Phoenix Action Ltd. v. The Czech Republic, ICSID Case No. ARB/06/5, Award of April 15, 2009 – Concept of investment under the ICSID Convention revisited
In a decision rendered on April 15, 2009, a three-member tribunal composed of Brigitte Stern as chairperson, Andreas Bucher and Juan Fernandez-Armesto rejected Phoenix Action Ltd’s (“Phoenix”) claims against the Czech Republic. By way of background, Phoenix is an Israeli company which purchased two Czech companies, Benet Praha (“BP”) and Benet Group (“BG”), in 2002…