ICSID - International Centre for Settlement of Investment Disputes
ICSID - International Centre for Settlement of Investment Disputes
07/22/2026 | Press release | Distributed by Public on 07/23/2026 09:18
Theodoros Adamakopoulos and others v. Republic of Cyprus (ICSID Case No. ARB/15/49)
Theodoros Adamakopoulos and others v. Republic of Cyprus (ICSID Case No. ARB/15/49)
Proceeding
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Subject of Dispute:Banking enterprise
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Economic Sector:Finance
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Instrument(s) Invoked: (i)BIT Cyprus - Greece 1992, BIT Belgium-Luxembourg - Cyprus 1991
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Applicable Rules:ICSID Convention - Arbitration Rules
(a) Original Proceeding
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Claimant(s)/Nationality(ies): (i)CNP Asfalistikes Praktoriakes Ergasies S.A. (Greek), CNP Zois S.A. (Greek), Domissima S.A. (Greek), Eltek S.A. (Greek), Vasileios Adamopoulos (Greek), Vinez S.A. (Greek), Maria Alamanidou (Greek), Theodoros Adamakopoulos (Greek), Ilektra Adamantidou (Greek), Global Equity Investments S.A. (Luxembourg)
See attached full list of Claimants -
Respondent(s):Republic of Cyprus (Cypriot)
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Date Registered:December 17, 2015
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Date of Constitution of Tribunal:September 28, 2016
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Composition of Tribunal
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President:Donald M. MCRAE (Canadian, New Zealand) - Appointed by the Chairman of the Administrative Council
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Arbitrators:Alejandro ESCOBAR (Chilean, U.S.) - Appointed by the Claimant(s)
Marcelo G. KOHEN (Argentine, Swiss) - Appointed by the Respondent(s)
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Initial Composition of Tribunal
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President:Donald M. MCRAE (Canadian, New Zealand) - Appointed by the Chairman of the Administrative Council
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Arbitrators:Francisco ORREGO VICUÑA (Chilean) - Appointed by the Claimant(s)
Marcelo G. KOHEN (Argentine) - Appointed by the Respondent(s) -
Reconstituted:November 9, 2018: Alejandro ESCOBAR (U.S. ,Chilean) appointed following the passing away of Francisco ORREGO VICUÑA (Chilean)
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Party Representatives
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Claimant(s):Fietta, London, U.K.
Grant & Eisenhofer P.A., New York, NY
Kessler Topaz Meltzer & Check, Radnor, PA, U.S.A
Kyros Law, Athens, Greece
Chrysthia Papacleovoulou, Nicosia, Cyprus -
Respondent(s):Attorney General's Office, Nicosia, Cyprus
Curtis, Mallet-Prevost, Colt & Mosle, New York, NY, U.S.A., and Paris, France -
Language(s) of Proceeding:English
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Status of Proceeding:Concluded
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Outcome of Proceeding:March 17, 2026 - The Tribunal renders its award.
(b) Annulment Proceeding
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Applicant(s)/Requesting Party(ies): (i)Respondent(s)
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Date Registered:July 14, 2026 (Respondent(s))
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Party Representatives
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Claimant(s):Grant & Eisenhofer P.A., New York, NY
Kessler Topaz Meltzer & Check, Radnor, P.A., U.S.A
Fietta, London, U.K.
Kyros Law, Athens, Greece
Chrysthia Papacleovoulou, Nicosia, Cyprus -
Respondent(s):Attorney General's Office, Nicosia, Cyprus
Curtis, Mallet-Prevost, Colt & Mosle, New York, NY, U.S.A., and Paris, France -
Status of Proceeding:Pending
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Latest Development:July 22, 2026 - The Secretary-General registers an application for partial annulment of the award filed by the Republic of Cyprus.
(a) Original Proceeding
Published Decisions
Decision on Jurisdiction
Available on the ICSID Website
Decision on Jurisdiction (February 7, 2020) English (Original)
(a) Original Proceeding
| Date | Development |
| December 17, 2015 | The Secretary-General registers a request for the institution of arbitration proceedings. |
| March 19, 2016 | Following appointment by the Claimants, Francisco Orrego Vicuña (Chilean) accepts his appointment as arbitrator. |
| April 3, 2016 | Following appointment by the Respondent, Marcelo G. Kohen (Argentine) accepts his appointment as arbitrator. |
| August 26, 2016 | The Claimants file a request for the Chairman of the Administrative Council to appoint the arbitrator not yet appointed pursuant to Article 38 of the ICSID Convention. |
| September 28, 2016 |
Following appointment by the Chairman of the Administrative Council in accordance with Article 38 of the ICSID Convention, Donald M. McRae (Canadian/New Zealand) accepts his appointment as presiding arbitrator. |
| September 28, 2016 |
The Tribunal is constituted in accordance with Article 37(2)(b) of the ICSID Convention. Its members are: Donald M. McRae (Canadian/ New Zealand), President, appointed by the Chairman of the Administrative Council in accordance with Article 38 of the ICSID Convention; Francisco Orrego Vicuña (Chilean), appointed by the Claimants; and Marcelo G. Kohen (Argentine), appointed by the Respondent. |
| November 30, 2016 | The Tribunal holds a first session by telephone. |
| December 6, 2016 | The Tribunal issues Procedural Order No. 1 concerning procedural matters. |
| December 9, 2016 | The Respondent files a request to address the objections to jurisdiction as a preliminary question and a request for the Tribunal to decide on production of documents. |
| January 12, 2017 | The Claimants file observations on the request to address the objections to jurisdiction as a preliminary question and the request for the Tribunal to decide on production of documents. |
| January 23, 2017 | The Respondent files a revised request concerning a proceeding on jurisdiction. |
| January 24, 2017 | The Tribunal holds a second session in London. |
| February 13, 2017 | The Tribunal issues Procedural Order No. 2 concerning the procedural calendar. |
| September 27, 2017 | The Claimants file a request for reconsideration of the Tribunal's Procedural Order No. 1. |
| October 4, 2017 | The Respondent files observations on the Claimants' request of September 27, 2017. |
| October 11, 2017 | The Claimants file response to Respondent's observations of October 4, 2017. |
| October 19, 2017 | The Tribunal issues Procedural Order No. 3 concerning the Claimants' request of September 27, 2017. |
| December 15, 2017 |
The Claimants file a memorial on the merits. |
| February 9, 2018 |
The Tribunal issues Procedural Order No. 4 concerning production of documents. |
| March 16, 2018 |
The Respondent files a memorial on jurisdiction. |
| June 1, 2018 |
The Claimants file a counter-memorial on jurisdiction. |
| July 27, 2018 |
The Respondent files a reply on jurisdiction. |
| September 7, 2018 |
The Claimants file a rejoinder on jurisdiction. |
| September 13, 2018 |
A non-disputing party files an application to file a written submission pursuant to ICSID Arbitration Rule 37(2). |
| September 19, 2018 |
The Respondent files observations on the non-disputing party's application. |
| October 2, 2018 |
Following the passing away of arbitrator Francisco Orrego Vicuña (Chilean), the Secretary-General notifies the parties of the vacancy on the Tribunal and the proceeding is suspended pursuant to ICSID Arbitration Rule 10(2). |
| November 9, 2018 |
Following the passing away of arbitrator Francisco Orrego-Vicuña, Alejandro Escobar (Chilean/U.S.) appointed by the Claimants, accepts his appointment as arbitrator in accordance with ICSID Rule 11(1). |
| November 9, 2018 |
The Tribunal is reconstituted. Its members are: Donald M. McRae (Canadian), President, appointed by the Chairman of the Administrative Council in accordance with Article 38 of the ICSID Convention; Alejandro Escobar (Chilean/U.S.), appointed by the Claimants; and Marcelo G. Kohen (Argentine), appointed by the Respondent. The proceeding is resumed pursuant to ICSID Arbitration Rule 12. |
| December 14, 2018 |
The Claimants file observations on the non-disputing party's application. |
| December 21, 2018 |
The Respondent files further observations on the non-disputing party's application. |
| January 9, 2019 |
The Tribunal issues Procedural Order No. 5 concerning the non-disputing party's application to file a written submission pursuant to ICSID Arbitration Rule 37(2). |
| February 13, 2019 |
The non-disputing party files a written submission pursuant to ICSID Arbitration Rule 37(2). |
| February 28, 2019 |
Each party files observations on the non-disputing party's written submission. |
| March 7, 2019 |
Each party files a response to the other party's observations on the non-disputing party's written submission. |
| April 12, 2019 |
The Tribunal holds a pre-hearing organizational meeting with the parties by telephone conference. |
| April 17, 2019 |
The Tribunal issues Procedural Order No. 6 concerning the organization of the hearing. |
| May 17, 2019 - May 18, 2019 |
The Tribunal holds a hearing on jurisdiction in Washington, D.C. |
| June 20, 2019 |
Each party files a statement of costs. |
| February 7, 2020 |
The Tribunal issues a decision on jurisdiction. |
| March 9, 2020 |
The Respondent files an application for security for costs. |
| March 9, 2020 |
The Respondent files a request for security for costs. |
| April 3, 2020 |
The Tribunal issues Procedural Order No. 7 concerning the procedural calendar. |
| May 7, 2020 |
The Claimants file observations on the request for security for costs. |
| June 8, 2020 |
The Tribunal issues Procedural Order No. 8 concerning the Respondent's request for security for costs. |
| September 28, 2020 |
The Tribunal issues Procedural Order No. 9 concerning publication. |
| October 9, 2020 |
The Respondent files a counter-memorial on the merits. |
| October 27, 2020 |
The Tribunal issues Procedural Order No. 10 concerning the procedural calendar. |
| January 8, 2021 |
The Tribunal issues Procedural Order No. 11 concerning production of documents. |
| April 29, 2021 |
The Tribunal issues Procedural Order No. 12 concerning production of documents. |
| August 16, 2021 |
The Tribunal issues Procedural Order No. 13 concerning production of documents. |
| September 30, 2021 |
The Tribunal issues Procedural Order No. 14 concerning production of documents. |
| November 2, 2021 |
The Tribunal issues Procedural Order No. 15 concerning the procedural calendar. |
| March 18, 2022 |
The Claimants file a reply on the merits. |
| September 9, 2022 |
The Respondent files a rejoinder on the merits. |
| October 14, 2022 |
The Claimants file a request for reconsideration of the Tribunal's decision of June 8, 2020 and for issuance of an interim costs order. |
| October 17, 2022 |
The Tribunal holds a pre-hearing organizational meeting with the parties by video conference. |
| October 24, 2022 |
The Tribunal issues Procedural Order No. 16 concerning the organization of the hearing. |
| October 27, 2022 |
The Respondent files observations on the Claimants' request of October 14, 2022. |
| November 4, 2022 |
The Claimants file a response to the Respondent's observations of October 17, 2022. |
| November 25, 2022 |
The Tribunal issues Procedural Order No. 17 concerning the organization of the hearing. |
| November 30, 2022 |
The Tribunal issues Procedural order No. 18 concerning the Claimants' request of October 14, 2022. |
| December 13, 2022 |
The Claimants file a request to admit new documents into the record. |
| December 20, 2022 |
The Respondent files observations on the Claimants' request to admit new documents into the record. |
| December 22, 2022 |
The Claimants file a response to the Respondent's observations of December 20, 2022. |
| January 4, 2023 |
The Tribunal issues Procedural Order No. 19 concerning a remote hearing attendance protocol. |
| January 4, 2023 |
The Tribunal issues Procedural Order No. 20 concerning the Claimants' request of December 13, 2022 to admit new documents into the record. |
| January 25, 2023 - February 7, 2023 |
The Tribunal holds a hearing on jurisdiction and the merits in person in London and by video conference. |
| May 2, 2023 |
Each party files a post-hearing brief. |
| February 20, 2024 |
Each party files a statement of costs. |
| May 21, 2024 |
The Tribunal issues a decision on liability. |
| December 13, 2024 |
Each party files a submission on quantum, costs and security for costs. |
| February 10, 2025 |
Following exchanges between the Parties, the Claimants file a request for the Tribunal to decide on production of documents. |
| February 19, 2025 |
The Tribunal decides on production of documents. |
| May 27, 2025 |
Each party files a submission on quantum, costs and security for costs. |
| June 23, 2025 |
The Respondent files a reply to the Claimants' submission of May 27, 2025. |
| July 7, 2025 |
The Claimants file a reply to the Respondent's submission of June 23, 2025. |
| February 6, 2026 |
The Tribunal declares the proceeding closed in accordance with ICSID Arbitration Rule 38(1). |
| March 17, 2026 |
The Tribunal renders its award. |
(b) Annulment Proceeding
| Date | Development |
| July 22, 2026 |
The Secretary-General registers an application for partial annulment of the award filed by the Republic of Cyprus. |
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