Deutsche Bank v. Sri Lanka

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Case Details

Year of Filing: 2009

Case Status: Annulment Concluded

Claimant(s): Deutsche Bank

Respondent(s): Democratic Socialist Republic of Sri Lanka

Arbitral Rules: ICSID

Legal Instrument: Treaty

Treaty: Germany-Sri Lanka BIT

Administrative Case Number: ARB/09/2

Arbitral Tribunal

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Major Developments

Key Decision:

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Counsel

Counsel for Claimant:

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Counsel for Respondent:

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As Sri Lanka works on settlement of Deutsche Bank case, a new arbitration lands at ICSID Aug 7, 2016

Panelists confirmed for ICSID claim against Montenegro and Deutsche Bank v. Sri Lanka annulment Apr 23, 2013

ICSID annulment notes: Sri Lanka seeks to overturn award in favour of Deutsche Bank; panelists named to hear Daimler’s challenge to Argentine verdict Mar 12, 2013

Sri Lanka breached BIT due to Central Bank and Supreme Court actions; dissenter says highest court did not act in bad faith in financial derivatives dispute Feb 21, 2013

On jurisdiction, arbitrators disagree whether a hedging agreement is an investment covered by bilateral investment treaty and ICSID Convention Feb 21, 2013

On merits, tribunal splits on deference to be shown to Sri Lanka Supreme Court – and whether a debt is expropriated if contractual dispute forum is available Feb 21, 2013

ICSID tribunal offers split verdict in $60 million Deutsche Bank v. Sri Lanka oil hedging controversy Nov 5, 2012

Adjudicators diverge in concurrent claims over Sri Lankan oil hedge contract, as a third related claim at ICSID heads into hearings Aug 19, 2011

ICSID tribunals picked in CEMEX v. Venezuela and Deutsche Bank v. Sri Lanka arbitrations Jul 17, 2009

Deutsche Bank files ICSID claim v. Sri Lanka; state oil corp accused of defaulting on oil hedge; Citibank files contract claim Apr 2, 2009