A Luxembourgish Company, PL Holding received the order by the Polish Financial Regulation Authority to divest its 99.6% stake in a bank of the country. The Company filed a Request for Arbitration before the Stockholm Chamber of Commerce on the basis of the BIT between Poland and Luxembourg on the basis that it was a measure equivalent to expropriation.
The Arbitral Tribunal, led by George Bermann, rendered its final award and ordered Poland to pay US$ 176 million by the violation of the BIT. The Polish Government has already indicated it will challenge the award before State Courts by invoking the incompatibility of intra-EU BITs with EU