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International Arbitration Forum

Nexo & Mirastar v. Bulgaria, ICSID Case No. ARB/24/2

Case summary

At a glance

Parties
Nexo AG, NDS EOOD and Mirastar EOOD v. Republic of Bulgaria
Case no.
ICSID Case No. ARB/24/2
Forum and rules
ICSID Convention arbitration; ICSID Arbitration Rules in force as of 1 July 2022; place of proceeding Washington, D.C.
Tribunal
Prof. Hans van Houtte (President), Dr. Michael Pryles, Prof. Brigitte Stern
Outcome
Pending. The only published text is Procedural Order No. 1 (22 August 2025), which sets the procedural rules and a timetable for a request for bifurcation by Bulgaria.
Amount
No amounts claimed are stated. ICSID requested advances totalling USD 400,000, USD 200,000 from each side.

The dispute

Nexo AG, NDS EOOD and Mirastar EOOD brought ICSID proceedings against the Republic of Bulgaria. The only published text, Procedural Order No. 1, does not describe the investment, the measures complained of, the legal basis of the claims or the amounts sought. It shows that Bulgaria planned to request bifurcation, which indicates preliminary objections. It also shows that the Claimants were to give Bulgaria the evidence referred to in paragraphs 8 and 30 of their Request for Arbitration before the bifurcation briefing began.

Key holdings

  1. The proceeding is governed by the ICSID Arbitration Rules in force as of 1 July 2022. The Tribunal was constituted on 6 June 2025, and the Parties confirmed they had no objection to any Member. PO1 ¶¶ 1.1, 2.1
  2. Washington, D.C. is the place of the proceeding, and English is the procedural language. The Parties pay advances in equal parts, without prejudice to the final allocation of costs. PO1 ¶¶ 9.1, 10.1, 11.1
  3. Articles 3 and 9 of the IBA Rules on the Taking of Evidence (2020) may guide document production, which uses a Redfern/Stern schedule. The State's internal processes or decisions are not treated as "confidential" or "highly sensitive". The Tribunal may draw adverse inferences where a Party fails to produce ordered documents without good cause. PO1 ¶¶ 15.1, 15.15–15.16
  4. The Order sets a bifurcation timetable. The Claimants were to give Bulgaria the evidence referenced in Request for Arbitration ¶¶ 8 and 30 by 22 September 2025. Bulgaria's Request for Bifurcation was due on 20 October 2025, and the Tribunal's decision was scheduled for 20 January 2026. If bifurcation is granted, a hearing on preliminary objections is foreseen for December 2026 or early 2027. PO1 Annex B
  5. Article 48(5) of the ICSID Convention and Arbitration Rules 62–66 on transparency apply without modification. Arbitration Rule 14 on third-party funding applies. PO1 ¶¶ 24.1, 27.1

Procedural history

  1. 18 January 2024Following registration of the Request for Arbitration, ICSID asks for USD 400,000 in advances and requests USD 200,000 from the Claimants, who pay on 27 February 2024.
  2. April–May 2024Dr. Michael Pryles (29 April 2024) and Prof. Brigitte Stern (2 May 2024) accept their appointments.
  3. 6 June 2025Tribunal constituted after Prof. Hans van Houtte accepts appointment as President on 5 June 2025. Bulgaria pays its USD 200,000 advance on 20 June 2025.
  4. 4 August 2025First session of the Tribunal held by video conference.
  5. 22 August 2025Procedural Order No. 1: procedural rules and a partial timetable for bifurcation.
  6. 22 January 2026Procedural Order No. 2 issued (text not included in the published documents summarised here).

Tribunal, counsel and experts

Decided by
For the claimant
Pillsbury Winthrop Shaw Pittman LLP
For the respondent
Ministry of Finance · White & Case LLP · Tomov & Tomov

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Keywords

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

Country
Economic sector
Treaty
Bulgaria - Switzerland BIT (1991)
Documents
Section