Yaacov Afik, Michael Mistriel Aykout and Shimon Mistriel Aykout v. Republic of Cyprus

At a glance

Parties

Yaacov Afik, Michael Mistriel Aykout and Shimon Mistriel Aykout v. Republic of Cyprus

Case no.

ICSID Case No. ARB/25/45

Forum and rules

ICSID Convention arbitration; ICSID Arbitration Rules in force as of 1 July 2022; place of proceeding Paris, France

Treaty

Cyprus–Israel BIT (1998), as listed in the ICSID case database

Tribunal

Mr. Justice David Unterhalter (President), Prof. Dr. Stephan W. Schill, Prof. Attila Massimiliano Tanzi

Sector

Construction; real estate development (per ICSID case database)

Outcome

Pending. The published documents are two procedural orders of 19 June 2026 that set the procedural rules, the timetable and the transparency regime.

Amount

Not stated in the published documents. Initial advance requested by ICSID: USD 400,000 (USD 200,000 from each side).

The dispute

Three individual claimants brought an ICSID claim against the Republic of Cyprus. The ICSID case database lists the subject as real estate development in the construction sector and the instrument invoked as the 1998 Cyprus–Israel BIT. The published documents are only procedural orders. They do not describe the investment, the measures complained of, the legal basis of the claims or Cyprus's defences. The timetable provides that Cyprus may request bifurcation of preliminary objections, which suggests jurisdictional objections may be raised.

Key holdings

1. The proceeding is governed by the ICSID Arbitration Rules in force as of 1 July 2022. The Tribunal was constituted on 7 April 2026, and the Parties confirmed they had no objection to any member. PO1 §§ 1.1, 2.1
2. Paris, France is the place of the proceeding. English is the procedural language. PO1 §§ 10.1, 11.1
3. Artificial intelligence may not be used in drafting decisions and the Award or in the Tribunal's decision-making. PO1 § 5.7
4. The Claimants' Memorial is due on 9 November 2026. If Cyprus requests bifurcation of preliminary objections by 21 December 2026 and the request is upheld, a separate preliminary-objections track applies, with a hearing in the period 17–21 January 2028. Otherwise the case proceeds to a hearing on jurisdiction and merits in Q2 2028. PO1 Annex B
5. Document production is guided, but not bound, by the 2010 IBA Rules on the Taking of Evidence and uses a Stern Schedule. The Tribunal may draw adverse inferences from an unexcused failure to produce documents. PO1 §§ 15.1–15.20
6. Transparency: absent the Parties' consent, ICSID will publish only excerpts of the Award. Orders and decisions will be published with redactions. Written submissions, supporting documents, transcripts and recordings will not be published. Hearings are closed unless the Parties agree otherwise at least two months before the hearing. PO2 ¶¶ 7–13

Procedural history

1. 15 September 2025Request for Arbitration filed.
2. 7 October 2025Following registration, ICSID requests an advance of USD 200,000 from the Claimants.
3. 7 April 2026Tribunal constituted, after acceptances by Prof. Schill (7 January 2026), Prof. Tanzi (15 January 2026) and Mr. Justice Unterhalter (7 April 2026). Annex B to Procedural Order No. 1 gives 27 March 2026 as the date of constitution.
4. 7 May 2026First session held by video conference.
5. 19 June 2026Procedural Order No. 1 sets the procedural rules and timetable.
6. 19 June 2026Procedural Order No. 2 sets the transparency and confidentiality regime.

Tribunal, counsel and experts

Decided by

• David Unterhalter President
• Stephan W. Schill Co-arbitrator
• Attila Massimiliano Tanzi Co-arbitrator

For the claimant

Gherson Solicitors LLP · Berkman & Co. · Duxton Hill Chambers London (listed as Essex Court Chambers at the first session) · Banco Chambers

For the respondent

Law Office of the Republic of Cyprus · Foley Hoag LLP · University of Athens

Run a conflict check on these names →

Keywords

• Cyprus–Israel BIT
• real estate development
• construction
• Cyprus
• procedural order
• bifurcation
• preliminary objections
• document production
• Stern Schedule
• IBA Rules on the Taking of Evidence
• transparency
• confidentiality
• artificial intelligence
• ICSID Arbitration Rules 2022

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