Genin, Eastern Credit Limited Inc. and AS Baltoil v. Republic of Estonia

Abstract

Arbitration — Bilateral investment treaty — Investment dispute — Alleged violations of bit by Respondent through its State enterprise — Misrepresentations in connection with purchase of local branch of Estonian social bank — Failure to adhere to write-off agreement to amortize losses arising from purchase — Alleged breach of settlement agreement to assign claims — Unjustified revocation of banking licence — Harassment of claimants — Damages

Jurisdiction — Objections by Respondent — No arbitrable investment dispute — Alleged violations of investment treaty denied — Damages — Counterclaim — Whether dispute concerning an investment

Counterclaim — Dismissal of claim and counterclaim — No breach of bit — No misrepresentations associated with purchase — No breach of settlement agreement — No breach of write-off agreement — Revocation of bank licence not contrary to bit or Estonian law — No proof of harassment of Claimants — Respondent’s counterclaim dismissed

Award — Request for supplementary decisions and rectification — Alleged failure by tribunal to discuss specific violations of bit contended by Claimants — Request denied — No omission on part of Tribunal — Costs of request awarded against Claimants