ICSID - International Centre for Settlement of Investment Disputes

10/31/2025 | Press release | Distributed by Public on 10/31/2025 11:26

Société Générale S.A. v. Republic of Croatia (ICSID Case No. ARB/19/33)

Société Générale S.A. v. Republic of Croatia (ICSID Case No. ARB/19/33)

  • Proceeding
  • Materials
  • Procedural Details
Proceeding
Proceeding Materials Procedural Details
  • Subject of Dispute:
    Banking services and debt instruments
  • Economic Sector:
    Finance
  • Instrument(s) Invoked: (i)
    BIT Croatia - France 1996
  • Applicable Rules:
    ICSID Convention - Arbitration Rules

(a) Original Proceeding

  • Claimant(s)/Nationality(ies): (i)
    Société Générale S.A. (French)
  • Respondent(s):
    Republic of Croatia (Croatian)
  • Date Registered:
    December 20, 2019
  • Date of Constitution of Tribunal:
    October 27, 2020
  • Composition of Tribunal

  • President:
    Deva VILLANUA GOMEZ (Spanish) - Appointed by the Chairman of the Administrative Council
  • Arbitrators:
    George BERMANN (U.S.) - Appointed by the Claimant(s)
    Vanessa MAK (Dutch) - Appointed by the Respondent(s)
  • Initial Composition of Tribunal

  • President:
    Pierre TERCIER (Swiss) - Appointed by the Parties
  • Arbitrators:
    George BERMANN (U.S.) - Appointed by the Claimant(s)
    Vanessa MAK (Dutch) - Appointed by the Respondent(s)
  • Reconstituted:
    December 20, 2021: Deva VILLANUA GOMEZ (Spanish) appointed following the resignation of Pierre TERCIER (Swiss)
  • Party Representatives

  • Claimant(s):
    Mayer Brown, Paris, France
    Gajski, Grlić, Prka & Partners, Zagreb, Croatia
  • Respondent(s):
    State Attorney's Office, Zagreb, Croatia
    Volterra Fietta, London, U.K.
  • Language(s) of Proceeding:
    English
  • Status of Proceeding:
    Concluded
  • Outcome of Proceeding:
    June 30, 2025 - The Tribunal renders its award.

(b) Annulment Proceeding

  • Applicant(s)/Requesting Party(ies): (i)
    Respondent(s)
  • Date Registered:
    October 31, 2025
  • Party Representatives

  • Claimant(s):
    Mayer Brown, Paris, France
    Gajski, Grlić, Prka & Partners, Zagreb, Croatia
  • Respondent(s):
    State Attorney's Office, Zagreb, Croatia
    Volterra Fietta, London, U.K.
  • Status of Proceeding:
    Pending
  • Latest Development:
    October 31, 2025 - The Acting Secretary-General registers an application for annulment of the award filed by the Republic of Croatia and notifies the parties of the provisional stay of enforcement of the award.

No References Available.

(a) Original Proceeding

Date Development
December 20, 2019

The Secretary-General registers a request for the institution of arbitration proceedings.

April 12, 2020

Following appointment by the Claimant, George Bermann (U.S.) accepts his appointment as arbitrator.

May 25, 2020

Following appointment by the Respondent, Vanessa Mak (Dutch) accepts her appointment as arbitrator.

October 26, 2020

Following appointment by agreement of the parties, Pierre Tercier(Swiss) accepts his appointment as presiding arbitrator.

October 27, 2020

The Tribunal is constituted in accordance with Article 37(2)(a) of the ICSID Convention. Its members are: Pierre Tercier (Swiss), President, appointed by agreement of the parties; George A. Bermann (U.S.), appointed by the Claimant; and Vanessa Mak (Dutch), appointed by the Respondent.

December 22, 2020

The Tribunal holds a first session by video conference.

February 24, 2021

Following the resignation of arbitrator Pierre Tercier, the Secretary-General notifies the parties of the vacancy on the Tribunal and the proceeding is suspended pursuant to ICSID Arbitration Rule 10(2).

December 20, 2021

Following the resignation of arbitrator Pierre Tercier, Deva Villanúa (Spanish) accepts her appointment as President of the Tribunal, appointed by the Chairman of the Administrative Council in accordance with ICSID Arbitration Rule 11(2)(b).

December 20, 2021

The Tribunal is reconstituted. Its members are: Deva Villanúa (Spanish), President, appointed by the Chairman of the Administrative Council in accordance with ICSID Arbitration Rule 11(2)(b); George Bermann (U.S.), appointed by the Claimant; and Vanessa Mak (Dutch) appointed by the Respondent. The proceeding is resumed pursuant to ICSID Arbitration Rule 12.

February 3, 2022

The Tribunal issues Procedural Order No. 1 concerning procedural matters.

March 2, 2022

The Claimant files a memorial on the merits.

March 30, 2022

The Respondent files a request to address the objections to jurisdiction as a preliminary question.

April 20, 2022

The Claimant files observations on the request to address the objections to jurisdiction as a preliminary question.

May 9, 2022

The Tribunal issues Procedural Order No. 2 concerning the Respondent's request to address the objections to jurisdiction as a preliminary question; as a result, the objections to jurisdiction are joined to the merits of the dispute.

September 26, 2022

The Respondent files a counter-memorial on the merits and memorial on jurisdiction.

January 16, 2023

Following exchanges between the parties, each party files a request for the Tribunal to decide on production of documents.

February 3, 2023

The Tribunal issues Procedural Order No. 3 concerning production of documents.

March 5, 2023

The Tribunal issues Procedural Order No. 3 bis concerning production of documents.

April 11, 2023

The Tribunal issues Procedural Order No. 4 concerning the non-disputing party's application to file a written submission pursuant to ICSID Arbitration Rule 37(2).

May 9, 2023

The Claimant files a reply on the merits and counter-memorial on jurisdiction.

April 15, 2024

The Tribunal holds a pre-hearing organizational meeting with the parties by video conference.

April 22, 2024

The Tribunal issues Procedural Order No. 5 concerning the organization of the hearing.

May 16, 2024

The Tribunal issues Procedural Order No. 6 concerning production of document.

June 7, 2024

The Tribunal issues Procedural Order No. 7 concerning production of document.

June 10, 2024 - June 20, 2024

The Tribunal holds a hearing on jurisdiction and the merits in Paris.

September 5, 2024

The Tribunal issues Procedural Order No. 8 concerning post-hearing matters.

November 18, 2024

Each party files a post-hearing brief.

December 23, 2024

The Tribunal issues Procedural Order No. 9 concerning post-hearing matters.

April 2, 2025

The Tribunal poses questions to the parties and their experts by video conference.

May 6, 2025

Each party files a submission on costs.

May 20, 2025

Each party files observations on the other party's submission on costs.

June 2, 2025

The Tribunal declares the proceeding closed in accordance with ICSID Arbitration Rule 38(1).

June 30, 2025

The Tribunal renders its award.

(b) Annulment Proceeding

Date Development
October 31, 2025

The Acting Secretary-General registers an application for annulment of the award filed by the Republic of Croatia and notifies the parties of the provisional stay of enforcement of the award.

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