21 May 2015
A press release has been produced on the latest round of arbitration at the International Chamber of Commerce (ICC) in Paris. This covers recent decisions of the Arbitral Tribunal and can be read by clicking here.
Arbitration at the ICC is continuing with further deliberations expected in coming months. This website will keep readers – staff, customers, affiliates and other affected parties – informed of progress.
The case for arbitration was completed by FBME’s owners with the ICC on 28 October 2014 and followed the 21 July 2014 imposition of Resolution measures by the Central Bank of Cyprus that expropriated FBME’s Cyprus branch, the branch of a healthy bank, and attempted to sell it against the wishes of its owners. The request for arbitration invoked the international agreement between Cyprus and Lebanon that entered into force on 19 March 2003, which protects investor rights in each other’s country. Article 6 of this Agreement prohibits any nationalisation or expropriation of the assets of the citizens of either country, while article 12 provides for arbitration, among other remedies.
Located in Paris, the ICC is the world’s leading body for the resolution of international disputes by arbitration. The ICC has three main activities: rule setting, dispute resolution, and policy advocacy. Because its member companies and associations are themselves engaged in international business the ICC has unrivalled authority in making rules that govern and regulate the conduct of business and treaties across borders. In the foreword to its booklet on Arbitration Rules, the ICC states: “Arbitration under the ICC Arbitration Rules is a formal procedure leading to a binding decision from a neutral arbitral tribunal, susceptible to enforcement pursuant to both domestic arbitration laws and international treaties such as the 1958 New York Convention”.