29 January 2019
On the 15th January 2019, by an Award communicated to the parties on the 29th January 2019, the International Court of Arbitration of the International Chamber of Commerce in Paris ruled in favor of Cyprus by two arbitrators with a dissenting opinion by the third member of the Tribunal, in our arbitration proceedings against the Republic.
These were pursuant to the Agreement on the Reciprocal Protection of Investments between the Republic of Lebanon and the Republic of Cyprus, which entered into force on 19th March 2003.
This Bilateral Investment Treaty imposes a number of protections on investments made in Cyprus by investors from Lebanon and we believe that the Republic of Cyprus has failed to respect those obligations, through the actions and inactions of the Central Bank of Cyprus against our investment.
We are disappointed by the ICC decision and stand by our case against the Republic and are examining potential recourses.
We will keep you updated on our progress.
Ayoub-Farid M. Saab and Fadi M. Saab