Costs should be split, since both parties benefit from supplementary decision

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Serbia’s argument that interest should start running 120 days after the date of the award contradicts international law principle of full reparation

Award was clear that interest should accrue from date of breach, but tribunal nevertheless agrees to issue supplementary decision

Costs are allocated equally between the parties

Liability for claim leads to damages of 14.5 million EUR

Tribunal majority sees clear causal link between the privatization agency’s conduct and BD Agro’s bankruptcy

Tribunal majority finds violation of FET standard

Tribunal majority finds that FET standard is linked to the customary international law standard of MST

Actions of the privatisation agency are an exercise of sovereign power

The privatization agency’s acts are attributable to Serbia under ILC Article 5

Privatization agency does not qualify as a state organ

Abuse of process claim is rejected, as there is no evidence that claimants internationalised a domestic claim

Claims were not barred by the BIT’s three-year limitation period

Tribunal majority stresses treaty non-retroactivity, but finds no retroactivity in this case

Tribunal majority adds that, in any case, Serbia’s illegality objection would fail

Tribunal majority finds it inappropriate to read an implicit legality requirement into the BIT

Tribunal relies on its power to review jurisdiction ex officio to examine belated illegality objection

Tribunal rejects jurisdiction over claims to money

Tribunal majority finds that the BIT’s conditions for a covered investment are met in the case of Mr. Rand’s beneficially owned shares

Mr. Rand’s other investments in the project fail to meet the objective criteria test

Mr. Rand’s beneficially owned shares also meet duration and risk requirements

Tribunal majority finds that Mr. Rand made a contribution, but rejects claims of Mr. Rand’s children and corporate entities

Tribunal majority finds origin of funds irrelevant; Mr. Kohen disagrees

Objective test is applicable to definition of the term ‘investment’ under the ICSID Convention

Tribunal majority declines to bifurcate jurisdictional objections and finds that the Canada-Serbia BIT’s transparency provisions should govern the whole arbitration

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