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On 3 February 2015, pursuant to Rule 38(1) of the ICSID Arbitration Rules, the ...... the host State, regularity of profit and return, investment made in good faith, and .... difficult tasks in this domain is determining whose rights are the ones really.
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INTERNATIONAL CENTRE FOR SETTLEMENT OF INVESTMENT DISPUTES WASHINGTON, D.C. In the arbitration proceeding between BERNHARD FRIEDRICH ARND RÜDIGER VON PEZOLD ELISABETH REGINA MARIA GABRIELE VON PEZOLD ANNA ELEONORE ELISABETH WEBBER (NÉE VON PEZOLD), HEINRICH BERND ALEXANDER JOSEF VON PEZOLD, MARIA JULIANE ANDREA CHRISTIANE KATHARINA BATTHYÀNY (NÉE VON PEZOLD), GEORG PHILIPP MARCEL JOHANN LUKAS VON PEZOLD, FELIX ALARD MORITZ HERMANN KILIAN VON PEZOLD, JOHANN FRIEDRICH GEORG LUDWIG VON PEZOLD ADAM FRIEDRICH CARL LEOPOLD FRANZ SEVERIN VON PEZOLD (CLAIMANTS) V. REPUBLIC OF ZIMBABWE (RESPONDENT) (ICSID CASE NO. ARB/10/15)

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AWARD ____________________________________________________________________________________

Members of the Tribunal: The Hon. L. Yves Fortier, P.C., C.C., Q.C., President Professor David A.R. Williams, Q.C., Arbitrator Mr. Michael Hwang, S.C., Arbitrator Secretary to the Tribunal Ms. Frauke Nitschke Assistant to the Tribunal Ms. Alison G. FitzGerald

Date of dispatch to the Parties: 28 July 2015

Representing the Claimants:

Representing the Respondent:

Steptoe & Johnson

Attorney General’s Office

Mr. Matthew Coleman Mr. Kevin Williams (until January 2014) Mr. Anthony Rapa Ms. Helen Aldridge Mr. Thomas Innes (as of September 2013) 5 Aldermanbury Square London, EC2V 7HR, United Kingdom

The Honourable Johannes Tomana (Attorney General until February 2015) Advocate Prince Machaya (Deputy Attorney General until February 2015 when he was appointed Attorney General) Ms. Fortune Chimbaru Ms. Elizabeth Sumowah Ms. F.C. Maxwell (until July 2013) Ms. Sophia Christina Tsvakwi (until May 2013) 5th Floor, Block A New Government Complex Cnr. Samora Machel Ave/Fourth St. P. Bag 7714, Causeway Harare, Republic of Zimbabwe

and

and

Wiley Rein LLP

Kimbrough & Associés (as of December 2012)

Mr. Charles O. Verril, Jr. 1776 K Street N.W. Washington, D.C. 20006, U.S.A.

Mr. Philip Kimbrough Mr. Tristan Moreau 51, Avenue Raymond Poincaré 75116 Paris, France

TABLE OF CONTENTS I

Introduction .................................................................................................................................... 1

II

The Conjoined Proceedings ......................................................................................................... 1

III

Procedure ....................................................................................................................................... 2 A.

The Registration of the Requests for Arbitration............................................................... 2 (1)

The von Pezold Arbitration ........................................................................................... 2

(2)

The Border Arbitration .................................................................................................. 2

B.

Constitution of the two Tribunals ........................................................................................ 3

C.

The Joint First Session and Hearing the Cases Together ................................................ 4

D.

Reconstitution of the two Tribunals .................................................................................... 5

E.

Written and Oral Procedure.................................................................................................. 6 (1)

The Written Procedure ................................................................................................. 6 a) The Parties’ principal written pleadings ........................................................... 6 b) Instruments issued by the T