Poštová banka, a.s. and Istrokapital SE v. Hellenic Republic

Abstract

Jurisdiction — Investment — Minority or indirect shareholding — Parent company — Whether the parent company had any right to the assets of the subsidiary that qualified for protection — Whether the parent company had standing to directly pursue claims to the assets of the subsidiary

Jurisdiction — Investment — Sovereign bonds — Interpretation — VCLT, Article 31 — Claims to money — Whether literal analysis of assets listed under the definition of investment in the BIT was sufficient to determine the scope of protected investments — Whether a category of assets may be excluded as an investment by a contextual interpretation of the BIT in light of its object and purposes — Whether the specific examples used in the BIT played a role in determining the scope of protected investments — Whether the listed investments included sovereign bonds — Whether references to corporate bonds and claims to money in the BIT covered sovereign bonds

Jurisdiction — Investment — Sovereign bonds — ICSID Convention, Article 25 — Duration — Contribution — Risk — Whether interests in sovereign bonds satisfied an objective approach to investment — Whether holding bonds satisfied the requirement of sufficient duration — Whether holding bonds involved a contribution or mere exchange of value — Whether holding bonds involved an operational risk

Annulment — Failure to state reasons — ICSID Convention, Article 52(1) — Whether the award included reasons to enable the reader to understand how the tribunal got from one point to another — Whether the reasons were contradictory — Whether errors in reasoning determined the outcome