This is the first time the International Centre for Settlement of Investment Disputes (“ICSID”) rendered an arbitral award in relation with the state of Kosovo. This case concerned the bilateral investment treaty (“BIT”) between the Socialist Federal Republic of Yugoslavia and the Federal Republic of Germany.

The arbitral tribunal has dismissed the arbitration claim for € 380.000.000 against Kosovo, made by a German investor, which alleged that the government had violated a contract by refusing to sell Kosovo Telecom PTK, a state-owned telecommunications company, to it.

The arbitral tribunal found that there was “no valid contract” between the government and ACP Axos Capital to sell Kosovo Telecom PTK after parliament halted the privatization process.