Marfin, Alexandros Bakatselos and Others v. Cyprus

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Case Details

Year of Filing: 2013

Case Status: Arbitral Phase Concluded

Claimant(s): Marfin Investment Group Holdings S.A., Alexandros Bakatselos and Others

Respondent(s): Republic of Cyprus

Arbitral Rules: ICSID

Legal Instrument: Treaty

Treaty: Cyprus-Greece BIT

Administrative Case Number: ARB/13/27

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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Marfin v. Cyprus award review (Part 1 of 2): Tribunal finds jurisdiction under intra-EU BIT, side-stepping Achmea debate Nov 21, 2018

Marfin v. Cyprus award review (Part 2 of 2): On merits, arbitrators find no expropriation or FET breach, but only Cyprus’s legitimate exercise of its police powers Nov 21, 2018

Three Crowns lawyers step down from serving on arbitral panels that are charged with looking at implications of Achmea decision Aug 8, 2018

Arbitrators weigh in with lengthy award in Marfin v. Cyprus bank crisis dispute Jul 27, 2018

Arbitrators named for claim by Greek shareholders in Cypriot bank and for claim by French investor against Hungary Mar 19, 2014

Disputes Round-up: New claims against Hungary and Nigeria land at ICSID, as investors put Belarus and Cyprus on notice of treaty disputes Sep 10, 2013

First arbitration against Cyprus is in motion, with waiting period running on $1 billion claim arising out of nationalization of major bank Mar 27, 2013