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International Arbitration Forum

OTP Bank Plc v. Republic of Croatia

Case summary

At a glance

Parties
OTP Bank Plc v. Republic of Croatia
Case no.
ICSID Case No. ARB/20/43
Forum and rules
ICSID Convention arbitration
Sector
Banking
Outcome
Proceeding discontinued after the Parties told ICSID on 30 June 2021 that they had resolved their dispute; the Secretary-General's order taking note of the discontinuance was dispatched on 16 July 2021.
Amount
No amounts stated. Each side bears its own legal costs, and the Parties pay ICSID's fees and expenses in equal shares.

The dispute

OTP Bank Plc filed a request for arbitration against the Republic of Croatia under the ICSID Convention. The published document does not describe the investment, the measures complained of, the treaty relied on or Croatia's defences. Soon after registration the Parties suspended the proceeding to try to reach an amicable solution. They later told ICSID that they had resolved the dispute and jointly asked for the proceeding to be discontinued.

Key holdings

  1. The Parties told ICSID that they had resolved their dispute. They jointly asked for an order taking note of the discontinuance of the proceeding. ¶ 4
  2. The Parties agreed that each side bears its own legal costs and expenses, and that they pay ICSID's fees and expenses in equal shares. ¶ 4
  3. The Parties stated that their request is not an acknowledgment or admission of liability. ¶ 4

Procedural history

  1. 6 October 2020ICSID received OTP Bank Plc's request for arbitration.
  2. 16 October 2020The request was registered under Article 36(3) of the ICSID Convention.
  3. 27 October 2020The Parties agreed to suspend the proceeding until 4 January 2021 to allow for an amicable solution. They later extended the suspension until 30 June 2021.
  4. 30 June 2021The Parties told ICSID that they had resolved the dispute and jointly asked for an order taking note of the discontinuance.
  5. 16 July 2021The Secretary-General's order taking note of the discontinuance of the proceeding was dispatched to the Parties.

Tribunal, counsel and experts

For the claimant
DLA Piper Posztl, Nemescsói, Györfi-Tóth & Partners Law Firm · DLA Piper France LLP
For the respondent
State Attorney's Office of the Republic of Croatia · Law Firm Glinska & Mišković Ltd

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Keywords

Summary generated with AI from the published documents — refer to the award for the authoritative text.

Case ID
ICSID Case No. ARB/20/43
Country
Treaty
Hungary - Croatia BIT (1996)
Section