Claimant is ordered to bear arbitration costs, plus 40% of Turkey’s legal costs

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Claimant has not demonstrated that full protection standard, insofar as it extends beyond physical protection, goes beyond FET

Arbitrators also find no bad faith in actions of TMSF

Appointment of management trustee over investment was proportionate, and investor cannot expect to take specific actions beyond compliance with existing legal framework

Application of new law to old facts is not necessarily retroactive and in breach of legitimate expectations

Legitimate expectations can be derived from general principles of law, and include expectation that investment will be governed by “rule of law”

Transparency is not an independent obligation under FET standard

Claimant was not substantially deprived of control of his shares, considering that he retained many rights, including the possibility to sell the shares

Claimant’s shareholding qualifies as protected investment; experts address consequences of capital increase

TMSF is empowered to exercise governmental authority in the sense of ILC Article 5, but whether contested acts were taken in that capacity is a question for the merits

Tribunal finds that TMSF is not a state organ for the purpose of attribution to the state

Failure to comply with six-months negotiation requirement merely amounts to procedural defect; further negotiations would have been futile

2019 letter (but not 2017 communications) qualifies as notice of dispute under BIT

Tribunal dismisses request for bifurcation; Turkey waives two jurisdictional objections at hearing

Background: Minority shareholder in Turkish textile company claims that state breached BIT by placing company under forced administration due to alleged ties with FETÖ

Background: PV investors challenge reform to renewables incentives regime

Set-aside proceedings against Lion Mexico award remain pending before US courts; motion to intervene reveals tribunal’s decision on amicus curiae applications

US also comments on judicial expropriation and full protection and security

“Judicial finality” applies to denial of justice claims, US says

US views Article 1105(1) claims against judicial measures as limited to denial of justice

US submission limits Article 1105(1) to “crystallized” areas of custom

Claimant is awarded all of its costs

Tribunal addresses risk of double recovery in the Award’s dispositif

Tribunal decides that interest rate should be determined based on application to Polish authorities, rather than loan agreement – accepting Poland’s alternative calculation of damages owed

Lack of enforcement of the claimant’s rights was non-transparent, inconsistent, and arbitrary, in violation of the FET standard

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