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05-08-2020 09:51

Statement by the Office of the Attorney-General of the Republic in relation to the case of Theodoros Adamakopoulos and others v. Republic of Cyprus

A Decision of the International Arbitral Tribunal on the Application submitted by the Republic of Cyprus for Security for Costs, in the context of the case Theodoros Adamakopoulos and others v. Republic of Cyprus (ICSID Case No. ARB/15/49), which concerns claims brought by more than 900 nationals of Greece and Luxembourg relating to the resolution measures applied to the Bank of Cyprus and the Cyprus Popular Bank in 2013, orders the Claimants to provide security of US$ 5 million in the form of a deed of indemnity or other form of irrevocable guarantee to ensure that a future Arbitral Award requiring the Claimants to compensate the Republic for the costs it incurs in the arbitration can be satisfied. At the same time, the International Arbitral Tribunal rejected the Claimants’ request for an equivalent order that the Republic be required to provide security for costs. 

The Republic of Cyprus, through the Law Office of the Republic, the Central Bank and the Ministry of Finance, in cooperation with the international law firm Curtis, Mallet-Prevost, Colt & Mosle, is defending the case before the International Arbitral Tribunal.