HELLENIC SHIPYARDS S.A.: Greece violated the rights of the Safa brothers World Bank’s ICSID decides…

With a decision issued on July 24, 2020, the International Center for the Settlement of Investment Disputes (ICSID) of the World Bank vindicated the brothers Iskandar and Akram Safa in their dispute with the Hellenic Republic for the Hellenic Shipyards SA – HSY.

It is reminded that in July 2016 the Safa brothers appealed to the ICSID against the Hellenic Republic in the case of HSY, claiming that the Hellenic Republic violated the provisions of the bilateral (Greece-Lebanon) agreement for the protection of investments in 1997.

In December 2016, the tribunal was formed, consisting of the Finnish Veijo HEISKANEN as the President appointed by the two parties, the German-Irish Klaus REICHERT (appointed by the claimants, the Safa brothers) and the French Brigitte STERN (appointed by the respondent, the Hellenic Republic).

According to the ICSID website, on July 24, 2020, the Tribunal issues a decision on jurisdiction and liability. According to information, the Tribunal unanimously vindicated the Safa brothers and called the parties in a hearing in order to determine compensations that have to be paid.