By Stella Petritsi, a Solicitor at Thomas Cooper in Piraeus, Greece
Despite broad interpretation of “investment” in Bilateral Investment Treaties (“BITs”), an ICSID tribunal (“the Tribunal”) found on 9 April 2015 that the purchase of Greek Government Bonds did not constitute an “investment” in Greece. Whether under the Slovakia – Greece BIT, the Greece – Cyprus BIT or the ICSID Convention. Lacking jurisdiction on that basis, the Tribunal dismissed claims brought by Poštová banka (“Postova”), a Slovak bank, and its majority shareholder Istrokapital SE (“Istrokapital”), a company incorporated in Cyprus, against the Hellenic Republic (“Greece”).
Continue reading Greek economic crisis: are sovereign bonds protected “investments” under Bilateral Investment Treaties? ICSID Case No. ARB/13/8
By Anna-Maria Tamminen, a Managing Associate at Hannes Snellman in Helsinki, Finland
I had the pleasure of attending the meeting of the ICC Commission on Arbitration and ADR in Paris in mid-April. At the meeting, Ms. Hannah Tümpel, the former Manager of the ICC’s ADR Centre gave a powerful talk entitled “Some Thoughts on the Future of ADR”. According to Hannah, there is keen demand among the members of the ICC for wider use of mediation and we, as dispute resolution lawyers, should embrace that demand instead of continuing to debate how to curb time and costs in arbitration.
Continue reading Mediation – the new “international arbitration” for our generation?