Decision on the Respondent’s Rule 41 and Rule 48 Objections

Opening of the document

INTERNATIONAL CENTRE FOR SETTLEMENT OF INVESTMENT DISPUTES EUROHOLD BULGARIA AD AND EUROINS INSURANCE GROUP AD (ICSID Case No. ARB/24/18) DECISION ON THE RESPONDENT’S RULE 41 AND RULE 48 OBJECTIONS Members of the Tribunal Sir Daniel Bethlehem KC, Presiding Arbitrator Sir Christopher Greenwood KC, Arbitrator Professor Brigitte Stern, Arbitrator Secretary of the Tribunal Ms. Aïssatou Diop Date of dispatch to the Parties: 30 September 2025 TABLE OF CONTENTS Section Title PROCEDURAL HISTORY AND BACKGROUND HEADLINE ISSUES AND RELEVANT TEXTS THE PARTIES’ ARGUMENTS The Rule 41 Objection The Rule 48 Objection THE TRIBUNAL’S ANALYSIS The Rule 48 Objection The Rule 41 Objection By a Request for …