Schoenherr reports that Montenegro has prevailed in its investment dispute with MNSS B.V. and Recupero Credito Acciaio N.V. (both from the Netherlands) in an ICSID (AF) arbitration involving claims of over EUR 100 million. MNSS and Recupero Credito Acciaio (“Claimaints”), were represented by lawyers from Essex Court Chambers, CMS, and Harrison’s Partners.
According to Schoenherr, on May 4, 2016, the tribunal — composed of Andres Rigo Sureda (President), Brigitte Stern (Montenegro's appointee), and 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 any damages.
Claimants had, Schoenherr reports, "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 a Schoenherr team led by Vienna-based Partner Christoph Lindinger and Belgrade-based Partner Slaven Moravcevic, and including Vienna-based Partner Anne-Karin Grill and Belgrade-based Partner Jelena Bezarevic-Pajic, Vienna-based Counsel Leon Kopecky, Vienna-based Associate Michael Stimakovits, and Belgrade-based Attorney at Law Tanja Sumar. The Schoenherr team was also supported by David Pawlak, of David A. Pawlak LLC in Warsaw.
Claimants were represented by Toby Landau, QC, and Dan Sarooshi, both of Essex Court Chambers, and a CMS team consisting of Partner Tim Hardy and Associates Csaba Kovacs and Aimee Cook, as well as Partner Goran Martinovic of Harrison’s Partners.
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