidence.
September 30, 2021	The Respondent files observations on the Claimants’ request of September 29, 2021.
October 1, 2021	The Claimants file a submission on quantum.
October 1, 2021	The Tribunal decides on the admissibility of new evidence.
November 1, 2021	The Respondent files observations on the Claimants’ submission on quantum.
December 22, 2021	Each party files a submission on costs.
January 20, 2022	Each party files observations on the other party’s submission on costs.
May 2, 2022	The proceeding is suspended pursuant to the parties’ agreement.
January 6, 2026	The proceeding is resumed, pursuant to the parties’ agreement.
April 21, 2026	The Tribunal declares the proceeding closed in accordance with ICSID Arbitration Rule 38(1).
May 1, 2026	The Tribunal renders its award.