Plama Consortium Limited v. Bulgaria

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Case Details

Year of Filing: 2003

Case Status: Arbitral Phase Concluded

Claimant(s): Plama Consortium Limited

Respondent(s): Republic of Bulgaria

Arbitral Rules: ICSID

Legal Instrument: Treaty

Treaty: Bulgaria-Cyprus BIT, Bulgaria-Finland BIT

Administrative Case Number: ARB/03/24

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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Cases Closed: ICSID Claims against Senegal and Argentina suspended; Bulgarian case is dropped due to investor’s lack of funding Sep 9, 2012

Investor in Bulgarian refinery asks arbitral tribunal to weigh new evidence that a competitor may have secured state favour via the payment of bribes Oct 4, 2011

ANALYSIS: Gov’ts have no success in forcing claimants to post security while treaty arbitrations are ongoing Feb 10, 2009

ANALYSIS: Rare for investors to pay state’s defence costs, despite recent rulings in Plama v. Bulgaria and U.S. arbitrations Sep 17, 2008

Merits claims in Plama v. Bulgaria fail; investor complained of environmental and tax liabilities, and worker “riots” Sep 17, 2008

Bulgaria exonerated of Energy Charter Treaty breaches; misrepresentations by Plama Consortium Ltd are fatal to case Sep 17, 2008