FET claim can be based on same basis as expropriation claim

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Domestic law only relevant as fact

Serbia breached general expectation that government would act lawfully and reasonably, and that claimant would be able to enforce claims

Most likely compensation scenario would have been along the lines of the never-consummated settlement

Legitimate expectations can be created when confirming or expanding investment

Majority finds that claimant did not fail to mitigate loss

States can bind themselves through unilateral undertakings

Tribunal refuses to compensate for first arbitration’s costs

Counsels cannot bind the state on their own

Duty to render enforceable award leads tribunal to award simple interest only

Umbrella clause only covers contracts between state and investor

Copper claim to be valued at current prices

RTB Bor’s actions are not attributable to Serbia absent specific directions to take challenged measures

Claims were mostly undisputed, as evidenced by negotiations between the parties

Alleged expropriation through RTB Bor’s actions fails as tribunals finds no attribution

Claims are not prima facie unfounded

Defence against Copper claim is barred by collateral estoppel

Only discriminatory “effect”, and not “intent”, can breach the treaty

Second arbitration arises after first panel found claims to be premature

Post-moratorium creditors are not in the “same situation” as claimant

Moratorium prevented claims from being pursued to full satisfaction

Discrimination claims include treatment granted to all “actors”, and not only investors

Later rectification does not annul finding of earlier expropriation

Denial of justice requires exhaustion of remedies, unless those are futile

Correction request are accepted, some rectification made sua sponte by the tribunal

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