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Ioannis Kardassopoulos v. Georgia, ICSID Case No. ARB/05/18

  • >Claimant : Ioannis Kardassopoulos
  • >Nationality : Greece
  • >Respondent : Georgia
  • >Cases : Interest rate
  • >Procedural rules applied : ICSID
  • >Chair : Yves Fortier
  • >Arbitrator appointed by Claimant : Francisco Orrego Vicuña
  • >Arbitrator appointed by Respondent : Vaughan Lowe (Arthur Watts replaced)
  • >Invoked instruments : ECT and BIT
  • >Articles mentioned : Article 45 (2)
  • , Article 45 (1)
  • , Article 26 (8)
  • , Article 1 (2)
  • , Article 1 (6)
  • , Article 1 (7)
  • , Article 13
  • , Article 26
  • , Article 44
  • >Breaches alleged :  
  • >Breaches found : (13.1) Expropriation
  • (10.1) Fair and equitable treatment
  • >Case status : Award rendered
  • >Year of the award or agreement : 2010
  • >Follow-on proceedings : ICSID annulment proceeding discontinued
  • ICSID revision proceeding discontinued
  • >Year of registration : 2010

  •                       
  • Flowchart               
  • >Subject matter of the dispute: Government's decree cancelling the concession rights of an investment vehicle, in which the investor held interests, devoted to the development of an oil pipeline to transport oil and gas from Azerbaijan to the Black Sea
  • >BIT invoked: Georgia-Greece BIT
  • >Amount claimed: USD 15,850,137.901
  • >Amount awarded: USD 15.1 million
  • >Valuation method: hybrid approach (market-based approach (comparable arm's length transactions) + discounted cash flow)
  • >Interest rate: LIBOR + 4%
  • >Costs of arbitration: Not specified 
  • >Award legal costs: Claimant was awarded total USD 7,942,297 (including arbitration costs)
  • >Award costs of arbitration: Costs follow the award

 

ARBITRAL DECISIONS

 

6 July 2007

Decision on Jurisdiction

 

3 March 2010

Arbitral Award 

 

 

ANNULMENT PROCEEDINGS

21 March 2011

Decision to Suspend the Annulment Proceeding


ENFORCEMENT PROCEEDINGS

10 November 2011 - Claimants request for the recognition and enforcement of Arbitral Award

19 January 2011 - Decision to terminate the stay of the enforcement proceeding

12 November 2010 - Decision to stay the enforcement of the award

 


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