Derains & Gharavi International

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Derains & Gharavi secures ICSID win for Albania over gambling investment dispute, with full award of costs

Derains & Gharavi obtained on 29 May 2013 an Award (ICSID Case No. ARB/11/18) in favor of the Republic of Albania, with full legal and arbitration costs, dismissing all claims amounting to approximately USD 10 million for lack of jurisdiction. The claims were brought by an Albanian gambling company and its 65% shareholder (a dual national of both Italy and Albania) under the Italian-Albanian BIT and the Albanian Investment Law for the alleged expropriation of a gambling permit. Please click here to read the full Award. This is the seventh victory of the firm in ICSID arbitration out of seven cases so far, after the victory for the Republic of Albania against Pantechniki (ICSID Case No. ARB/07/21), the Republic of Turkey against Saba Fakes (ICSID Case No. ARB/07/20), and investors DLP v. Yemen (ICSID Case No. ARB/05/17), Rumeli/Telsim v. Kazakhstan (ICSID Case No. ARB/05/16), Lemire v. Ukraine (ICSID Case No. ARB/06/18) and Arif v. Moldova (ICSID Case No. ARB/11/23).