Centauro Capital, S.L.U. and Natanor XXI, S.L.U. v. Republic of Colombia

At a glance

Parties

Centauro Capital, S.L.U. and Natanor XXI, S.L.U. v. Republic of Colombia

Case no.

ICSID Case No. ARB/25/5

Forum and rules

ICSID Convention arbitration; ICSID Arbitration Rules in force from 1 July 2022; place of proceeding Washington, D.C.; language Spanish

Treaty

Colombia–Spain BIT of 31 March 2005 (in force 22 September 2007)

Tribunal

Prof. Andrés Jana (President), Mr. Henri C. Alvarez, Mr. Alexis Mourre

Sector

Healthcare services (as listed in the ICSID case database)

Outcome

Pending. The published documents are procedural orders only; the hearing is scheduled for 13–17 March 2028.

Amount

No amounts claimed are stated in the published documents. Advances on costs: USD 400,000.00 requested by ICSID, paid USD 200,000.00 by each side.

The dispute

Two Spanish companies, Centauro Capital, S.L.U. and Natanor XXI, S.L.U., brought an ICSID claim against Colombia under the 2005 Colombia–Spain bilateral investment treaty. The ICSID case database lists the subject of the dispute as healthcare services. The published documents are procedural orders. They do not describe the investment, the measures complained of, the claims or Colombia's defences.

Key holdings

1. The proceeding is governed by the ICSID Arbitration Rules in force from 1 July 2022. The Tribunal was constituted on 14 January 2026, and the parties confirmed they had no objection to its members. Procedural Order No. 1, §§ 1.1, 2.1
2. Washington, D.C. is the place of the proceeding and Spanish its language. English exhibits and legal authorities may be filed without translation. Procedural Order No. 1, §§ 11.1, 12.1, 12.4
3. The first round of memorials is limited to 350 pages each and the second round to 200 pages each. Document production follows the IBA Rules on the Taking of Evidence (2020). The Tribunal may draw adverse inferences from a failure to produce documents. Procedural Order No. 1, §§ 15.4, 16.2, 16.16
4. The Tribunal appointed Marihu Contreras as Tribunal Assistant with the parties' express consent. Her fees impose no additional cost on the parties. Procedural Order No. 1, §§ 8.6–8.7
5. Transparency regime: the parties consent to publication of the award with agreed redactions. Orders and decisions are published. The main pleadings are not published; ICSID publishes party-prepared summaries of up to 2,500 words instead. Supporting documents and hearing transcripts are not published, and hearings are closed unless the parties agree otherwise. Procedural Order No. 2, ¶¶ 10–18
6. At the parties' request, the Tribunal extended the deadline for the Memorial on the Merits by seven days to 18 September 2026 and adjusted later deadlines. The hearing dates of 13–17 March 2028 are unchanged. Procedural Order No. 3, ¶¶ 2–3

Procedural history

1. 21 January 2025After registration of the request for arbitration, ICSID informs the parties that USD 400,000.00 is needed for the initial phases and asks the Claimants for USD 200,000.00, which is paid on 19 February 2025.
2. 14 January 2026Tribunal constituted.
3. 16 March 2026First session held by videoconference.
4. 27 March 2026Procedural Order No. 1 on procedural rules and timetable.
5. 27 March 2026Procedural Order No. 2 on transparency and confidentiality.
6. 8 September 2026Procedural Order No. 3: revised timetable by agreement; Memorial due 18 September 2026.
7. 5 October 2026Summary of the Claimants' Memorial on the Merits published.
8. 13–17 March 2028Hearing scheduled, with 20–21 March 2028 in reserve.

Tribunal, counsel and experts

Decided by

• Andrés Jana President
• Henri C. Alvarez Co-arbitrator
• Alexis Mourre Co-arbitrator

For the claimant

Debevoise & Plimpton LLP · Rincón Castro Abogados SAS

For the respondent

Agencia Nacional de Defensa Jurídica del Estado

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Keywords

• Colombia–Spain BIT
• healthcare services
• procedural order
• ICSID Arbitration Rules 2022
• transparency
• confidentiality
• pleading summaries
• bifurcation
• document production
• IBA Rules on the Taking of Evidence
• Stern schedule
• privilege log
• tribunal assistant
• procedural timetable
• Spain
• Colombia

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