Montenegro has prevailed in its investment dispute with MNSS B.V. and Recupero Credito Acciaio N.V. (both the Netherlands).
On 4 May 2016, an ICSID (AF) Tribunal composed of Dr Andrés Rigo Sureda (President), Prof Brigitte Stern (Montenegro’s appointee), and Prof Emmanuel Gaillard (Claimants’ appointee) dismissed a claim brought by MNSS and RCA in 2012, partly on jurisdiction, partly on the merits, and refused to award Claimants any damages.
Claimants had alleged multiple breaches of contract, the Montenegro-Netherlands BIT, and the Montenegrin foreign investment laws, claiming in excess of EUR 100 million. The Tribunal found that it lacked jurisdiction over the contract and investment laws claims, dismissed all but one BIT claim on the merits, and awarded Claimants no damages. The Tribunal ordered that Claimants pay for the fees and expenses of the members of the Tribunal and for the expenses and charges for ICSID.
Montenegro was represented by Schoenherr, an international law firm with offices throughout Central and Eastern Europe. The Schoenherr team was led by Dr Christoph Lindinger (Vienna), and Mr Slaven Moravcevic (Belgrade); and further supported by Mr David Pawlak, of David A. Pawlak LLC (Warsaw). Claimants were represented by Mr Toby Landau, QC, and Prof Dan Sarooshi, both of Essex Court Chambers; and CMS Cameron McKenna.