On September 20, 2023, Williams & Connolly secured a notable victory for its client, the Republic of Serbia, when an ICSID tribunal entered a final award dismissing the claims of a Bulgarian investor. The Williams & Connolly team included Senior Counsel John Buckley, Partner Jonathan Landy, and Associates Benjamin Graham, Youlin Yuan, Haley Wasserman, William Schmidt, and Natalie Komrovsky.
In the arbitration, the claimant alleged that the Republic of Serbia had expropriated its investment in a privatized coal mine on the banks of the Danube River. After a merits hearing in Paris, the Tribunal rejected that claim in its entirety and awarded full costs to the Republic of Serbia. The Tribunal concluded that Serbia had acted fairly and without bias or pretext in its treatment of the Bulgarian investor.
Serbia’s victory was reported in Global Arbitration Review and Investment Arbitration Reporter.
This is the second victory for the Republic of Serbia this year, following a decision in January 2023, in which Williams & Connolly secured the dismissal of a EUR 300 million claim for abuse of process.* To learn more about that case click here.
* All cases vary and none is predictive.